An assessment by Forbes magazine of the 400 richest Americans shows that Donald Trump’s net worth has dipped by more than $600 million from where it stood a year ago. While this is no doubt surprising to many, the reason behind the degradation may be even more unanticipated. Trump’s real estate endeavors, chiefly the ones within New York City, have taken massive losses over the year, especially as the retail sector struggles in competition with Amazon’s gains.
Forbes’ research places the 45th president’s current worth at $3.1 billion, taking him down from the 156th American to 248th place. They note that several Manhattan properties own by Trump, especially those connected to Fifth Avenue, have depreciated in value.
In a recent CNN appearance, Kerry Dolan, assistant managing editor for the financial periodical, called out Amazon for Trump’s losses. Dolan commented upon Trump’s decisions to leasing out the Niketown store and Trump Tower in a market where retailers and real estate are suffering in the face of Amazon’s successful e-commerce business strategy.
Because he does not disclose his tax information or give comprehensive financial releases, gauging Trump’s net worth is hard to gauge. Forbes’ assessment of losses in the retail sector are one of the few concrete ways they were able to gauge the man’s monetary value. Dolan remarked that the magazine’s research included interviews with hundreds of real estate brokers familiar with properties in New York City and Manhattan.
Beyond retail and New York, another property burning through Trump’s wallet would be his Trump International Hotel. In discussions with Trump’s finance team, Forbes learned that Trump has recently taken a $170 million construction loan in order to see to its completion. Even if the hotel is doing good, its approximate value is still on the decline.
Amazon’s presence can also be seen and felt in Forbes; Jeff Bezos, CEO of the company, came in second place in the Forbes 400. Bezos made the list last year at the same spot thanks to his net worth of $81.5 billion, Bezos’ second place spot in 2016’s list placed his net worth at $67 billion. This year marks the 36th release of the annual “Forbes 400” or “400 Richest Americans” list. The very first Forbes 400 list, released in 1982, only contained the names of 13 billionaires. Despite several ties, every name on the 2017 list is worth at least $2 billion.