Thu, 15 Nov 2018
Santo Domingo

Forbes: Politics has had an ill effect on Trump’s purse

By Sheetal Sukhija, Caribbean News
07 Mar 2018, 08:48 GMT+10

NEW YORK, U.S. - Heading the American political game has taken a toll on U.S. President Donald Trump’s purse, new figures have shown.

According to the Forbes annual list of world billionaires, even since taking up residence in the White House, Donald Trump’s worth has plunged $400 million.

According to Forbes, it’s the second year in a row the President has taken a tumble on the elite ranking of the richest of the rich.

It said in its report that Trump’s worth tumbled about $400 million — down to an estimated $3.1 billion — since entering politics.

In its 2017 ranking, Forbes estimated that Trump lost around $1 billion in net worth.

Last year, Trump held the 544th spot, but in the latest list, Trump has dropped to the 766th spot.

Commenting on Trump’s decline in wealth, the financial magazine said in its report that decline could be attributed to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.”

According to Forbes, Trump Tower, the President’s Fifth Ave. home and namesake high-rise, lost an estimated $41 million in value last year.

Further, Trump reached a $25 million settlement following a trio of lawsuits that alleged his Trump University real estate courses defrauded students.

In 2015, Trump slammed Forbes when the magazine estimated he was worth about $4.5 billion.

At the time, he put his own value in the $10 billion range - saying publicly, “All I can say is Forbes is a bankrupt magazine, doesn't know what they're talking about.”

Yet, Trump has fared better in Forbes’s ranking than in Bloomberg’s billionaire's list, which put his net worth at $2.86 billion.

Meanwhile, this year, for the first time, Amazon chief Jeff Bezos has seized the top position on the Forbes list with his $112 billion fortune.

Bezos jumped up from the third spot last year.

Microsoft’s Bill Gates, who has topped the Forbes billionaires list for 18 of the last 24 years, came in the second place this year.

His fortune was seen to have risen modestly from $86 billion to $90 billion.

Meanwhile, Facebook founder Mark Zuckerberg, investor Warren Buffett, conservative funders David and Charles Koch all feature in the top ten.

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