U.S. President Donald Trump’s net worth declined by some $600 million to $3.1 billion in the past year, according to Forbes magazine.

The biggest contributing factor to Trump’s declining fortune was his real estate holdings, much of which is in New York City. Several of his Manhattan properties have declined in value, reducing his fortune in this sector by nearly $400 million.

Some of Trump’s golf properties overseas and in the United States also have declined in value, the apparent result of potential guests being offended by Trump’s politics and bluster, Forbes reported.

The presidential campaign also contributed to a decline in Trump’s net worth. His cash holdings were reduced to about $100 million since last year after he spent $66 million on his campaign.

The reduction in Trump’s cash holdings also was the result of a $25 million payment Trump made to settle a lawsuit over Trump University.

Forbes said it calculated Trump’s net worth “after months of digging through financial disclosures and public property records and conducting dozens of interviews.”

Forbes now ranks Trump as the 248th richest person in the U.S., down from 156 in 2016.

Microsoft co-founder Bill Gates topped the list of wealthiest Americans for the 24th consecutive year with a net worth of $89 billion. Amazon’s Jeff Bezos came in number two with a net worth of $81.5 billion.

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