He lost hundreds of millions last year.
Donald Trump loves to talk about his money. “Part of the beauty of me is that I am very rich,” he once told ABC News. When he announced he was running for president in 2015, he claimed to be worth $8.7 billion and then later upped that amount in a statement filed with his financial disclosure to the Federal Elections Committee:
“Mr. Trump’s net worth has increased since the more than one year old financial statement produced at his presidential announcement. Real estate values in New York City, San Francisco, Miami and many other places where he owns property have gone up considerably during this period of time. His debt is a very small percentage of value, and at very low interest rates. As of this date, Mr. Trump’s net worth is in excess of TEN BILLION DOLLARS.”
Photo by Gage Skidmore/Flickr.
As hard as it is to believe, Trump may not have been completely honest about his net worth. In fact, according to Forbes, Trump wasn’t even close. According to the financial magazine, in 2015, Trump was worth around $4.5 billion. Now, according to the financial magazine, Trump’s net worth has taken a huge hit after a rough 2016. As a result, he has plunged down its list of the 400 richest Americans from #156 to #248.
According to Forbes, Trump was worth 3.7 billion in 2016 and has lost around $600 million since. The magazine attributes his losses to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.” Trump had to pay out $25 million in a fraud settlement over his predatory educational program, Trump University, last year. He has also seen huge declines in attendance at his golf resorts which could be due, in part, to the countless divisive positions he’s supported as a politician.