U.S. President Donald Trump has fallen 138 spots on the Forbes 400 list of America’s richest people since announcing his bid for the presidency in 2015.
Before Trump launched his presidential campaign, Forbes ranked him as the 122nd richest person in the United States in 2014. In 2017, he ranked 248th.
On Wednesday, Forbes released its 2018 list of America’s richest people, showing that Trump now sits at 259 on the list, down 11 spots since last year. It’s also the third consecutive year that he has fallen in the rankings.
According to the publication, Trump’s net worth has dropped from US$4.5 billion in 2015 to $3.1 billion for the past two years.
One of the reasons for the decline could be Trump’s investments in commercial real estate, Forbes said. Trump owns commercial space at a time when e-commerce is wiping out tradition retail space.
Trump’s presidency could also be negatively affecting his brand.
WATCH: Forbes list of the world’s billionaires 2018
For example, prices for condos in Trump Tower have fallen every year since 2015, when Trump declared his candidacy, and are an estimated 33 per cent below their highs, Forbes reported.
“Trump’s presidency remains a net loser for him, which seems ironic,” Forbes’ Dan Alexander wrote. “In not divesting, he set himself up so that his actions, and those of people who engage with his businesses, present perpetual conflicts of interest — or the appearance of them.
“Meanwhile, if he’d liquidated, paid capital gains tax on his entire fortune and created a blind trust to invest it all in the booming stock market, Trump would be $500 million richer than he is today — without the headaches.”
Eric Trump, who now co-manages the Trump Organization, told Forbes that his father, “has zero involvement in the Trump Organization and quite frankly to suggest otherwise is outrageous.”
The publication of the annual list comes a day after the New York Times reported that Trump received at least $413 million from his father’s property empire over the decades, much of that through tax dodging and fraud.
The 15,000-word Times report contradicts Trump’s portrayal of himself as a self-made billionaire who started with just a $1 million loan from his father.
The richest person on this year’s Forbes 400 list and the richest man in the world is Jeff Bezos. Bill Gates ranked second and Warren Buffet third.
Fifty-seven women make the list, up from 55 last year.