Trump dropped 92 spots on Forbes' list of wealthiest Americans

President Donald Trump's net worth fell $600 million to $3.1 billion over the past year, according to Forbes Magazine's calculations, putting him 92 spots lower on the list of America's wealthiest than he was in 2016. 

Forbes wrote that Trump was "the most notable loser" on its list of the 400 wealthiest Americans.

Forbes attributes the drop to a decline in the value of his Manhattan real estate, his $25 million settlement to resolve a class action lawsuit filed against Trump University, and the $66 million he spent on his presidential campaign.   

Trump's New York City real estate is worth $1.6 billion, his real estate elsewhere amounts to $500 million, his golf courses and clubs are worth $570 million, his brand businesses are worth $200 million, and his cash and personal assets are estimated at $290 million, according to Forbes. Trump is now ranked number 248 on Forbes's list. 

Bloomberg was less generous in its estimation, putting the president's wealth at $2.86 billion this year

In February 2017, Forbes pegged Trump's net worth at around $3.5 billion, down $1 billion from the previous year. The magazine has listed Trump among the 400 richest Americans since it began publishing its ranking in 1982. 

RELATED: Trump buildings from around the world 

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Trump buildings around the world
A view of the Trump Tower in Baku. On Monday, May 22, 2017 in Baku, Azerbaijan. (Photo by Artur Widak/NurPhoto via Getty Images)
CHICAGO - MARCH 11: Trump International Hotel and Tower is shown after members of Plumbers Local 130 U.A. poured environmentally safe orange powder along the Chicago River turning it green for St. Patrick's Day in Chicago, Illinois on March 11, 2017. (Photo By Raymond Boyd/Getty Images)
View of the Trump International Hotel And Tower from below in New York City on Feb 28th 2017.
Trump International Hotel & Tower stands in Vancouver, British Columbia, Canada, on Tuesday, Feb. 28, 2017. Trump International Hotel & Tower Vancouver is the first new hotel to bear the name of U.S. President Donald Trump since he took office. Photographer: Ben Nelms/Bloomberg via Getty Images
NEW YORK, NY - FEBRUARY 21: A view of the Trump SoHo hotel condominium building, February 21, 2017 in New York City. The development of Trump SoHo, completed in 2010, was constructed in partnership with the Bayrock Group, headed by former Soviet official Tevfik Arif. Felix Sater, a Russian-American businessman, also worked for Bayrock Group during the development of Trump SoHo. Despite repeated claims that he is not involved in any business deals with Russia, President Trump's ties to the country continue to be scrutinized. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - FEBRUARY 21: A view of the Trump SoHo hotel condominium building at dusk, February 21, 2017 in New York City. The development of Trump SoHo, completed in 2010, was constructed in partnership with the Bayrock Group, headed by former Soviet official Tevfik Arif. Felix Sater, a Russian-American businessman, also worked for Bayrock Group during the development of Trump SoHo. Despite repeated claims that he is not involved in any business deals with Russia, President Trump's ties to the country continue to be scrutinized. (Photo by Drew Angerer/Getty Images)
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Trump made his wealth and business acumen key pillars of his 2016 presidential bid. He kicked off his campaign by saying he was "really rich" and claimed he was worth at least $10 billion.

But the real estate mogul's wealth has long been a subject of debate among journalists and financial experts who have accused him of consistently inflating his net worth without evidence. 

During a 2007 deposition, Trump said his estimation of his wealth depends on his feelings. 

"I'm worth whatever I feel," he said, adding, "I would say it's my general attitude at the time that the question may be asked. And as I say, it varies." 

Former New York City Mayor Michael Bloomberg, who's $45 billion fortune puts him at number six on Forbes' list, took a shot at Trump's claims about his wealth during a July interview

"Let me phrase this carefully so you get the message: I don't know how wealthy other people are," Bloomberg told Germany's "Der Spiegel."

"You mean that Trump may not be a billionaire?" the reporter asked.

"I didn't say that," Bloomberg said. "You said that."

Sonam Sheth contributed to this report. 

SEE ALSO: Michael Bloomberg takes a shot at Trump, implying he's not a billionaire

SEE ALSO: We finally know a lot more about Donald Trump's 'massive' net worth

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