Forbes: Donald Trump just became one billion dollars poorer

The personal fortune of US President Donald Trump has decreased by $1 billion since last March, dragging the billionaire 220 places lower in the Forbes Rich List.

Trump's estimated net worth has fallen to $3.5 billion from $4.5 billion a year ago, according to the magazine's latest ranking published on Monday. As a result, the president is now 544th on the list.

Much of the decline in Trump's finances is caused by the softness in the midtown Manhattan real estate market, according to Forbes.

"Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it. What happens in that micro-market does more to affect the net worth of Donald Trump than anything else in the world. Lately, the neighborhood has been struggling," the magazine said.

Along with that, Trump spent $66 million on the presidential campaign...