Donald Trump has not benefitted financially from being elected US president, according to Forbes.
In its annual billionaire rich list, the magazine has "The Donald" falling 220 places in the 2017 rankings to 544th place after his net worth declined $200m (£160m).
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Forbes says the issue is that his wealth, which comes via his eponymous corporate empire, is concentrated in the Manhattan property market, which has struggled of late.
"At its core, the Trump Organization is still a midtown Manhattan real estate firm, albeit one with tentacles around the globe. Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it," it says.
"What happens in that micro-market does more to affect the net worth of Donald Trump than anything else in the world."
It adds Trump "likely missed out" on the stock market rally that followed his victory in last November's election, assuming he sold his equity holdings ahead of the presidential campaign.
There were also hits to his cash holdings, not least the $66m (£53m) he donated to his campaign and the $25m (£20m) he paid out after being elected to settle a lawsuit over his defunct Trump University.
One bright spot for the President in business terms is his Mar-a-Lago resort in Florida, which the BBC says has grown in value by $25m "due to post-election exposure".
Despite his slide, the number of billionaires around the world is estimated to have increased to 2,043 - a record 13 per cent.
Microsoft co-founder Bill Gates took the number one spot again, after his net worth surged $11bn (£9bn) to $86bn (£69bn), while Amazon's Jeff Bezos enjoyed the biggest rise, seeing his fortune increase $27.6bn (£22.2bn) to $72.8bn (£58.5bn).
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