Even before Donald Trump became the President of the USA, he was worth billions of dollars. According to the Bloomberg Billionaires Index former president, Donald Trump has a net worth of almost $2.33 billion. In the last year of his presidency, Donald Trump claimed that his net worth dropped by almost $700 million. Almost all Americans know the fact that Donald Trump is undoubtedly the wealthiest man to have entered the Oval Office.
Donald Trumps Net Worth
Finding the exact figure of former president Donald Trump’s net worth is tricky due to his multiple . Although, a look into the facts and reports can give us a comprehensive idea about the net worth of Donald Trump. Let us take a look at what Donald Trump is worth right now in 2021, especially after his presidency is over.
According to reports, Donald Trump’s wealth was valued at $3.1 billion in his first year at the White House. Although, that value swiftly declined to $2.5 billion in the year 2020. He also reported an additional loss of $700 million in his net worth. This was after the events of the Capitol Hill riots and his impeachments. It was primarily because a lot of organizations across the USA stopped business transactions with Trump and his properties.
Donald Trump’s biggest asset is the sprawling enterprise that he owns, The Trump Organization. It is a private organization that is not required to necessarily publish any financial statements, unlike any other publicly traded company. This makes it challenging to estimate the accurate net worth of the former president of the USA. The NBC News reported that Trump had made a claim in a certain press release saying that his net worth is over $10 billion.
A Few Decline in Donald Trump’s Net Worth
That being said, multiple external sources indicate Trump’s net worth at a far lower value than what he had claimed in the mentioned press release. The most reliable and most cited valuation of the former president was brought forward by Forbes in April 2020. The Forbes report assessed Donald Trump’s net worth to be around $2.1 billion.
- This figure was a major decline from his previous estimated net worth that was $3.1 billion. What is even more mentionable is the fact that this decline was just a month later, right after the COVID-19 severely hit the hospitality and commercial real estate industries.
Donald Trump needs to submit a financial disclosure document each year as mandated by the law. Although, the numbers in this disclosure cover a wide range of areas. It therefore cannot provide an accurate insight into the net worth of Donald Trump.
- That being said, the 2020 drop in the overall net worth of Donald Trump was because of the impact of Coronavirus on the industries where he holds his biggest assets. After the COVID-19 pandemic, the value of office buildings, other commercial properties, and hotels has dropped significantly. This has led to the losses suffered by Donald Trump.
- Along with that, his golf resort in Miami has lost almost 80% of its value in just one year of time. Not just a loss of value, his golf course also lost the right to host the PGA championship tour in 2022 after the Capitol hill riots. This is not just a direct monetary loss but also led to a significant loss of marketing opportunities and reduced profits for his golf course.
Nothing impacted Donald Trump more badly than the Capitol Hill riots, because of which Shopify took a step against him and closed all of the former president’s online stores. Not just that, according to Bloomberg reports, it is also estimated that he will have an amount of $590 million in loans due in the next four years.
- But amongst all the downsides, Donald Trump still owns some valuable assets, which include garages in New York City, the Mar-a-Lago Club in Florida as well as three nearby real estate properties.
In spite of all his financial losses, Trump still managed to make it to the number 1,001 spot on the Forbes billionaires list. In April 2021, his ranking had declined to 1,299 on this list, while a lot of other billionaires moved up and enjoyed considerable profits even amidst a declining market.
That being said, the economy has slowly started to recover as the widespread distribution of COVID-19 vaccines gained momentum. With a recovering travel industry, it can be said that Donald Trump and his hospitality properties may again start to earn profits.
Although Trump has been infamous about his tax returns to the extent of being called “notorious” for his refusal to publish his tax returns publicly. Not just that, Forbes has also pointed out some potential mistakes the former president had committed with his financial decision-making.
Forbes mentioned that if Donald Trump worked the stock market properly, he could have sold his portfolio when he took his presidency, paid the capital gains tax, and if he had invested in S&P 500 mutual funds, his financial situation could have been much better than now.
A Brief History Of The Former US President Donald Trump
Donald Trump was born into a wealthy family amidst ample riches. He inherited an amount of over $40 million from his late father, Fred Trump. His father was a renowned real estate developer.
Donald Trump became head of the organization in 1971 which later came to be known as “The Trump Organization.” Donald Trump is also the oldest person to swear in as the President of the USA. He was aged 70 years and 220 days the day of his swear-in ceremony on the 20th of January, 2017.
Donald Trump has earned a considerable amount of money in his lifetime. His wealth and titles enabled him to establish more than 500 companies under his name or association. The former president was a renowned business mogul much before he came into the White House.
Trump has stakes in different kinds of assets that include luxury golf courses, television shows, skyscrapers, books, casinos, merchandise, and a lot more. All of his endeavors and investments contributed to his current estimated net worth of $2.4 billion in today’s time.