Donald Trump's fortune has fallen by an estimated $200m since he took office, according to Forbes magazine, plunging him more than 200 rungs down the worldwide wealth rankings.

Mr Trump was ranked at No 544 on the magazine's annual richlist, with a net worth of around $3.5bn.

The magazine said that falling house prices in Manhattan, where Mr Trump's former campaign headquarters at Trump Towers is situated, had eaten away at the president's fortunes.

Mr Trump also spent millions of dollars on his campaign, which he claims to have self-funded, though this is fiercely disputed.

“Although Donald Trump’s name is plastered on buildings all around the world, his core assets are still located in a small part of New York City," said Dan Alexander, an associate editor at Forbes Media.

"Profits are down at Trump Tower, and the overall neighbourhood surrounding has been struggling over the last year. Since Trump owns so many buildings in such a small area—including Trump Tower, Trump International Hotel & Tower, NikeTown and 1290 Avenue of the Americas—the softening of the market has impacted his net worth more than anything else over the last year.”