How rich is former President Donald Trump?
Former President Donald Trump doesn’t hesitate to talk about his business acumen or his vast wealth, but how rich is he now?
Since the start of the pandemic, he has lost $ 600 million, according to Forbes. Those losses left him $ 400 million less to make the Forbes 400 list of America’s richest people for the first time in 25 years. Trump’s current net worth assessment according to the post stands at $ 2.5 billion.
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The Bloomberg Billionaires Index, which estimated Trump’s net worth at around $ 2.33 billion in March, shows that his net worth has fallen by about $ 700 million in his last year as president.
In his first year in office, Trump’s wealth plummeted to $ 3.1 billion and then fell to $ 2.5 billion in 2020. He lost an additional $ 700 million as a result of the riots in Capitol Hill and his dismissals, after several organizations ceased doing business with Trump or one of his Properties.
The decline in Trump’s overall net worth in 2020 was largely due to the coronavirus and the impact it has had on the industries in which he holds his biggest assets. The values of office buildings and hotels have fallen. Its properties in Washington, DC and Chicago appear to be underwater, while Doral, its golf resort in Miami, has lost 80% of its value in a year, Forbes reported.
In addition, the Capitol Hill riots caused Trump’s golf course to lose the right to host the PGA Championship Tour in 2022, which will undoubtedly result in lost marketing opportunities and reduced profits for the course. . In the days following the riots, Shopify shut down Trump’s online stores.
What’s more, at least $ 590 million in loans will mature over the next four years, Bloomberg reports, which could have a further impact on the billionaire’s bottom line. Still, Trump retains valuable assets, including garages in New York City, the Mar-a-Lago Club in Florida, and three homes nearby.
However, as the economy faces a recovery with widespread distribution of Covid-19 vaccines and travel accelerates, Trump’s resort properties may begin to recover. But a Forbes article points out that if Trump had handled the stock market well, sold his portfolio when he took office, paid capital gains tax, and invested in S&P 500 mutual funds, he might do- be better now.
In 2020, despite his financial losses, Trump reached number 1001 on Forbes’ billionaire list. April 2021 saw it drop to 1,299 on the list as other billionaires took advantage of bull market gains.
Businessman and former reality TV star, Trump’s path to wealth was very different from your typical politician. Read on to get a better understanding of how Trump built his fortune.
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Donald Trump net worth
When he was sworn in, Donald Trump was the oldest person to take the oath – he was 70 years and 220 days old on January 20, 2017. (This title now belongs to President Joe Biden, who was 78 when he was sworn in ). Trump defeated a number of candidates to become the Republican candidate for the 2016 presidential election. He then defeated Democratic candidate Hillary Clinton. His term ended on January 20, when Biden began his term as 46th president.
Trump was born into a well-to-do family and inherited around $ 40 million from his late father, real estate developer Fred Trump. In 1971, Donald Trump became head of what would later become The Trump Organization.
Trump’s earnings and title since have helped him grow more than 500 companies. The business mogul has his share in luxury golf courses, skyscrapers, TV shows, casinos, books, merchandise and more. These efforts helped him reach the $ 2.4 billion he is worth today.
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Donald Trump’s businesses
The only thing that surpasses Trump’s personality is his business acumen. He landed a deal with Hyatt, New York City, and the unprofitable Commodore Hotel next to Grand Central Station, earning the right to renovate and rename the ailing hotel to Grand Hyatt. In 1980, this hotel became an instant hit, making Trump one of the region’s best-known real estate developers.
In 1984, Trump completed construction of the 68-story Trump Tower, which still serves as the headquarters of The Trump Organization today. The building includes a 60-foot waterfall and on opening day had five levels of retail stores and restaurants.
Trump has owned a number of successful businesses and properties, including Trump Place, a luxury residential community spanning 92 acres. The Trump International Hotel & Tower Chicago has a hotel, condos, and many restaurants and shops. The success of Wollman Rink, a Central Park staple, is arguably attributed to Trump.
However, after the storming of the United States Capitol, New York City announced that it was severing commercial ties with Trump. On January 13, Mayor Bill de Blasio announced that the city would end three contracts with The Trump Organization that would cease operations of a carousel in Central Park in Manhattan, skating rinks and a golf course in the Bronx, Reuters reported.
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Donald Trump’s bankrupt businesses
Donald Trump has big business wins to his name, but he also has big losses.
In 1988, Trump spent $ 365 million on a fleet of Boeing 727s, as well as landing facilities in Boston, New York, and Washington, DC. He also bought the rights to paint his name on an airplane. However, his attempt to create a luxury flying experience under the Trump Shuttle name failed and the company was taken out of service.
In 1990, the banks that backed Trump’s investments provided him with a $ 65 million bailout in new loans and credits. Trump’s famous Taj Mahal Casino in Atlantic City, New Jersey went bankrupt in 1991, and Trump Hotels & Casino Resorts went bankrupt in 2004. In 2009, the same company – now called Trump Entertainment Resorts – again filed for bankruptcy.
Trump University is one of Trump’s most publicized business failures. The unaccredited online college was launched in 2005 and closed in 2010. Three lawsuits at Trump University marred its first presidential campaign, alleging Trump University was a scam that cost students tens of thousands of dollars. dollars. Trump settled the lawsuits for $ 25 million, although he did not admit any wrongdoing.
Donald Trump’s wife and family
Donald Trump has been married three times. He was with his first wife, Ivana, from 1977 to 1992. The couple had three children together: Donald Jr., Ivanka and Eric. The three oldest of the Trump children – along with Ivanka’s husband, real estate investor and developer Jared Kushner – were heavily involved in their father’s presidency.
Trump married Marla Maples in December 1993, two months after Maples gave birth to their daughter, Tiffany. The couple divorced in 1999.
Trump has been married to his current wife and former first lady, Melania Trump, who has an estimated net worth of $ 50 million, since 2005. Melania is the mother of Trump’s youngest son, Barron.
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Donald Trump’s way of life
Donald Trump sometimes lives in a three-story penthouse in Trump Tower with his wife Melania and son Barron. The luxuries enjoyed by the family at the Trump Tower include an indoor fountain and a door encrusted with diamonds and gold, Business Insider reported.
Among Trump’s other notable properties is Mar-a-Lago, where he spent 25 of his first 100 days in office. He returned to the field after his term as president ended, CNN reported. The luxury club is worth $ 180 million, according to Forbes, and sits on 17 acres of precious South Florida land. Trump bought the estate – which has 58 bedrooms, 33 bathrooms, 12 fireplaces, and three air raid shelters – for a bargain price of $ 10 million in 1985.
Before gaining access to Air Force One, Trump shuttled between campaign stops in his $ 100 million Boeing 757 adorned with gold seat belts. Its luxury vehicle fleet includes a Rolls Royce, an electric blue 1997 Lamborghini Diablo and a Mercedes-Benz SLR McLaren.
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Andrew Lisa contributed to the writing of this article.
Last updated: July 19, 2021
This article originally appeared on GOBankingRates.com: How Wealthy Former President Donald Trump?