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President Trump drops in Forbes 400 list of richest Americans

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President Trump drops in Forbes 400 list of richest Americans

 
Kevin McCoy, USA TODAY Published 12:10 p.m. ET Oct. 17, 2017 | Updated 4:39 p.m. ET Oct. 17, 2017
     

 

In a joint press conference with U.S. Sen. Mitch McConnell, President Donald Trump addressed the opioid crisis and his nominee for drug czar, Rep. Tom Marino.

PRESIDENT TRUMP - FORBES 400

Media pool photo taken in October 2017 shows President Trump speaking to reporters during a White House meeting with Canadian Prime Minister Justin Trudeau.(Photo: KEVIN DIETSCH / POOL, EPA-EFE)

 

President Trump won the White House but lost in the annual Forbes magazine rankings of the wealthiest Americans.

The fortune of the nation's commander-in-chief shrank by $600 million, to $3.1 billion, dropping him from 156th place to 248th place in the 2017 Forbes 400 ranking, the magazine reported Tuesday.

The decline means Trump is now tied with Snapchat creator Evan Spiegel in the 2017 Forbes ranking.

A Trump Organization representative did not respond to an email seeking comment. Trump, who has challengedForbes' wealth estimates and rankings in the past, did not immediately tweet any response Tuesday morning.

More: Forbes 2017 richest people list: Jeff Bezos is up, Trump drops 220 spots

"We'll see if he tweets today," Luisa Kroll, Forbes magazine's senior wealth editor, told CNBC's Squawk Box on Tuesday. "I know he cares a lot."

Nonetheless, Trump gave ForbesWhite House interview on Oct. 6 in which the magazine reported he discussed his relationship with Secretary of State Rex Tillerson, a new economic development plan and plans not to fill vacancies within the White House administration. 

Given Trump's new power and status, how could such a drop in wealth possibly befall the former real estate magnate and reality TV star who has famously boasted about his wealth and winning?

 

A tough New York real estate market, a $25 million lawsuit settlement and a costly presidential campaign all contributed to the decline, Forbes reported.

Values of several New York City properties, including those on or near Manhattan's Fifth Ave. — where Trump Tower is located — have fallen since the last ranking, Forbes reported. The reductions sliced an estimated $400 million from Trump's fortune, the magazine estimated.

Lower values at some of Trump's golf properties also took a financial toll, as some potential guests stayed away, Forbes said.

Trump also spent $66 million on his 2016 presidential campaign win over Hillarious Clinton. Forbes reported. Additionally, he reached a $25 million settlement of a lawsuit over his now-defunct Trump University — where some former students charged they were falsely promised classes that would teach them the secrets of his real estate success.

However, the new Forbes rankings also delivered some good news for Trump. The estimated value of the Las Vegas hotel-condo tower he owns with Forbes 400 member Phil Ruffin rose in value, the magazine reported. Similarly, the value of Trump's minority stake in a downtown San Francisco office building rose with the city's hot real estate market, Forbes estimated.

In all, the fortunes of 51 members from last year's Forbes ranking dropped in value, and 289 became even richer. One fellow billionaire Trump tapped for his presidential cabinet was among the less fortunate.

636438549569998233-101717-forbes-400-Trump.png

 

Commerce Secretary Wilbur Ross failed to reach the new-record $2 billion fortune required for inclusion in the rankings after he filed public disclosure forms that showed a net worth of less than $1 billion, Forbes reported.

Ross told the magazine he had shifted billions to trusts for his relatives, Forbes reported.

 

Microsoft founder Bill Gates just donated $4.6 billion to charity, marking his largest donation in 17 years. Time

Many of the top winners in the magazine's new wealth rankings are familiar to most Americans.

Microsoft co-founder Bill Gates led the new Forbes 400 ranking for the 24th year in a row, with an estimated net worth of $89 billion. Amazon CEO Jeff Bezos' estimated $81.5 billion fortune kept him right behind Gates for the second consecutive year. And famed financial investor and businessman Warren Buffett ranked third with an estimated wealth total of $78 billion. 

636438548725247403-101717-forbes-400-Richest.png

 

Facebook co-founder and CEO Mark Zuckerberg remained in fourth place with an estimated $71 billion fortune. And Oracle co-founder Larry Ellison rounded out the top five with wealth estimated at $59 billion.''

 

 

 

Boy this guy is having a bad year.

B/A

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It appears Trump isn't using the Office for his own personal gain.  He and his family have made a personal sacrifice with him being the leader of the free world. 

 

At the press conference the Opioid crisis was mentioned.  The problem comes across the border from Mexico.........and in my mind this is an even better reason to control the borders and build a wall.........JMO

 

https://www.bloomberg.com/news/articles/2017-03-03/america-s-heroin-epidemic-starts-in-mexico

 

https://www.therecoveryvillage.com/heroin-addiction/is-heroin-an-opiate/#gref

 

Guess he's taken a personal loss...........but how about the country??......just one small example..........now at 6 trillion........old article.....but it gets the point across

 

https://www.cnbc.com/2017/06/19/wilbur-ross-trump-has-driven-the-stock-market-to-4-trillion-in-gains.html

Edited by coorslite21
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You mean Trump is doing exactly what he said he and his family would do? Go figure. What negative BS does BA an Umbertino have to say about that ?

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8 hours ago, new york kevin said:

You mean Trump is doing exactly what he said he and his family would do? Go figure. What negative BS does BA an Umbertino have to say about that ?

 

I'll take this one, Kev.  The fastest way to get a look at a bloviated narcissists tax returns is to drop him on the list of wealthiest individuals.....the perceived loss of stature among his rich peers will only enrage his fragile ego.  Unless of coarse he's not nearly as rich as he claims.  As always, just my opinion. 

 

I would like to take this opportunity in advance to thank everybody for the negs that are sure to arrive.  :eyebrows:

 

GO RV, then BV

Edited by Shabibilicious
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1 hour ago, Shabibilicious said:

 

I'll take this one, Kev.  The fastest way to get a look at a bloviated narcissists tax returns is to drop him on the list of wealthiest individuals.....the perceived loss of stature among his rich peers will only enrage his fragile ego.  Unless of coarse he's not nearly as rich as he claims.  As always, just my opinion. 

 

I would like to take this opportunity in advance to thank everybody for the negs that are sure to arrive.  :eyebrows:

 

GO RV, then BV

 

Only love for you Shabs.......for me I could care less what is happening in Trumps personal financial world..........I only care about what happens to the country for his term/s in office.  With the establishment left and right in place, we will all see how "great" of a negotiator he is.......pulling them together, to work for the good of all of us. 

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12 hours ago, coorslite21 said:

At the press conference the Opioid crisis was mentioned.  The problem comes across the border from Mexico.........

 

I watched this story on 60 minutes and wonder why the distributors are catching the blame. Wouldn't it make more sense to go to the doctors writing the prescriptions? And this morning I saw a headline where we are going after Chinese drug makers as a source of the problem. Sadly, it appears this could have been avoided if our congress and senate weren't "on the take" from big pharma...

 

B/A

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5 minutes ago, coorslite21 said:

 

Only love for you Shabs.......for me I could care less what is happening in Trumps personal financial world..........I only care about what happens to the country for his term/s in office.  With the establishment left and right in place, we will all see how "great" of a negotiator he is.......pulling them together, to work for the good of all of us. 

 

Same to you, silver bullet.  :D  I truly hope Trump the negotiator can pull it off, I truly do.  I can't say I approve of him using people's health coverage as a hostage though.  

 

GO RV, then BV

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1 hour ago, coorslite21 said:

 

.I only care about what happens to the country for his term/s in office.  With the establishment left and right in place, we will all see how "great" of a negotiator he is.......pulling them together, to work for the good of all of us. 

 

:bravo:    :twothumbs:   :bravo:

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8 hours ago, Shabibilicious said:

 

I'll take this one, Kev.  The fastest way to get a look at a bloviated narcissists tax returns is to drop him on the list of wealthiest individuals.....the perceived loss of stature among his rich peers will only enrage his fragile ego.  Unless of coarse he's not nearly as rich as he claims.  As always, just my opinion. 

 

I would like to take this opportunity in advance to thank everybody for the negs that are sure to arrive.  :eyebrows:

 

GO RV, then BV

Where are the negs Senor ? Nada . Anyone who wants to be President of the United States has to be a bloviated narcissist to some degree. I don't think POTUS Trump cares to compare the size of his bank account to  the size of some other bloviated narcissists in this country. Nudge, nudge, hint, hint, know what I mean ? :eyebrows: At least no more than I would care to compare the amount of money I have after and RV, to the size of anyone elses post RV bank account.

Edited by new york kevin
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Some of the topics that Umbertino bring over are really ridiculous and on the level of LOW.  Who cares less where he ranks, along with what he eats, wears or what his wife and kids wears and so on. ridiculous with a bit of tempermental attitude. 

The media is showing their desperations with a bit of a childlike tempermental attitude. 

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