Ranking the rich in America
BILL GATES $89B JEFF BEZOS $81.5B WARREN BUFFET $78B
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.
“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.
Given Trump’s new power and status, how could such a drop in wealth possibly befall the former real estate magnate and reality TV star who has famously boasted about his wealth and winning?
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.
In all, the fortunes of 51 members from last year’s Forbes ranking dropped in value, and 289 became even richer.
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.
Microsoft co-founder Bill Gates led the new Forbes 400 ranking for the 24th year in a row with an estimated net worth of
$89 billion. Amazon CEO Jeff Be- zos‘ estimated $81.5 billion fortune kept him right behind Gates for the second consecutive year. And famed financial investor and businessman Warren Buffett ranked third with an estimated
$78 billion fortune. Facebook co-founder and CEO Mark Zuckerberg remained in fourth place with an estimated $71 billion fortune.