Trump tumbles 92 places on ‘Forbes’ list
President falls to No. 248 as fortune shrinks to $3.1B
President Trump won the White House but lost in the annual Forbes magazine rankings of the wealthiest Americans.
The fortune of the nation’s commander-in-chief shrank by $600 million, to $3.1 billion, dropping him from 156th place to 248th place in the 2017 Forbes 400 ranking, the magazine reported Tuesday. The decline means Trump is now tied with Snapchat creator Evan Spiegel in the 2017 ranking.
A Trump Organization representative did not respond to an email seeking comment. Trump, who has challenged
Forbes’ wealth estimates and rankings in the past, did not immediately tweet any response Tuesday morning.
“We’ll see if he tweets today,” Luisa Kroll, Forbes magazine’s senior wealth editor, told CNBC’s Squawk Box on Tuesday. “I know he cares a lot.” Nonetheless, Trump gave
Forbes a White House interview on Oct. 6 in which the magazine reported he discussed his relationship with Secretary of State Rex Tillerson, a new economic development plan and plans not to fill vacancies within the White House administration.
A tough New York real estate market, a $25 million lawsuit settlement and a costly presidential campaign all contributed to the decline, Forbes reported.
Values of several New York City properties, including those on or near Manhattan’s Fifth Avenue — where Trump Tower is located — have fallen since the last ranking, Forbes reported. The reductions sliced an estimated $400 million from Trump’s fortune, the magazine estimated.
Lower values at some of Trump’s golf properties also took a financial toll, as some potential guests stayed away, Forbes said.
Trump also spent $66 million on his 2016 presidential campaign win over Hillary Clinton.
Forbes reported. Additionally, he reached a $25 million settlement of a lawsuit over his now-defunct Trump University — where some former students charged they were falsely promised classes that would teach them the secrets of his real estate success.
However, the new Forbes rankings also delivered some good news for Trump. The estimated value of the Las Vegas hotel-condo tower he owns with Forbes 400 member Phil Ruffin rose in value, the magazine reported. Similarly, the value of Trump’s minority stake in a downtown San Francisco office building rose with the city’s hot real estate market, Forbes estimated.
One fellow billionaire Trump tapped for his presidential cabinet, Commerce Secretary Wilbur Ross, failed to reach the $2 billion fortune required for inclusion in the new rankings after he filed public disclosure forms that showed a net worth of less than $1 billion, Forbes reported.
Ross told the magazine he had shifted billions to trusts for his relatives, Forbes reported.