President Donald Trump had his entry plummet in Forbes list of wealthiest persons in America. The publication stipulated that his portfolio of real estate properties in Manhattan declined in value. The change was significant enough for Trump to drop 92 positions by comparison to last year’s achievements.
Trump’s Worth Fell $600 Million in One Year
The current President of the United States is the 248th-richest person in his country. Forbes estimates his net worth to $3.1 billion. By comparison, Trump was placed on the 156th rank last year thanks to a wealth of $3.7 billion.
A few years ago, Trump was stating that his fortune was of at least $10 billion. However, Forbes did the math and settled the figure at $4,5 billion in September 2015. According to Forbes estimations, the worth of Trump’s empire declined by 31% over the last two years.
According to the publication, almost 50% of Trump’s source of wealth consists entirely of real estate that he owns in New York. On the other hand, the current economic environment is harsh for luxury real estate, especially in the area of Fifth Avenue. This is how Trump’s wealth took a significant hit due to a singular factor in the business world.
As a result, the value of Trump Tower suffered depreciation as well as other properties that the President owns or shares stakes in. Forbes has also taken into consideration the budget of $66 million that Trump invested in his presidential campaign.
Another total of $25 million brought his worth lower. This award went to former students of the Trump University program for real estate investors. After this fraud lawsuit, the educational project was shut down.
The Top of Wealthiest Persons in the U.S. Remained the Same as Last Year
While Trump’s ranking suffered the most substantial devaluation on Forbes list of wealthiest persons, the top of the list remained the same. Bill Gates is the first on the list with a net worth of $89 billion, followed by Jeff Bezos and Warren Buffett.
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