Entering politics has had an ill effect on President Trump’s purse. Trump’s worth tumbled about $400 million down to an estimated $3.1 billion since he took up residence in the White House, according to Forbes annual list of world billionaires.

It’s the second year in a row the President has taken a tumble on the elite ranking of the richest of the rich.

Forbes estimated that Trump lost around $1 billion in net worth in its 2017 ranking.

Trump, who was in 544th place last year, dropped to the 766th spot in the latest list. The magazine attributed Trump’s decline in wealth to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.”

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