Trump Plummets 300 Places On World Billionaire List
Since he entered the White House, Donald Trump lost a small fortune and has fallen 300 places on Forbes‘ world billionaires list.
However, his fortune has been subject to serious hits, both during and after his first and only term came to an end. So much so, he’s plummeted 300 places on Forbes‘ billionaire ranks.
The publication outlined how his net worth had taken a steep decline from $3.5 billion to $2.4 billion – meanwhile, the S&P 500 increased by 70%. In the last year of his presidency, his fortune dropped by around $700 million amid his second impeachment trial and fury around the Capitol riots.
Forbes wrote how Trump’s financials have suffered a result of refusing to divest his assets when he became president. ‘If he had sold everything on Day One, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he is today,’ Dan Alexander explained.
Currently, he sits in 1,299th place on the list, a 300-place drop from 1,001st in 2020. While his net worth is bigger than it was back then, other billionaires have continued to climb the rich list. Just recently, it was announced that Kim Kardashian had officially achieved nine-digit status.
Two of Trump’s properties incurred major losses while he was in office; his retail space on 6 East 57th Street lost $217 million, and his financial district tower on Wall Street lost $195 million.
His hotel management arm lost a total of $163 million, with real estate analyst Kevin Brown telling the publication: ‘He has done permanent damage to the Trump name and image, at least for two or three decades.’
Some areas of profit are worse than others for Trump, Bloomberg reports. For example, Trump’s name has appeared on at least 19 books, starting with The Art of the Deal in 1987, going on to The Art of the Comeback and much later, Crippled America.
Throughout his career and time in office, royalties have taken a slump; more specifically, his income from books has dropped from $888,000 in 2015 to $119,341 last year.
Reacting to the news, Citizens for Ethics wrote on Twitter: ‘If Donald Trump had done the right thing, and divested from his businesses, Forbes reports that he could have been $1.6 billion richer. That would have saved us a bunch of time tracking his 3,700 conflicts of interest, too.’
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