President Trump's net worth has dropped by $600 million, according to the Forbes list of the 400 richest Americans.

Trump sits at No. 248 on the new list, after coming in last year at No. 156.

His net worth now stands at $3.1 billion.

Forbes blamed Trump's dip in wealth on a variety of factors, including real estate and his presidential bid.

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"A tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president," Forbes wrote.

The publication wrote that the core of Trump's fortune is "tied up in a half-dozen buildings in and around midtown Manhattan in New York City, where luxury real estate values have fallen recently."

According to Forbes, it now requires $2 billion to make the list, a nearly 18 percent jump from last year.

Bill Gates topped the list, followed by Amazon owner Jeff Bezos, investor Warren Buffett and Facebook founder Mark Zuckerberg.