Trump plummets 300 spots on Forbes billionaire rich list

Breanna Robinson
Tuesday 06 April 2021 20:45
Former US President Donald Trump speaks at the Conservative Political Action Conference (CPAC) in Orlando, Florida, US 28 February, 2021(REUTERS)

From entering the White House in January 2017 to his grand exit in January of this year, former President Donald Trump’s financial fortune fell almost as rapidly as his political fortunes.

According to the Forbes rich list, his net worth fell from $3.5 billion to $2.4 billion - even as the benchmark S&P 500 increased by 70 per cent.

Many investors have at some point been upset with themselves for holding an asset for much longer than anticipated. However, in the case of Trump, he may have made a significant miscalculation of assets.

Although he bragged on many occasions about being a billionaire, he only reached No. 1,299 on this year’s Forbes billionaires list. 

According to Forbes Senior Editor Dan Alexander, if Trump were to sell everything initially and put the proceeds into a conflict-free fund tracking the S&P 500, the former president would have ended his term as president $1.6 billion richer.

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Trump’s hotels and golf courses faced the most financial hardship at well-known locations over the last several years, from his tower in New York City’s financial district which was estimated at a loss of $195 million to his legendary building on fifth avenue with an estimated loss of $217 million.

Trump’s golf properties did face significant revenue loss, including the Trump National Doral in Miami, Florida with a 40 per cent revenue plunge.

Moreover, there were some areas that saw steady profits over the years such as thePalm Beach club at Mar-a Lago, and 555 California Street in San Francisco, that houses major tenants such as Bank of America and Goldman Sachs.

Both banks appeared to distance themselves from the former president after the Capitol riots on January 6, yet in secret, resigned their leases.