Business

REPORT: Trump’s Net Worth Drops By $700 Million Since 2016

(Photo by KENA BETANCUR/AFP via Getty Images)

Dylan Housman General Assignment & Analysis Reporter
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Former President Donald Trump’s net worth reportedly fell from around $3 billion to roughly $2.3 billion over the course of his presidency.

The ongoing COVID-19 pandemic and harm done to his brand during his presidency are driving the decline, according to Bloomberg’s Billionaires Index. The former president often said he was sacrificing substantial economic opportunity to serve in the White House, and the numbers indicate there’s some truth to that claim.

The figures were calculated by examining Trump’s financial disclosures, loan documents, and valuations from the Bloomberg Billionaires Index. Trump’s biggest losses were reportedly concentrated in licensing deals and non-commercial real estate properties.

Trump’s commercial real estate holdings are worth about $1.7 billion, according to Bloomberg. That’s 26% less than in 2016. Remote work during the pandemic has harmed the value of two skyscraper office buildings Trump has a stake in, and his Art Deco tower in Lower Manhattan has reportedly had its value cut in half from $550 million at the start of his term.

Income from Trump’s resorts and hotels is reportedly down about 42%, and the dozen or so properties he is involved with have about $330 million in debt, according to Bloomberg. The Trump International Hotel in Washington and Trump National Doral Miami have been hit particularly hard by the pandemic and fallout from the Capitol riot, but revenues at Mar-a-Lago are slightly up. (RELATED: Disgruntled Man Throws Smoke Bomb Into Trump’s Mar-A-Lago Resort Over Delayed Stimulus Checks)

The strongest slice of Trump’s portfolio has been his golf courses. The nineteen courses are down about 19% in value, but Trump’s debt in that sector is low and the number of rounds of golf played last year was among the highest ever due to the pandemic. There are some downsides, though, such as the PGA pulling a tournament from one of Trump’s courses next year due to the Capitol riot.

The value of Trump’s non-commercial real estate holdings is down 85%, according to Bloomberg. His debt in that area is almost triple his income, but the Trump Winery in Charlottesville, Virginia has reportedly been a bright spot.

Trump is known for real estate, but he also owns more than $30 million worth of aircraft. The value of those assets is down nearly 60% since 2016, and his Boeing 757 reportedly hasn’t flown since July 2019.

Trump may be able to revive some income that was lost during his presidency though. He saw a nearly 100% decline in revenue from book and entertainment sales, both of which he could now re-engage with after leaving the Oval Office.