President Trump’s wealth, ranking fall in latest Forbes 400 list

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

US President Donald Trump (NICHOLAS KAMM/AFP/Getty Images)

NEW YORK — President Donald Trump’s ranking in the Forbes list of wealthiest Americans has dropped, as the magazine said the value of some of his Manhattan real estate holdings has declined recently.

Forbes ranked the first billionaire president as the 248th-wealthiest person in America and put his wealth at $3.1 billion . The year before, he was ranked 156th and Forbes said he was worth $3.7 billion.

As a candidate, Trump said his net worth was more than $10 billion, but Forbes pegged that figure at $4.5 billion in September 2015. By Forbes’ estimates, Trump’s wealth has fallen 31 percent in two years.

According to Forbes, half of Trump’s wealth comes from New York City real estate. It says the value of luxury real estate is down, especially around Fifth Avenue. That sharply reduced the value of Trump Tower and other properties Trump owns or has stakes in.

Forbes also said some of Trump’s golf properties declined in value and that he spent $66 million on the presidential campaign as well as $25 million to settle a fraud lawsuit brought by former students in his defunct Trump University program for real estate investors.

Forbes’ list is once again topped by Microsoft co-founder Bill Gates with a net worth of $89 billion, followed by Amazon’s Jeff Bezos and Berkshire Hathaway’s Warren Buffett.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.