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POTUS Plummets On Forbes List Of Wealthiest Americans

President Donald Trump is really rich. Exactly how rich he is has been debated about ad nauseum, but we’ll defer to his required financial disclosure forms. The forms are readily accessible for inquiring minds to digest as they see fit, and those inquiring minds will reach the same conclusions if they take the time to do just that. Regardless, the debate still goes on and on. There’s some new fuel to add to that fire, as Forbes has just released its latest list of the richest folks in America.

As Aol shares, the commander-in-chief has dropped substantially on the list - to the tune of 92 spots. For the year 2016, Forbes estimates that his net worth fell by $600 million to check in at $3.1 billion. Forbes was also sure to point out that the president was "the most notable loser" on its list of the 400 wealthiest Americans. So how did he lose so much money in a single year?     

“Forbes attributes the drop to a decline in the value of his Manhattan real estate, his $25 million settlement to resolve a class action lawsuit filed against Trump University, and the $66 million he spent on his presidential campaign,” Aol shares. “Trump's New York City real estate is worth $1.6 billion, his real estate elsewhere amounts to $500 million, his golf courses and clubs are worth $570 million, his brand businesses are worth $200 million, and his cash and personal assets are estimated at $290 million, according to Forbes. Trump is now ranked number 248 on Forbes's list.”

All due respect to Forbes, but those that are familiar with the world of real estate know that the true value of an asset is what someone else is willing to pay for it. We can safely assume that these are outstanding estimates that represent the current market value of the assets, but an actual liquidation of assets may very well produce vastly different results. That’s not to pick nits, but it is to point out that we can’t take this estimation of Trump’s net worth as gospel. For that, we’ll once again defer to required financial disclosure forms that are readily accessible.

In fairness to Forbes, other outlets are also pointing out that Trump’s net worth is declining.

“Bloomberg was less generous in its estimation, putting the president's wealth at $2.86 billion this year,” Aol adds. “In February 2017, Forbes pegged Trump's net worth at around $3.5 billion, down $1 billion from the previous year. The magazine has listed Trump among the 400 richest Americans since it began publishing its ranking in 1982.”

So what gives? Is Trump losing money hand over fist? Not exactly, but some folks will choose to interpret the information presented in that way. From a bottom line perspective, Trump is really rich. He will remain that way for the foreseeable future, and there’s a really good chance that his worth will increase even more substantially once his time in office comes to a close.

Source: AOL
Photo: YouTube

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