[00:00.00]President Donald Trump's wealth saw a major drop in the last year,
[00:06.08]mainly because some of his properties decreased in value.
[00:12.30]American business magazine Forbes says Trump's net worth
[00:20.08]fell $600 million to $3.1 billion over the past 12 months.
[00:28.34]His net worth was estimated at $3.7 billion a year ago.
[00:36.10]Each year Forbes puts together a list of the 400 richest Americans.
[00:44.35]This year, Trump was number 248 on the list, down from 156 in 2016.
[00:55.79]According to Forbes, much of Trump's wealth comes
[01:02.19]from a group of New York City luxury buildings in and around Manhattan.
[01:09.79]The magazine said property values in the area have dropped recently.
[01:16.51]One of the buildings is Trump Tower,
[01:20.66]the headquarters for Trump's businesses.
[01:24.48]Trump also lived at Trump Tower with his family before moving into the White House.
[01:32.44]Trump also owns many other properties, including golf courses,
[01:38.89]in the United States and around the world.
[01:43.36]He also owns a winery and licenses his name to many companies worldwide.
[01:52.24]Forbes also said Trump's wealth dropped
[01:56.40]because he spent $66 million on his presidential campaign.
[02:03.08]He also paid $25 million to settle a legal action
[02:09.04]against him by former students of Trump University.
[02:14.29]A few of Trump's properties did rise in value last year, the Forbes report says.
[02:21.94]One was a hotel and residential building in Las Vegas, Nevada.
[02:28.06]The other was an office building in San Francisco, California.
[02:33.73]Trump is the first billionaire to become president of the United States.
[02:40.94]He gave his two oldest sons control of his businesses
[02:45.56]while he serves his presidential term.
[02:49.61]Every name in the top ten belonged to a white man.
[02:54.91]Two women, both white, are in the top twenty: Alice Walton,
[03:01.18]an owner of the Wal-Mart company and Jacqueline Mars,
[03:06.35]whose riches come mainly from the candy and pet food industries.
[03:12.44]Two African-American billionaires made the list.
[03:17.30]Investor Robert Smith came in at number 226, with a net worth of $3.3 billion.
[03:27.54]Media businesswoman Oprah Winfrey was number 264,
[03:33.55]with an estimated worth of $3 billion.
[03:38.33]Microsoft co-founder Bill Gates took the top spot on the Forbes list for the 24th year in a row.
[03:48.49]His net worth was estimated at $89 billion, up $8 billion from a year ago.
[03:58.15]At number two was Amazon founder Jeff Bezos,
[04:04.24]who added $14.5 billion to his wealth over the past year.
[04:11.35]The third richest American on the list was businessman and investor Warren Buffett.
[04:18.76]He was followed by Facebook founder Mark Zuckerberg,
[04:23.23]who had the biggest overall wealth increase of anyone, $15.5 billion.
[04:30.75]Overall, the magazine said it was another record year for America's wealthiest people.
[04:38.88]To make the Forbes 400 list in 2017, people had to be worth at least $2 billion.
[04:48.26]The group's total net worth climbed to $2.7 trillion, up from $2.4 trillion a year earlier.
[05:00.04]The average net worth for the wealthiest Americans rose from $6 billion to $6.7 billion.