Donald Trump's net worth plummets by $600m as he falls almost 100 places down Forbes rich list

Donald Trump's value has been slashed, resulting in the unpopular US president dropping 100 spots down the annual list of the richest Americans according to Forbes.

The ranking each year lists the 400 richest Americans, and this year the former reality star has dropped from 156th place down to 248th.

Trump's net worth, which is largely reliant on his vast property portfolio, dropped by $600m (£455m) to just $3.1bn.

Forbes attributed this sharp drop to a weakening in the the New York retail and office market.

Trump's value is the same as the youngest person on the list, 27-year-old Snapchat creator, Evan Spiegel.

At the top of the list for the 24th consecutive year is the Microsoft founder and serial philanthropist Bill Gates, who has an estimated value of $89bn.

He ranks just ahead of Amazon's Jeff Bezos, who is valued at $81.5bn.

The total value of the 400 comes in at $2.7bn, marginally higher than the total annual GDP for the United Kingdom.

A total of 169 billionaires were not rich enough to make the list.

Luisa Kroll and Kerry Dolan from Forbes said: "America's richest are richer than ever. The minimum net worth to make the Forbes list of 400 wealthiest Americans is now a record $2bn.

"But even at these new heights, entrepreneurs are breaking into the ranks for the first time as they mint fortunes in everything from Netflix and telecom to vodka and fishing."