Former US President Donald Trump is no longer among the 400 wealthiest Americans. The list, which is compiled by Forbes, ranks the personal fortunes of America’s richest and for the first time in 25 years, Donald Trump is not going to make it.
According to Forbes, Trump’s network is estimated at 2.5$ billion and while this is still a huge sum, it falls short of the 400-list by about $400 million. Forbes also notes that Trump has lost well over $600 million in the past 12 months. The former president is heavily invested in commercial real estate. This was one of the hardest-hit industries by the COVID-19 pandemic.
However, it’s not the first time Trump's fortune has declined. In fact, since he became president in 2016, Trump has seen his fortune drop year after year. Before he decided to run for the White House, Trump was ranked in the upper half of the 400 wealthiest Americans list. Fast forward five years later and the former President is out of the running completely.
Forbes also noted that this year, Americans who could make it to its list needed to have a net worth of at least $2.9 billion. Previously, the publication required potential candidates for the list to have a net worth of around $2.1 billion. It is a jump of about $700 million and since Trump has been losing money other than making it, it was highly unlikely that he was going to feature.
This is not to say that Donald Trump won’t make a comeback. Even though the former president is teasing a potential 2024 presidential run under the GOP ticket, he has had time to refocus his energy from Washington towards his business.
But even then, Trump has remained quite engaged in local politics and has been seen on the campaign trail drumming up support for GOP candidates in key states. Nonetheless, Trump was not the only billionaire to be dropped from the 400 wealthiest Americans list.
At least 51 people who made the list last year did not fare as well this time. But for others it has been a good 12 months. 31 people who made the list last time have in fact become richer than they were, something that perhaps underscores how the pandemic has affected people differently.
Investors in the technology and crypto space appear to be leading the way as far as wealth goes. These industries witnessed a boom during the pandemic so it makes sense that businesspersons associated with them saw a bump in their net worth.
But those in traditional sectors like retail and real estate, including Trump, were not so lucky. 44 new names made the list this year, including 29-year-old crypto billionaire Sam Bankman-Fried. Coinbase CEO Brian Armstrong also made the list.
As for Trump, the decline seems to be steady. Early this year, Forbes also announced that the former president had dropped 298 spots in its billionaire's list. Despite this, Trump still enjoys a huge personal fortune.