Donald Trump’s wealth is evaporating fast, according to the latest billionaires list released this week by Forbes Magazine.
Forbes, which tracks the net worth of the wealthiest people in the world, recently discovered that President Trump’s estimated net worth is sinking like a stone, dropping approximately 220 spots on the Forbes Billionaires List compared to the same time last year. Trump still has approximately $3.5 billion in assets, though he had roughly $4.5 billion last year during the campaign cycle. He is currently the 544th richest person in the world, along with 19 other people.
Because the bulk of the president’s wealth is in his Manhattan-based real estate like Trump Tower on Fifth Avenue — adjacent to New York City’s Central Park — and eight other buildings within a mile of the flagship property, his net worth can change on a dime as the Manhattan real estate market fluctuates. The loss of approximately $1 billion in net worth over the course of the year is likely due to a (relatively) significant decline in the Manhattan micro-market.
Trump’s declining wealth is likely a sensitive subject for the real estate mogul, who spent no shortage of time on the campaign trail telling the American people how rich he was, artificially inflating his net worth to as much as $10 billion. He met with Bill Gates on Monday, whom Forbes ranked as the richest man in the world with a net worth of $86 billion. Rounding out the top three are Berkshire Hathaway CEO Warren Buffett ($75.6 billion) and Amazon co-founder/Washington Post owner Jeff Bezos ($72.8 billion).
While Trump has promised to hand off the management of the Trump Organization to his adult sons — Donald Jr. and Eric — and place his real estate empire’s assets in a trust, Forbes noted that it’s unclear whether or not the president has actually done so.
Tom Cahill is a writer for the Resistance Report based in the Pacific Northwest. He specializes in coverage of political, economic, and environmental news. You can contact him via email at [email protected], or follow him on Facebook.