Donald Trump has dropped more than 200 places in the Forbes world ranking of billionaires as his fortune slumped to an estimated $3.1 billion (£2.2 billion).

The US president was placed as the 544th richest person on the magazine’s list last year but has now dropped to 766th, with more than $400 million wiped off his wealth.

The drop was partly explained by the dropping value of Mr Trump’s retail property and a backlash to his brand in some quarters, according to Forbes.

The estimate is well below Mr Trump’s claim during the election campaign in 2015 that his net worth was “in excess of ten billion dollars”.

Mr Trump, the first billionaire president, stepped away from his businesses when he entered the White House, handing control to his two eldest sons, Don Jr. and Eric.

His fortune is made up of half and dozen buildings in New York, golf courses and a winery as well as companies around the world that have licensed his name.