President Trump’s push to “ make America great again ” during his four years in office resulted in a drop of more than $ 1 billion in his net worth, according to the latest list of Forbes billionaires.
Trump disturbed his political opponents and good government groups when he decided to maintain control of his business empire during his tenure.
According to Forbes, if he had sold everything and put everything in index funds, he would be worth another $ 1.6 billion. Instead, Trump kept the company and placed it in the hands of Don Jr., Eric Trump, and an executive at the Trump organization.
As it stands, his net worth fell from $ 3.5 billion when he took office in 2017 to $ 2.4 billion now.
Former President Donald Trump has seen his net worth drop from $ 3.5 billion to $ 2.4 billion before taking office, according to list of Forbes billionaires
The valuations are estimates and cannot be made precisely due to fluctuations in the real estate market. Trump also refused to release his tax returns during his tenure, although Manhattan prosecutors have eight years of it.
Trump is number 1,299 on the publication’s list of billionaires, compared to number 1,001 last year. Sitting directly above him are Roman Trotesnko, a Russian with a logistics empire, TY Tsai, a Taiwanese financier, and John Tyson, the chairman of Tyson Foods.
As his own Forbes bio notes, “John Tyson is president of Tyson Foods, the $ 40 billion processor that breeds, slaughters, and sells meat that ends up in supermarkets across America.”
In comparison, rapper Kanye West is ranked 1,750th on the list with a net worth of $ 1.8 billion, while Kim Kardashian has joined the list and is now 2,674th.
Trump’s analysis shows a $ 217 million drop in Fifth Avenue retail office space located at 6 East 57th Street, a $ 195 million drop at 40 Wall Street, a $ 102 million gain in a three-building complex in San Francisco , and a $ 163 million drop in hotel management and branding.
The pandemic that has hit the global economy continues to take its toll on former President Donald Trump’s personal wealth.
Forbes’ total almost matches Trump’s estimated net worth of $ 2.3 billion in a separate analysis last month by the Bloomberg Company index. That’s down $ 3 billion before he took office.
After taking office, Trump decided to forgo the $ 400,000 presidential salary and donate instead.
The coronavirus and government responses have taken a devastating toll on the travel and hospitality industry. Trump’s Washington, DC hotel, which could make money from big bookings early in Trump’s term, was seen with its once-bustling lobby virtually empty during visits from reporters in recent months.
Amid the turmoil, the former president paid off at least $ 590 million in loans over the next four years.
He left for Mar-a-Lago after skipping successor Joe Biden’s inauguration, a property where the company was able to increase membership fees after Trump took office and continued to visit regularly.
The Trump organization tried to sell its hotel lease in DC in 2019
Mar-a-Lago has increased its membership fee and has seen higher revenues
The Capitol uprising that followed Trump’s overthrow of the election has taken its toll on Trump’s brand, a real estate expert said.
The company experienced an estimated drop of $ 80 million in the valuation of holdings in the 1290 Avenue of the Americas building
Trump has fallen to 1299 on the list, a position he shares with a Russian logistics investor, a Taiwanese financier and the chairman of Tyson Foods
That’s one area where income has been on the rise: it brought in $ 23 million last year, compared to $ 22 million in 2015, before the membership fee jumped to $ 250,000.
But the profits aren’t enough to make up for areas where Trump’s holdings in commercial real estate and golf courses suffered – where income is 19 percent lower than in 2015.
Bloomberg quotes real estate advisor Ruth Colp-Haber as saying Trump is facing a ‘triple blow’ from COVID, an aging portfolio and the aftermath of the MAGA riot.
That has even generated daily headlines of arrests of MAGA supporters storming the Capitol, and boycott attempts against some Republicans who joined Trump’s election attempt.
The pandemic has also increased demand for commercial real estate – and the value of Trump’s stake in a building at 1290 Avenue of the Americas in Manhattan has fallen $ 80 million to $ 685 million, according to the estimate, which financial disclosures examined. estate documents and loan documents.
His building at 40 Wall Street is valued at $ 278 million, down from an estimated $ 550 million before he took office.
The Trump organization backed out after attempting to sell its Washington, DC luxury hotel in 2019. It hiked the rates on March 4, when some believers in QAnon conspiracy theory believed Trump would be inaugurated for a second term, according to published room rates. online. The company has leased the building to the federal government on a long-term basis.