If we see a new stream of angry tweets from the president of the United States, it might be because he recently lost about $1 billion.
According to the Forbes’ annual list of the world’s richest people, Donald Trump’s net worth fell from $4.5 billion in March 2016 to $3.5 billion this year, placing him at #544 on their list of the world’s richest people—a fall of 220 places.
The magazine notes that while Trump’s name and brand extends across the globe, 40% of his fortune comes from Trump Tower and eight buildings within 1 mile of it in midtown Manhattan. And because that neighbourhood has been struggling, Trump’s wealth has taken a serious hit. Forbes also said that he is now $200 million poorer than he was in October 2016, before the election. While the average billionaire saw a 16% increase in their wealth since last March, according to Forbes, Trump’s fortune has fallen about 22% during that same period.
This is how Forbes says Trump’s remaining net worth of $3.5 billion is divided:
- New York City real estate: $1.7 billion
- Non-New York City real estate: $630 million
- Golf courses and clubs: $620 million
- His brand business: $230 million
- Cash and personal assets: $270 million
“The hotels are doing great, the golf clubs are doing amazing,” his son, Eric Trump, told Forbes. “We also made great sacrifices.” Trump the elder has yet to comment.
The list, which is once again topped by Microsoft founder Bill Gates, is now at a record 2,043, the highest number of billionaires since the magazine began compiling the list 31 years ago. Warren Buffett was second, and Jeff Bezos was third—the Amazon founder had the biggest gain of anyone on the list, adding almost $28 billion to his worth in a single year to take his fortune to just shy of $73 billion.
China accounted for the highest number of new entrants to the list, with 76 newly-minted Chinese billionaires making it to the prestigious list for the first time.