Trump falls 220 places on Forbes's billionaire rich list
The Donald's personal wealth estimated to have dropped by $200m since he became US President
Donald Trump has not benefitted financially from being elected US president, according to Forbes.
In its annual billionaire rich list, the magazine has "The Donald" falling 220 places in the 2017 rankings to 544th place after his net worth declined $200m (£160m).
It means the property mogul must "rub along" with a fortune of just $3.5bn (£2.8bn), says the BBC.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Forbes says the issue is that his wealth, which comes via his eponymous corporate empire, is concentrated in the Manhattan property market, which has struggled of late.
"At its core, the Trump Organization is still a midtown Manhattan real estate firm, albeit one with tentacles around the globe. Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it," it says.
"What happens in that micro-market does more to affect the net worth of Donald Trump than anything else in the world."
It adds Trump "likely missed out" on the stock market rally that followed his victory in last November's election, assuming he sold his equity holdings ahead of the presidential campaign.
There were also hits to his cash holdings, not least the $66m (£53m) he donated to his campaign and the $25m (£20m) he paid out after being elected to settle a lawsuit over his defunct Trump University.
One bright spot for the President in business terms is his Mar-a-Lago resort in Florida, which the BBC says has grown in value by $25m "due to post-election exposure".
Despite his slide, the number of billionaires around the world is estimated to have increased to 2,043 - a record 13 per cent.
Microsoft co-founder Bill Gates took the number one spot again, after his net worth surged $11bn (£9bn) to $86bn (£69bn), while Amazon's Jeff Bezos enjoyed the biggest rise, seeing his fortune increase $27.6bn (£22.2bn) to $72.8bn (£58.5bn).
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Today's political cartoons - December 22, 2024
Cartoons Sunday's cartoons - the long and short of it, trigger finger, and more
By The Week US Published
-
5 hilariously spirited cartoons about the spirit of Christmas
Cartoons Artists take on excuses, pardons, and more
By The Week US Published
-
Inside the house of Assad
The Explainer Bashar al-Assad and his father, Hafez, ruled Syria for more than half a century but how did one family achieve and maintain power?
By The Week UK Published
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
By The Week Staff Published
-
Will the energy war hurt Europe more than Russia?
Speed Read European Commission proposes a total ban on Russian oil
By The Week Staff Published
-
Will Elon Musk manage to take over Twitter?
Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
By The Week Staff Last updated
-
Shoppers urged not to buy into dodgy Black Friday deals
Speed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
By The Week Staff Published
-
Ryanair: readying for departure from London
Speed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
By The Week Staff Published
-
Out of fashion: Asos ‘curse’ has struck again
Speed Read Share price tumbles following the departure of CEO Nick Beighton
By The Week Staff Published
-
Universal Music’s blockbuster listing: don’t stop me now…
Speed Read Investors are betting heavily that the ‘boom in music streaming’, which has transformed Universal’s fortunes, ‘still has a long way to go’
By The Week Staff Published
-
EasyJet/Wizz: battle for air supremacy
Speed Read ‘Wizz’s cheeky takeover bid will have come as a blow to the corporate ego’
By The Week Staff Published