Former US President Donald Trump who is also a real estate mogul dropped off from the Forbes 400 list of America’s richest people for the first time in 25 years. From 1997 to 2016, Donald Trump maintained a spot in the top half of Forbes 400.
As per the Forbes report, Trump has the net worth unchanged as he had a year ago, but he has been knocked out of the most expensive club with a downfall of USD 600 million since the start of the COVID-19 pandemic, standing at No. 339 on the ranking. It is obvious that Technology stocks, cryptocurrencies and other assets have thrived in the Covid era.
Trump’s wealth is worth USD 2.5 billion and this leaves him USD 400 million short of the cutoff to make this year’s Forbes list. “Fresh off the 2016 election, federal ethics officials were pushing Trump to divest his real estate assets. That would have allowed him to reinvest the proceeds into broad-based index funds and assume office free of conflicts of interest,” Forbes report said.
However, the former US president had decided to hang onto his assets. “At the time, they were worth an estimated $3.5 billion, after subtracting debt.” Forbes magazine further wrote that Trump is to blame for this drop in standings.”If Trump is looking for someone to blame, he can start with himself.”