Donald Trump Drops Out Of Forbes’ 400 Richest Americans List
The 45th President of the United States and real estate kingpin, Donald J. Trump was not featured in Forbes’ 400 Richest Americans list, published on Tuesday. This is the first time in 25 years that Trump has failed to claim a spot on the list.
In 2020, Trump was named at 339th, dropping off from 275th in 2019. The magazine reported that the former President has lost as much as $1 billion during his tenure at the White House. Despite losing a billion, Trump is still valued at $2.5 billion by the magazine, which leaves him just $400 million shy of the 400th person on the list.
Economists argue that Trump’s fall from grace could have been avoided had he concentrated on increasing his wealth. Reportedly, when Trump became the President, he was suggested to divest his real-estate holdings company, but he denied the offer. According to Forbes, even if Trump had chosen to divest and pay the Corporate Gains Taxes and invested the rest of his property in portfolios like S&P 500, he would’ve been almost 80% richer than he is now.
Trump had been in his prime in terms of wealth back in the mid to late 2000s when he was in the top 100 for five consecutive years, 71st being the best ranking he could muster during his 25-year stay in the list.
One of the biggest losses Trump accumulated during his Presidency was his hotel in Washington, DC which was already running in $175 million in loans. A study conducted by the Associated Press showed that in the last 15 years, the price of Trump properties has dropped to just a third of the original.
According to reports, since being elected as the POTUS, Trump’s Manhattan mammoth, Trump World Tower has lost one-fifth of its value. The pandemic also contributed heavily to the worsening of the situation. But economists believe that if Trump had divested his property, he would’ve been worth around $4.5 billion.
It remains to be seen how Trump reacts to being left out of the elite club as the last couple of years have been nothing but disastrous for the former billionaire-President.
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