The president’s net worth has declined $300 million in the past year to $2.7 billion, erasing 10% of his fortune since he took office, according to the Bloomberg Billionaires Index.
Donald Trump isn’t. The president’s net worth has declined $300 million in the past year to $2.7 billion, erasing 10% of his fortune since he took office, according to the Bloomberg Billionaires Index.
The drop marked the sharpest decline since Bloomberg began tracking his fortune in 2015. It started with a decrease in income across the Trump Organization’s portfolio of office buildings and was compounded by the coronavirus pandemic’s impact on property markets.
Some corners of the economy are holding up, thanks to massive stimulus efforts by the government and the Federal Reserve, and a rapid acceleration of e-commerce. Still, the toll on real estate, travel and leisure continues.
Trump’s Manhattan properties are his workhorses, throwing off steady cash flow that the company has used to push further into the less reliable golf business. Around the corner from Trump Tower is a cavernous storefront that formerly housed Niketown, a unique perch along one of the world’s most valuable shopping corridors. But Nike moved out in 2018. Nike’s new landlords agreed to make payments on the lease, which is up for renewal in 2022. But the lack of an occupant raises questions about the space’s future, especially with the pandemic crushing many retailers. Average rents for New York retail already have fallen to their lowest level since 2011.
To calculate the president’s net worth, Bloomberg draws from dozens of sources, including lender, property and company records, prevailing valuation metrics, comparable property data, his government financial disclosures, analyst reports and interviews.
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