Small fortune: Trump plummets 92 places in Forbes' American rich list

Share

The 400 richest Americans' total net worth increased to $2.7 trillion in 2017, up from $2.4 trillion in 2016; while their average net worth rose to $6.7 billion, up from $6 billion, Forbes said.

Still, Trump's wealth estimation on Forbes' list was higher than for Bloomberg's worldwide billionaires list, which estimated his worth at $2.86 billion.

Forbes said it calculated Trump's net worth "after months of digging through financial disclosures and public property records and conducting dozens of interviews".

The Forbes 400 list features the wealthiest billionaires in the U.S., but not every American with three commas in their net worth made the cut. Specifically, Trump has dropped 92 spots in Forbes' 36th annual "400" list.

Forbes also said some of Mr. Trump's golf properties declined in value and that he spent $66 million on the presidential campaign as well as $25 million to settle a fraud lawsuit brought by former students in his defunct Trump University program for real estate investors. That's enough to rank the Chevy Chase, Maryland resident at No. 122 on Forbes list.

This is even as Forbes magazine's in its latest estimate cuts Trump's net worth by $600m in the NY property market. "It's why Trump, more than any of the 1,600 or so people who've been on The Forbes 400, has spent more time lobbying and cajoling Forbes to get a higher valuation-and validation", the October 10 article, written by Forbes staffer Randall Lane, reads. According to the publication, the bulk of Trump's fortune is "tied up in a half-dozen buildings in and around midtown Manhattan in New York City, where luxury real estate values have fallen recently". Amazon's Jeff Bezos came in number two with a net worth of $81.5 billion. All net worth estimates are current as of October 17, 2017. The other billionaires that constitute the top five in this list include Berkshire Hathaway's Warren Buffett ($78 billion), Facebook founder Mark Zuckerberg ($71 billion) and Oracle's Larry Ellison ($59 billion).

Share