President Donald Trump has dropped almost 100 spots from last year’s ranking on Forbes magazine’s list of the richest people in America, the magazine reported this week.
According to Forbes, Trump’s net worth is an estimated $3.1 billion, which is down from his estimated net worth of $3.7 billion one year ago.
The $600 million loss dropped Trump to No. 248 on the Forbes list of the 400 richest Americans, Forbes says.
Trump was ranked No. 156 at this time last year.
According to Forbes, the biggest hit was to Trump’s real estate portfolio, which is weighted heavily toward New York City. Values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune.
Some of his golf properties, including ones in Miami, Ireland and Scotland, have also declined in value, as some would-be guests stayed away, apparently offended by the president’s politics and bombast.
Trump’s cash pile is down an estimated $100 million since last year, after he spent $66 million on his campaign and $25 million settling a lawsuit over Trump University. As always, we refined our estimates based on new information uncovered during months of reporting.
Several prominent Pennsylvanians are on the Forbes 400 list. Among them are:
- Victoria Mars, heir to the family’s vast candy and pet food company, Mars Inc. She is No. 79 on the list, with an estimated net worth of $6.3 billion. Mars resides in Newtown Square.
- Mary Alice Dorrance Malone, the largest shareholder of the Campbell’s Soup Company. Malone, of Coatesville, is worth an estimated $3.3 billion and is No. 226 in the Forbes 400.
- John Middleton, a Bryn Mawr resident who made his fortune selling his family’s storied tobacco business to Philip Morris-parent Altria for $2.9 billion in cash in 2007. Middleton is worth an estimated $3 billion, and is No. 264.
- Michael Rubin, also of Bryn Mawr, who is the majority owner and CEO of Kynetic, a holding company for e-commerce retailers Fanatics, Rue La La and ShopRunner. He’s worth an estimated $2.9 billion, and is No. 278.
- Jeffrey Lurie, of Wynnewood. You may know him as the owner of the Philadelphia Eagles. Lurie, a former movie producer and college professor, is worth an estimated $2 billion and is No. 388 on the Forbes 400.
