Trump falls 138 spots on Forbes list of richest Americans

President Trump’s net worth has dropped by more than $1 billion since he first launched his presidential bid in 2015, Forbes reported on Tuesday.

According to the publication, Trump’s net worth has dropped from $4.5 billion in 2015 to hold steady at $3.1 billion for the past two years. As a result, the president has fallen 138 spots on the latest The Forbes 400 list, which will be released Wednesday.

Trump was No. 35 on the list in 2016 and was No. 248 last year.

{mosads}The finance magazine blamed Trump’s dip in wealth on a variety of factors, including the effects of his polarizing political brand on his businesses as well as on broader economic forces that have made the real estate business less profitable in recent years.

According to the publication, the licensing aspect of the Trump Organization, which the president has used to sell his name to be displayed on prominent buildings, has taken a massive hit due to Trump’s politics. 

The magazine estimates the president’s licensing operation is now worth approximately $3 million, which is a sharp drop from the magazine’s $23 million estimate in 2015.

Eric Trump said in a statement to Forbes: “My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics. 

“Everything he does is for the good of the American people — he has zero involvement in the Trump Organization and quite frankly to suggest otherwise is outrageous,” he added.