Former President Donald Trump dropped nearly 300 spots on the 2021 Forbes billionaires list after losing $1.1billion in the four years he served in the White House.
Trump is worth $2.4billion, landing him at No. 1,299 on the publication’s list of the world’s richest. That is down from No. 1,001 last year. Trump’s fortune was $3.5billion when he entered office in January 2017.
‘By refusing to divest his portfolio upon taking office, Trump bogged down his presidency with ethics issues for years, while also missing a chance to cash in on a market boom he helped propel’, stated a Forbes report on Tuesday, the day the list was released.
Had Trump sold all of his assets on his first day as president, paid the maximum capital-gain taxes on those sales and put the earnings into a conflict-free fund tracking in the S&P 500, he would have ended his term about $1.6billion richer, according to Forbes. Of note, the S&P 500 increased 70% between the time Trump entered and left Washington, DC.
However, Trump is wealthier than he was a year ago when Forbes lowered valuations at the beginning of the coronavirus pandemic. Still, he could not compete with other billionaires who have rebounded and reached new heights.
Forbes’ 35th annual list grew from 660 billionaires more than a year ago to a record-breaking 2,755. The billionaires are worth a combined $13.1trillion, up from $8trillion last year. Amazon founder and CEO Jeff Bezos topped the list with a net worth of $177billion, trailed by Tesla CEO Elon Musk who is worth $151billion.
Some of Trump’s hotels, casinos and office buildings suffered during the pandemic economic shutdown, on top of losing popularity among some clients during his controversial presidency.
Trump’s real estate troubles have followed him after his time as president. New York’s attorney general is leading an ongoing investigation over allegations that Trump and his associated inflated assets to gain millions of dollars in tax benefits. Trump was seen at his old Trump Tower apartment in New York City in early March reportedly to get up to speed on his embattled company, the Trump Organization.
Forbes’ calculation of the dip in Trump’s fortune throughout his presidency was higher than a similar assessment by Bloomberg. According to Bloomberg, Trump’s wealth fell from $3billion to $2.3billion in that time frame.
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