Trump’s Net Worth Drops By $600 Million, President Demoted To World’s #339 Richest
On September 8, Forbes published the results of the 2020 edition of the Forbes 400 list of richest Americans. While the likes of Jeff Bezos, Warren Buffet and Elon Musk secured top rankings, the index saw Donald Trump demoted to the 339 spot after his assets dropped nearly $600 million in value compared to last year, leaving him with a net worth of around $2.5 billion. Trump’s most iconic properties and investments being the largest source of financial hardship for the president.
— Forbes (@Forbes) September 8, 2020
As hotels bearing Trump’s brand name file for bankruptcy, his own holdings suffered lowering his Forbes ranking 64 spots from where he was last September. His hotel chains, office buildings and golf resorts, in particular, have reported low occupancy and high amounts of debt.
Forbes reported that the president’s Trump National Doral Miami resort alone saw its worth decline by 80% compared to last year. The Hill noted that the president’s New York properties are doing no better – Trump Tower suffered a $70 million reduction in value while 40 Wall Street went done by $65 million. The only assets that seemed to have seen a return on investment were Trump World Tower, which increased its worth by $2 million, The Mar-a-Lago Club, gaining $10 million, and Trump’s many garages. Forbes praises these as smart investments due to the pandemic causing New Yorkers to second guess using public transport. Trump’s personal Florida homes also managed to soar $4 million.
News of the president’s personal financial distress came with some controversy as Forbes also released information back in July regarding his using of political donations to fund his businesses’ expenses. On a series of Twitter posts, Forbes reported, “$2.2 million of contributions from other people has turned into $2.2 million of revenue for Trump.”
Another tweet specified accusations against the president, “Donald Trump has not given a dime to his reelection campaign, opting instead to fund the entire effort with his donors’ money. His business, meanwhile, has continued to charge the campaign for things like food, lodging and rent.”
Donald Trump has not given a dime to his reelection campaign, opting instead to fund the entire effort with his donors’ money. His business, meanwhile, has continued to charge the campaign for things like food, lodging and rent pic.twitter.com/4cVI0QZQug
— Forbes (@Forbes) July 21, 2020