U.S. President Donald Trump’s net worth took a $400-million hit during his first year in the White House, according to Forbes magazine billionaires’ list.
The magazine released its annual ranking Tuesday, showing Trump’s wealth declining for the second year in a row. The magazine pegged Trump’s net worth at $3.1 billion.
Forbes cites the stock market, New York City’s struggling retail real estate market and the “president’s polarizing personality” among some of the reasons for the financial decline.
READ MORE: Trump name, executives ousted from Panama hotel after legal spat
“The rise of e-commerce has pushed down the value of properties like Trump Tower, which sits in the heart of shopping mecca Fifth Avenue in New York City,” writes Dan Alexander. “Forbes estimates that the value of Trump’s most famous building declined $41 million in the last year.”
The magazine went on to point out that Trump’s golf properties have seen a revenue bump in three of the president’s largest clubs, which happened to be in states that voted for him. Revenue was down by about four per cent in areas that voted for rival Hillary Clinton, the magazine reported.
Forbes estimates $1.5 billion of Trump’s wealth comes from New York City real estate. Another $560 million comes from golf properties, $500 million in real estate outside of New York City, $180 million from his “brand” and another $290 million in cash and personal assets.
READ MORE: Foreign groups among spenders at Trump properties, watchdog says
Amazon boss Jeff Bezos topped the magazine’s list, with a reported $112 billon net worth, while former Microsoft chairman Bill Gates takes the No. 2 spot at $90 billion and investor Warren Buffett rounds out the top three with $84 billion in wealth.
It’s Bezos’ first time topping the billionaire’s list. In 2013, he was listed on Forbes 400 with a net worth of $27.2 billion.
Comments