The media has been reporting the President Trump’s approval ratings are dropping. And, according to Forbes, so are his billions.
Monday, Forbes released its latest list of the world’s billionaires. It shows that since last year, Donald Trump the businessman, has plummeted over 200 spots on the list.
As of today, Trump’s real time estimated worth is now worth just $3.5 million. That’s a 50% drop of from $7 million just last year.
Many believe his financial fall began during his presidential campaign. Experts suggest that all the unprecedented attention that came with it, brought the same to his global brands.
Although his financial ratings are dropping, Trump is still the richest American President is history. Now, The Don is number 544 on Forbes’ billionaire list. Last year, he was number 336.
That’s a drop from his ranking at 336 in the 2016 billionaires list, which put his wealth at $4.5 billion. This is also the lowest billionaires list estimate of Trump’s wealth since 2013, when Forbes said he was worth $3.2 billion.
All of those numbers remain far from Trump’s own boasts about his fortune, which he has placed as high as $10 billion. The mogul has refused to release his tax returns, which would reveal, among many other things, the most accurate overview yet of his true worth.
Forbes listed television and real estate as the sources of Trump’s riches, and said sliding fortunes in the Manhattan market took the biggest toll on the President’s pockets.
“Although Donald Trump’s name is plastered on buildings all around the world, his core assets are still located in a small part of New York City,” Forbes associate editor Dan Alexander said.
“Profits are down at Trump Tower, and the overall neighborhood surrounding has been struggling over the last year.”
These losses “impacted his net worth more than anything else over the last year,” Alexander said.
Trump also self-funded part of his campaign, spending $66.1 million of his own cash on it, filings show. Meanwhile, he ended up collecting nearly $270 million in contributions, despite his initial vow to swear off donors.
Trump remains in control of his sprawling business empire and claims he is letting his adult sons run it without his guidance. Government watchdogs have pointed out numerous instances of Trump leaving himself open to potentially impeachable conflicts of interest.
Trump and the White House did not immediately comment on the list.
The top 10 of the ranking of 2,043 billionaires showed little change from 2016. Microsoft co-founder Bill Gates remained in the top spot for the fourth consecutive year, with his fortune jumping to $86 billion, from $75 billion last year.
Berkshire Hathaway CEO Warren Buffett, worth $75.6 billion, and Amazon CEO Jeff Bezos, worth $72.8 billion, respectively came in second and third.
Rounding out the top 10 were Facebook CEO Mark Zuckerberg ($56 billion), Mexican magnate Carlos Slim Helu ($54.5 billion), Oracle co-founder Larry Ellison ($52.2 billion), brothers Charles and David Koch ($48.3 billion each) and former New York City Mayor Michael Bloomberg ($47.5 billion).
An Oxfam study released last year revealed that the eight men who topped the Forbes list have as much money as the poorest half of the world’s population.
Businessman and philanthropist David Rockefeller, who died Monday, ranked 581 on the list, with a net worth of $3.3 billion.