Despite the political rise of President Trump, his net worth has fallen, according to the Forbes 31st annual ranking of the world’s billionaires.
Forbes reports Trump’s net worth as $3.5 billion, approximately a third of what he asserted during his U.S. presidential campaign. Trump fell to number 544 on the magazine’s list, a drop of more than 100 from last year. The decline of Trump’s net worth is largely attributable to the impact of the slump in New York’s real estate market on his holdings.
“Midtown Manhattan real estate is down; therefore, so is Donald Trump’s fortune,” Forbes noted in a statement.
Trump ranked number 205 on last year’s list which features Bill Gates, the philanthropic co-founder of Microsoft Corporation, as its perennial leader.
Gates was followed this year by Warren Buffet, chairman of Berkshire Hathaway Inc in the second spot, and Amazon.com Inc founder Jeff Bezos in the third.
Although Trump’s net worth decreased, more people qualified for the list this year with Forbes ranking a record 2,043 billionaires.
“Booming stock markets, higher commodities prices and plain old-fashioned entrepreneurship helped make this a record year in terms of wealth creation around the globe,” said Forbes editors Luisa Kroll and Kerry Dolan.
Trump’s current $3.5 billion net worth is down from the $3.7 billion reported by Forbes in October when the magazine published its list of the 400 wealthiest Americans.
In May 2016, while campaigning for the Republican presidential nomination, Trump’s team filed a personal financial disclosure form that noted his net worth as more than $10 billion.
Critics claim that Trump has inflated the true value of his net worth, and argue that his tax returns would more accurately reflect his financial status. Despite continued requests to release his tax returns, Trump has defied convention and refused to do so.
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