Sunday 20 May 2018

Donald Trump falls 200 places on Forbes rich list after $400m drop in wealth

Donald Trump with first lady Melania (Andrew Harnik/AP)
Donald Trump with first lady Melania (Andrew Harnik/AP)

Ben Riley-Smith

Donald Trump has dropped more than 200 places in the Forbes world ranking of billionaires as his fortune slumped to an estimated $3.1 billion.

The US president was placed as the 544th richest person on the magazine’s list last year but has now dropped to 766th, with more than $400 million wiped off his wealth.

The drop was partly explained by the dropping value of Mr Trump’s retail property and a backlash to his brand in some quarters, according to Forbes.

The estimate is well below Mr Trump’s claim during the election campaign in 2015 that his net worth was “in excess of ten billion dollars”.

Mr Trump, the first billionaire president, stepped away from his businesses when he entered the White House, handing control to his two eldest sons, Don Jr. and Eric.

His fortune is made up of half and dozen buildings in New York, golf courses and a winery as well as companies around the world that have licensed his name.

Mr Trump inherited part of the wealth from his father Fred, who developed low-cost housing in the New York boroughs of Brooklyn and Queens.

According to Forbes, the value Trump Tower, his most famous building at the heart of the shopping district of Fifth Avenue, dropped $41 million in the last year.

Meanwhile the sports company Nike has announced it is moving out of Mr Trump’s property at 6 East 57th Street, meaning a new occupant at the 65,000-square-foot building is needed.

Mr Trump’s golf courses have had mixed results since he won the presidency. Forbes reported those in states Mr Trump won in the 2016 election saw revenues rise, while those his rival Hillary Clinton won saw a fall.

Jeff Bezos, the founder of online giant Amazon, was named as the world’s richest man with a fortune of  $112 billion (£81 billion).

He was followed by Bill Gates, the Microsoft founder, Warren Buffett, the US investor, Bernard Arnault, boss of luxury goods firm LVMH, and Mark Zuckerberg, the Facebook founder.

Telegraph.co.uk

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