President Donald Trump’s polarizing personality may actually be costing him a whole lot of money, according to the latest Forbes list of the world’s billionaires.
According to the magazine’s wealth estimate, based on the values of his various property holdings, among other indicators, Trump has lost around $400 million throughout the past year, putting his fortune at a paltry $3.1 billion.
The wealth shrinkage dropped Trump from 544th richest person in the world to 766th, having fallen down the list for the second year running. He is still, however, the wealthiest president in United States history.
Forbes blames the loss on an underperformance of his various real estate holdings, particularly in New York City. The publication cites several reasons for this, from his polarizing personality to the rise of Internet commerce, making pricey NYC commercial real estate less desirable than ever before. For instance, Nike recently announced they are leaving the president’s property at 6 East 57th Street, leaving a gaping 65,000 square foot hole in the building.
“I don’t know of any tenants that need that much space other than department stores,” said Manhattan real estate broker Eric Anton. “And I don’t think there are any expanding department stores.”
Additionally, Trump’s golf courses are down an average of 5 percent and properties in Toronto and Panama have decided to remove his branding.
Amazon CEO Jeff Bezos is currently the wealthiest person in the world, with his fortune estimated to clock in at an astounding $112 billion.
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