I’m not sure this is the kind of news Donald Trump expected to hear. After all, he has made it abundantly clear to every single American, and indeed the entire world, that he had every intention of using the office of the Presidency to increase his own family’s fortune.
But unfortunately for Tump (and sons and daughters), it looks like his plan has failed miserably. And in fact, it looks like the exact opposite has happened.
CNN is reporting that Donald Trump’s net worth is in the midst of a free-fall, plummeting upwards of 25% in the last year alone.
This fall drops him 220 spots on the Forbes’ Billionaire List, where he now ranks 544th in the world (a distinction he must share with nineteen others).
Forbes’ explains that the drop is largely the result of an under-performing real-estate market in New York City, but they also cite huge contributions to his own presidential campaign and a massive settlement for the law-suit that had been brought against Trump University.
“Forty percent of Donald Trump’s fortune is tied up in Trump Tower and eight buildings within one mile of it. What happens in that micromarket does more to affect the net worth of Donald Trump than anything else in the world. Lately, the neighborhood has been struggling (relatively speaking).”
Forbes’ points out that the number of billionaires around the world has skyrocketed in recent years, and notes that “Trump is not even worth as much as the “average” billionaire,” who is worth around 3.75 billion dollars.