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.
— Bloomberg Politics (@bpolitics) May 31, 2018
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.
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