Forbes says President Donald Trump’s fortune has plummeted an estimated $400 million to $3.1 billion in the year since he’s taken office.
Then latest Forbes World’s Billionaires list released Tuesday says the drop is the result of New York City’s struggling retail real estate business as well as Trump’s "polarizing personality."
"The rise of e-commerce has pushed down the value of properties like Trump Tower, which sits in the heart of shopping mecca Fifth Avenue in New York City," writes Forbes reporter Dan Alexander, who estimates the value of Trump’s gold skyscraper has declined $41 million in the last year.
The value of Trump’s hotel licensing and management company dropped an estimated $50 million in the last year, according to Forbes.
"The power of the Trump brand seems to be fading in markets like Toronto and New York, where investors have removed the president’s name from hotels. On Monday, workers reportedly pried Trump's name off of a third tower, in Panama," Alexander writes.
Still, there are "bright spots" in the president’s portfolio: Office space Lower Manhattan is performing better than midtown retail, which has boosted his property at 40 Wall Street by an estimated $32 million, the respected financial mag reports.
Forbes adds while Trump’s $3.1 billion fortune is "a far cry" from the $10 billion-plus he once claimed, it still makes him the richest president in U.S. history.
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