Former President is no longer on the Forbes list of America’s richest people.
According to Forbes 400, Trump’s fortune dropped to $2.5 billion, which is $400 million short of the cutoff needed to make the list.
“The real estate mogul is just as wealthy as he was a year ago, when he stood at No. 339 on the ranking, but he is down $600 million since the start of the pandemic. Technology stocks, cryptocurrencies and other assets have thrived in the COVID era. But big-city properties—which make up the bulk of Trump’s fortune—have languished, knocking the former president out of the nation’s most-exclusive club,” Forbes reported.
Forbes notes that Trump can only blame himself for falling off the list.
“Five years ago, he had a golden opportunity to diversify his fortune. Fresh off the 2016 election, federal ethics officials were pushing Trump to divest his real estate assets. That would have allowed him to reinvest the proceeds into broad-based index funds and assume office free of conflicts of interest,” the outlet opined.
Trump could have been worth around $7 billion by September 2021 had he not made terrible financial decisions, namely the decision to hang on to his assets rather than place them in an index-tracking fund, which could have earned $4.5 billion by 2021.
The Covid-19 pandemic also hurt Trump financially because much of his wealth comes from his big-city properties and his fortune declined when businesses and tourism took a hit.
Alan is a writer, editor, and news junkie based in New York.