Political News
Donald Trump Rank Drops On Forbes Wealthiest 400 Billionaires List…Presidency Blamed For Lost Fortune
Donald Trump Rank Drops On Forbes’s Wealthiest 400 Billionaires List…Presidency Blames For Lost Fortune
The President of the United States of America, Donald Trump’s net worth has dropped to $3.1 billion, but he has slid down a Forbes ranking of billionaires as the magazine believes his White House job is harming his brand.
The controversial president ranking dropped to number 259 on the list of Forbes’s wealthiest 400 billionaires released Wednesday, down from spot number 248 in 2017.
In 2015, the year that Trump announced his then improbable run for the presidency, Forbes valued his net worth at $4.5 billion.
Forbes attributes his declining wealth to deeper reporting about his assets, decline in brick-and-mortar retail, slowdown in real-estate, particularly in the luxury sector, and how being president affects the brand.
While he built much of his fortune on lending his name to projects he does not always own, a Forbes investigation say the strategy is backfiring, with his name no longer synonymous with luxury but divisiveness, driving away business partners and potential apartment buyers.
Nevertheless the value of property that he does own, including his Trump Tower penthouse, his personal private jet and Mar-a-Lago estate in Florida, dubbed the Winter White House, has gained in value, Forbes believes.
Before taking office, Trump placed his business interests in a trust managed by his adult sons, Don Junior and Eric, and veteran Trump Organization executive Allen Weisselberg.
He refused multiple calls to divest fully, leading to ongoing accusations of conflict of interest.
Forbes calculated that if Trump had liquidated, paid capital gains tax on his fortune and created a blind trust to invest everything in the booming stock market, he would be would now be $500 million richer.
Amazon’s Jeff Bezos, whose fortune jumped $78.5 billion in one year, tops the Forbes list this year, with a net worth of $160 billion.
Microsoft co-founder Bill Gates, who held the number one spot for 24 consecutive years, is ranked number two at $97 billion.
Forbes said the 400 on the list have a record-breaking, combined net worth of $2.9 trillion, up from $2.7 trillion in 2017.
Entrance to the exclusive club cost an all-time high of $2.1 billion and 204 Americans with 10-figure fortunes fell short.
The full list can be found at www.forbes.com/forbes-400/.
[AFP]
iron bar
October 4, 2018 at 1:12 AM
who cares.whether he got it from his fathers wealth or legitimate or illegimate business..at least he is still worth billions.that shows being in govt shouldnt enrich him.But fast foward the news to naija.A ordinary motor park tout who dabbled into politics will become a billionaire over night and wont even retire any longer.he will then contest for chairman,house,governor then retire in senate.All will hide under immunity for proection against probe.with our weak constitution and feeble minded judges ,they get away with such loots.lets worry about ourselves,as oyibos sabi deal with their issues.
Mon
October 4, 2018 at 2:16 AM
Meaning he is working hard and smart for his country, but in part of this World called Africa, the reverse will be the case…within one year, triple increase.