Amidst a week of bad news for Republican candidate Donald Trump, the billionaire’s net worth is believed to be down $800 million in comparison to the same period last year. According to the Guardian, Trump has fallen by 35 spots on Forbes’ 400 list, now sitting in 156th place. Donald Trump may now be the presidential candidate for a major party and within touching distance of the White House, but his business acumen has undeniably taken a tumble in the process, which may not be great news for his campaign either.
The Forbes 400 list is an annual ranking of the world’s wealthiest people, which Donald Trump has sat prominently on for a number of years. However, the period of his presidential campaign has seen Trump fall considerably in the rankings, now tied for 156th place with fellow real estate developers Jerry Speyer and Igor Olenicoff, FedEx founder Frederick Smith, and Steven Spielberg. However, all of whom are currently seeing their net worth on the rise, which could push Donald Trump further down the list.
Trump’s decline in success can be largely attributed to a turbulent property market in New York. Demand for retail and office space in the city is believed to be decreasing rapidly, which is being seen as a big problem for Trump and other property moguls in the city. However, it’s worth remembering that Trump has a number of other ventures outside of the city.
Donald Trump is still undeniably the richest candidate to ever run for president, with an estimated wealth of $4 billion. That’s in comparison to his Democratic rival Hillary Clinton’s estimated wealth, which currently sits between $31.3 and $111 million. With that in mind, it’s no surprise that Donald Trump’s wealth has been subject to much discussion over the course of the presidential campaign, not helped by Donald Trump’s reluctance to release detailed financial information.
According to the New York Times, Donald Trump declared a $916m loss on his 1995 state tax returns. That revelation is currently the single biggest disclosure of Trump’s financial information and has caused the candidate’s wealth to be called into question. That’s significant because Trump has run his campaign on a platform of fiscal responsibility.
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Forbes’ 400 list attracts a lot of attention each year. This year, the world’s 400 richest had a combined wealth of $2.4 trillion, with an average of $6 billion each. Unsurprisingly, Microsoft founder Bill Gates has retained his spot at the top of the list for the 23rd year running. That being said, other tech giants are closing in on Gates. Amazon founder Jeff Bezos grew his net worth by an incredible $20 billion this year, which firmly places him behind Bill Gates on the list.
At the same time, Facebook CEO Mark Zuckerberg has managed to claim fourth place, knocking Oracle CEO Larry Ellison into fifth. In all, this year’s list appears to show that tech giants are gaining major ground amongst the global billionaire community, leaving little room for the likes of Donald Trump.
Donald Trump has said that he plans to transfer all control of his business interests to his children, should he be elected president in November. That being said, Donald Trump’s business acumen is still of paramount importance to his presidential campaign. Throughout this election cycle, Trump has consistently claimed his business acumen places him in the best stead to manage the nation’s finances, whilst also meaning that he doesn’t have to rely on big donors to be elected.
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