“I said to one of my friends, a very wealthy friend, I said, ‘You know, I’ll bet you it cost me $2 or 3 billion and it’s worth every penny of it,'” Trump told Fox News in 2018
. “I don’t need the money and it’s worth every penny because I’m doing so much for the country.”
Trump is now price $2.4 billion, in accordance with Forbes. That internet price places him at No. 1,299 on Forbes’ 2021 billionaire record — down from 1,001 in 2020.
According to Forbes’ Dan Alexander, Trump bears a first rate chunk of the blame for the decline in his fortune. As Alexander writes
“Every investor at some point has kicked himself for holding an asset too long. Perhaps none, however, has made such a monumental miscalculation. By refusing to divest his portfolio upon taking office, Trump bogged down his presidency with ethics issues for years, while also missing a chance to cash in on a market boom he helped propel.
“If he had offered every part on Day 1, paid the utmost capital-gains taxes on the gross sales, then put the proceeds into a conflict-free fund monitoring the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he’s right now.”
Rather than divest of his assets when he was elected president, Trump instead put things in a trust managed by his two eldest sons, Donald Trump Jr. and Eric Trump. His eldest daughter, Ivanka, on the other hand, divested of all of her main property
— together with all frequent inventory — when she joined the White House. According to CREW
, a authorities watchdog, Ivanka and her husband Jared Kushner “reported between $172 million and $640 million in exterior revenue whereas working within the White House.”
Trump’s net worth isn’t a theoretical conversation about how many billions he is worth. We know from detailed New York Times reporting
about Trump’s tax returns that the former President is personally on the hook for more than $400 million in loans that come due over the next few years and that his revenue streams — most notably from his successful reality shows and his branding efforts — are dwindling. (Alexander has previously written that Trump is carrying greater than $1 billion in debt
.) That, plus the truth that Trump’s businesses generated 40% less revenue in 2020 as they did in 2019
recommend that the previous President’s present monetary scenario is less than preferrred.
Now, that does not imply Trump goes broke anytime quickly. He nonetheless has appreciable property and will dump a bunch of properties he presently owns if he wanted to pay the payments. (Selling Trump properties, after all, could be mortifying and embarrassing for the ex-president.) It’s additionally doable that the monetary establishments that maintain Trump’s loans might be prepared to both roll them over for a few extra years or renegotiate the phrases.
In brief: Trump is not on the verge of economic break. But he is in a decidedly sticky and precarious monetary second, with declining revenues, few various income sources out there at current and big-time money owed coming due.