The magazine announced the news on Tuesday as it revealed its annual ranking. According to Forbes, the former president’s fortune fell by 19% to $2.6 billion over the past year, in large part because of his struggling social media platform, Truth Social.
“Donald Trump is no longer rich enough for the country’s most exclusive club,” Forbes said in its announcement, calling its ranking a “measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list.”
It’s the second time in three years that Trump has been off the list, which he was consistently on between 1996 and 2021.
The blow comes a day after Trump began a civil fraud trial in New York over his business dealings. New York’s attorney general is seeking $250 million in penalties and a ban on Trump doing business in the state.
Last week, the judge overseeing the case ruled that Trump was liable for the key claim in the case: that he defrauded financial institutions by vastly overstating his wealth in order to obtain better loan and insurance terms. He was stripped of some of his companies as punishment.
The trial concerns the six remaining claims in the lawsuit and how Trump will be penalized.