Donald Trump dropped the list of the richest Americans on Forbes for the first time in 25 years

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Former US President Donald Trump leaves the Trump Tower in Manhattan on July 19, 2021. James Devaney / GC Images

Former President Donald Trump was not included on the list for the first time since 1996.

Trump’s net worth has plummeted since he became president in 2016.

51 billionaires have fallen on Forbes ’list, including Oprah Winfrey.

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Former President Donald Trump did not make Forbes ’list of the 400 richest Americans for the first time in 25 years.

Trump’s net worth is estimated at $ 2.5 billion – only about $ 400 million shy to make the list this year, according to Forbes. The billionaire has lost nearly $ 600 million since the pandemic began as COVID-19 caused chaos in the commercial real-estate market.

Since he became president in 2016, Trump’s wealth has continued to weaken. From 1997 to 2016, he was ranked in the top half of Forbes ’400 richest Americans, but five years later he had already finished the list.

The publication noted that the required net worth to make the top 400 list rose from $ 2.1 billion to $ 2.9 billion. Trump was one of 51 people dropped from the list in 2021 – 31 which has actually become richer this year than last year.

But, in recent years, technology stocks and crypto assets have risen on the rise in work-from-home, as more traditional businesses such as retail and real estate have been damaged. The list saw a 14% turnover rate as billionaires like Trump fell from the list, while 44 new names joined the ranks of the richest Americans – from Coinbase CEO Brian Armstrong to 29- year-old crypto billionaire Sam Bankman-Fried, as well as philanthropist Melinda French Gates.

Earlier this year, Forbes reported that the former president had dropped 298 spots on its Billionaire list released in April – from No. 1,001 to No. 1,299. Trump’s commercial real estate properties – which account for nearly 75% of his revenue – have taken a significant hit from the pandemic, Bloomberg reported in March. The former president’s hotel and resort lines, as well as his golf club have also seen declining interest due to travel restrictions.

The story continues

Two rounds of impeachment, as well as Trump’s ties to the Capitol Siege, also tarnished Trump’s brand. After the attack on the Capitol in January, the American PGA decided against hosting Trump’s annual golf club tournament. Several other companies have also severed ties with Trump since his second impeachment.

Trump gave up his $ 400,000 salary as president, but earned nearly $ 1.6 billion from 2016 to 2020, according to Bloomberg data. During his presidency, Trump chose to hold his $ 3.5 billion in assets, rather than release them to prevent any perception of a conflict of interest. Forbes said that if the president sold his assets to his fortune it could be worth up to $ 7 billion.

In January, a public relations expert, Eric Schiffer, told Insider Grace Dean that Trump’s businesses may no longer recover from his presidency.

“Trump will come out of the presidency with a brutal set of targets surrounding the heart of his brand, which will be a threat to his economic safety and that of his children, and will likely lead to severe pain. kind of that he never really faced, ”Schiffer said.

Trump is one of many billionaires who have fallen on Forbes ’list. Oprah Winfrey also dropped the list for the first time since 1995, along with several entrepreneurs, including Gap cofounder Doris Fisher and Nikola founder Trevor Milton.

See Forbes’ full list here

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