Connect with us

Business

Trump’s Net Worth on the Decline, Drops to $2.8 Billion

President Trump’s net worth is the lowest since his campaign.

Brandon Walker

Published

on

President Trump’s net worth dipped to $2.8 billion, a $100 million decrease over the past year. The Trump Fifth Avenue tower and golf courses fell, Bloomberg reports.

This represents the second drop in just two years, based on figures produced by the Bloomberg Billionaires Index. Bloomberg estimated that Trump’s net worth was the lowest since the company began tracking his wealth in 2015. Since last June, Trump’s net worth was down from $2.9 billion.

“It occurred as Trump began his second year in the White House and his name was stripped from buildings in Toronto, Manhattan and Panama,” Bloomberg said. “…The biggest declines, totaling $220 million, came from adjacent buildings in midtown Manhattan: 6 E. 57th St., which previously housed a Niketown store, and Trump Tower, where lower occupancy resulted in less income.”

Bloomberg also reports that 16 golf and resort properties under the Trump Organization decreased in value by $70 million. Now, the golf clubs are worth roughly $650 million.

Trump’s drop in net worth affected his overall standing in the list of the richest in the world.

“Trump’s fortune doesn’t qualify him for Bloomberg’s list of the world’s 500 richest people, which bottoms out at $4 billion,” Bloomberg said. “The collective wealth of that group increased 9.4 percent in the past year.”

Amanda Miller, a Spokeswoman for the Trump Organization, found fault with Bloomberg’s data estimating some of Trump’s properties. Miller stated that Bloomberg’s method lowers the value of Trump’s New York assets. She also claimed the properties were in desirable neighborhoods, contending that “The location of a property affects the rents it can achieve.”

Bloomberg said Trump’s estimates could be higher if he has assets unknown to the public, or lower if he has any unrevealed debts or unprofitable companies.

Are you looking for digital journalism training and experience? Are you a journalism major who wants to take your career to the next level? CMN’s Digital Journalism course gives you real-time experience, intense feedback on your writing, exposure to journalism influencers and mentors, and a great place to display your work. You can get academic credit too. Check out the Digital Journalism Course here.

Brandon Walker is a junior finance major at Temple University. He is a committed writer and jazz pianist. Brandon has written for The Temple News and is interested in a career in business and communications. He can be reached at brandon.walker@temple.edu.

Sign up for the Morning Scoop

and wake up with us each day.

CMN Reports

Government1 week ago

Speaker Pelosi Endorsed Lowering the Voting Age to 16 years Old

The kids maybe alright to vote.

by , The Catholic American University
National News1 week ago

Here’s What We Know So Far About Operation Varsity Blues

A summary and the latest updates about the largest college admissions scandal to hit the country.

by , George Washington University
Government1 week ago

The Department of Health and Human Services Received Complaints of Alleged Sexual Abuse Against Foreign National Minors

Migrant children may be at risk on the ground and overseas.

by , The Catholic American University
Government1 week ago

California Governor Gavin Newsom Suspends Death Penalty Statewide

The Golden State is on the verge of ending the death penalty.

by , The Catholic American University
Government1 week ago

Top Congressional Republicans Decry Progressive Policies as Socialist

A Third Red Scare in Washington?

by , The Catholic American University
Government2 weeks ago

North Dakota State University Football Player Wears Socialist Pin at the Trump White House

The Reds infiltrate the White House.

by , The Catholic American University
National News2 weeks ago

Ethiopian Airlines Jet Crashes, No Survivors on Boeing 737

This is the second flight, in five months involving a Boeing 737.

by , CMN Senior Correspondent
Government2 weeks ago

Progressives, Socialists, Make Gains in Local Elections in NYC and Chicago

The left is on the rise in big cities.

by , The Catholic American University

Top Reads