GREENWICH, Conn. – Greenwich's Ray Dalio, the richest man in Connecticut, dropped a rung on the Forbes 400 Ranking of the Richest Americans — but not as much as President Donald Trump.
Dalio, whose net worth increased a whopping $1.1 billion, actually dropped from No. 25 to No. 26 on the list, which was released Tuesday.
Trump, who has been trumpeting the gains the stock market has seen since he became the 45th president, took a big hit in his own wallet in the last year. A total of $600 million to be exact.
As a result, Trump dropped from 156th place in 2016 to 248th this year. His net worth fell from $3.7 billion to $3.1 billion.
A drop in the number of visitors at some of Trump's golf clubs and resorts, declines in real estate prices and the settlement of the fraud lawsuit against Trump University all contributed to the decline, Forbes said.
Dalio is one of seven Connecticut residents on the list. Five are from Greenwich, with one each from Danbury and Branford.
Last year, Dalio was ranked No. 25 on the list with a net worth of $15.9 billion.
Here are the seven Connecticut residents on the list:
- No. 26: Ray Dalio, 68, of Greenwich, worth $17 billion, from hedge funds
- No. 34: Steve Cohen, 61, of Greenwich, worth $13 billion, from hedge funds
- No. 132: Karen Pritzker, 59, of Branford, worth $4.8 billion, from hotels and investments
- No. 144: Paul Tudor Jones II, 63, of Greenwich, $4.6 billion, from hedge funds
- No. 264: Clifford Asness, 51, of Greenwich, worth $3 billion, from hedge funds
- No. 324: Stephen Mandel, Jr., 61, of Greenwich, worth $2.5 billion, from hedge funds
- No. 350: Peter Buck, 86, of Danbury, worth $2.3 billion, from Subway sandwich shops
Cohen now manages his personal fortune through Point 72 Asset Management. Jones is the founder of the Tudor Investment Corp.
The richest person in America is still Microsoft founder Bill Gates, worth a total of $89 billion, up from $81 billion last year.
What did it take to make the list this year? The bottom cut-off was $2 billion, up from $1.7 billion last year, Forbes said. A record total of 169 billionaires did not crack the Top 400.
Click here to check out the full list of the Forbes 400 Richest Americans.
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