Donald Trump has dropped 92 places in the Forbes list of wealthiest Americans, with the magazine putting his wealth at $3.1bn, down from $3.7bn last year.

Forbes said the value of some of Trump’s Manhattan real estate holdings had declined recently.

Forbes ranked the first billionaire president as the 248th wealthiest person in America. The year before, he was ranked 156th.

As a candidate, Trump said his net worth was more than $10bn, but Forbes pegged that figure at $4.5bn in September 2015. By Forbes’ estimates, Trump’s wealth has fallen 31% in two years.

Forbes’ list is once again topped by Microsoft co-founder Bill Gates with a net worth of $89bn, followed by Amazon’s Jeff Bezos and Berkshire Hathaway’s Warren Buffett.