NEW YORK — President Trump’s ranking in the Forbes list of wealthiest Americans has dropped because the value of some of his Manhattan real estate holdings has declined recently, the magazine says.

Forbes ranked the first billionaire president as the 248th-wealthiest person in America and put his wealth at $3.1 billion. The year before, he was ranked 156th and Forbes said he was worth $3.7 billion.

As a candidate, Trump said his net worth was more than $10 billion, but Forbes pegged that figure at $4.5 billion in September 2015.

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