By Ryan Velez
For someone who has built a brand around his wealth, CBS News reports that Donald Trump’s net worth has hit a nosedive on the Forbes list of richest Americans this year.
The president dropped by $600 million — and 92 spots — to No. 248 this year, to an estimated net worth of $3.1 billion, according to Forbes, which released its new list on Tuesday. He shares this space with 27-year old Evan Speigel, the co-founder of Snapchat. To put together a comparison, the president ranked No. 156 with a net worth of $3.7 billion. The president has claimed a net worth of over $10 billion despite refusing to release his tax returns in order to possibly verify them.
In the absence of such information, Forbes said it spent months digging through financial disclosure forms, public property records and interviewing dozens of people to estimate the president's net worth, which has long been a source of contention.
While the presidency is the elephant in the room regarding Trump and his wealth, Forbes says the biggest factor regarding his net worth is the New York real estate market where he made his name and fortune. In a press release, Forbes reported that "the values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune."
Of course, the presidential campaign did come with a cost, with a price of $66 million. Trump also had to pay $25 million to settle his Trump University lawsuit, Forbes reported. He also has had financial woes from his golf properties in Miami and Scotland. It would be interesting to see if this trajectory continues, seeing as he doesn’t have the chance to work on improving businesses versus spending time in office (in theory). Ultimately, until Trump decides to release the necessary info, anything regarding his finances is going to be speculation.
As one minor plus for Trump, he has seen an uptick in assets at his hotel-condo tower in Las Vegas and his stake in a downtown San Francisco office building. This is dwarfed by the assets of the top two people on Forbes’ list. These are Microsoft founder Bill Gates with a net worth of $89 billion, and Amazon CEO Jeff Bezos ranked No. 2 with $81.5 billion.