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Donald Trump is very proud of his wealth.
“I am extremely rich,” he said during his presidential campaign announcement speech in 2015.
This remains true! However, according to the ranking recently announced by Forbes magazine, Trump is no longer among the 400 richest people in the United States. Trump did not do the Forbes 400 for the first time in more than two decades.
Trump, who has a net worth of $ 2.5 billion, only missed $ 400 million to make the list. According to Forbes, his net worth is the same as last year, but it is a dramatic drop from where he was when he started his administration. According to Forbes, Trump was worth $ 3.7 billion in 2016. That figure fell to $ 3.1 billion in 2017 and stayed there in 2018 and 2019.
Who is to blame for removing Trump from the list? According to Forbes, Trump should examine himself in the mirror. Dan Alexander of the magazine wrote:
“If Trump is looking for someone to blame, he can start with himself. Five years ago, he had a golden opportunity to diversify his fortune. As the 2016 election came out, federal ethics officials were pushing Trump to divest his real estate assets. This would have allowed him to reinvest the proceeds in broad-based index funds and perform his duties without conflicts of interest… Trump decided to keep his assets.
Falling on the Forbes list will be devastating for Trump, who views these types of scores and rankings as public validation of his many accomplishments.
This quote from Jonathan greenberg, a former Forbes reporter, shows how much Trump cares:
“In May 1984, an official from the Trump Organization called me to tell me how rich Donald J. Trump was. I was reporting for Forbes 400, the magazine’s annual ranking of America’s richest people, for the third year. In the previous edition, we valued Trump’s holdings at $ 200 million, just a fifth of what he claimed to have in our interviews. This time his assistant urged me on the phone, I needed to understand how busy Trump really is.
“The official was John Barron – a name we now know as an alter ego to Trump himself. “
In fact, Trump’s wealth – and the promise that he could make every American rich – was at the center of his 2016 pitch. In the same speech he proclaimed he was “really rich,” Trump said this while waving a document around:
“I have assets – a large accounting firm, one of the most respected – $ 9 billion 240 million. So I have total net worth, and now with the increase it will be well over $ 10 billion. But here a total net worth of – net worth, not assets, not – net worth, after all debt, after all expenses, greatest assets – Trump Tower, 1290 Avenue of the Americas, Bank of America building in San Francisco, 40 Wall Street, sometimes referred to as Trump building right across from New York – many other places in the world. The total is therefore $ 8,737,540.00. “
Trump’s net worth, as verified by Forbes, has always been significantly lower than he has stated publicly – although no one denies that he is rich.
The question of how rich Trump is is more than a theoretical question. According to the New York Times, which obtained two decades of tax records from Trump, the billionaire has big bills to pay over the next few years. (Trump broke with precedent by not releasing any of his tax returns during his presidential campaign or while in government.)
“He appears to have paid none of the principal on the Trump Tower mortgage, and the entire $ 100 million is due in 2022. What if he loses his dispute with the IRS over the 2010 repayment?” , he could owe the government more than $ 100 million. (including interest on original amount)… He appears to be responsible for loans totaling $ 421 million, most of which mature within four years.
Trump’s financial situation could be the deciding factor in his decision to run for president again in 2024. If his funds are threatened, he may not be able to stage a second attempt. Or maybe it would to stay relevant – and appealing to potential customers and businesses.
In any case, the story of Trump’s wealth – and how much he owes (and to whom) – isn’t going away anytime soon.