Donald Trump is no longer among the richest 400 Americans
For the first time in 25 years, former United States President Donald Trump has not been on Forbes' list of the 400 richest Americans. The billionaire’s fortune is estimated at $ 2.5 billion (€ 2.2 billion). The businessman needed barely $ 400 million (346 million euros) to enter the magazine’s ranking.
The former leader has lost about $ 600 million (519 million euros) since the start of the pandemic. The Covid-19 has taken its toll on the commercial real estate market. Since becoming president in 2016, Donald Trump's wealth has steadily declined. From 1997 to 2016, he was ranked in the top half of Forbes' 400 richest Americans, but five years later he slipped completely off the list.
The magazine's publication noted that the fortune required to make the top 400 list has increased from $ 2.1 billion to $ 2.9 billion (from 1.8 billion to 2.5 billion euros). The former head of state is one of 51 people to have been removed from the 2021 rankings. However, 31 of them have grown richer this year compared to the previous year.
Over the past year, tech stocks and crypto assets have surged with the work-from-home boom, while more traditional businesses like retail and real estate have taken a hard hit. The rankings saw a 14% turnover rate as billionaires like Donald Trump left. This year 44 new names joined the ranks of the richest Americans. We note the presence of Coinbase CEO Brian Armstrong, 29-year-old crypto-billionaire Sam Bankman-Fried and philanthropist Melinda French Gates.
Earlier this year, Forbes reported that the former president lost 298 spots on his billionaire list which was released in April. Donald Trump tumbled from 1,001st to 1,299th place. The latter's real estate assets - which represent about 75% of its income - have been hit hard by the pandemic, Bloomberg reported in March. The former White House master's hotels and resorts, as well as his golf club, have also seen a drop in interest due to travel restrictions.
Donald Trump donated his salary as president
Two rounds of indictments, as well as statements by Donald Trump during the siege on Capitol Hill, also tarnished the businessman’s image. After the attack on Capitol Hill in January, the PGA of America sports organization decided not to host its annual tournament at the former head of state's golf club. Many other companies have also severed ties with Donald Trump since his second arraignment.
Donald Trump donated his $ 400,000 (346,000 euros) salary as President of the United States. However, he earned about $ 1.6 billion (€ 1.4 billion) from 2016 to 2020, according to Bloomberg data. During his presidency, he chose to keep his $ 3.5 billion (3 billion euros) in assets, instead of parting with them, in order to rule out any suspicion of a conflict of interest. Forbes noted that if the president had sold his assets, his fortune could climb to $ 7 billion (6 billion euros).
In January, public relations expert Eric Schiffer told Insider that Donald Trump's businesses may never recover from his presidency. "Donald Trump will leave the presidency with a set of targets encircling the core of his brand, which will pose a threat to his economic survival and that of his children, and will likely lead to excruciating pain of the kind he does. never really faced, "said Eric Schiffer.
The former President of the United States is not the only billionaire no longer on the Forbes list. Oprah Winfrey also left the rankings for the first time since 1995, alongside several entrepreneurs including Doris Fisher, co-founder of Gap, and Trevor Milton, founder of Nikola.
