President Trump has seen many of his properties decline in value since he occupied the White House. According to Forbes, Trump has fallen 222 places on their Forbes Billionaire list. His estimated net worth has declined from $3.5 billion to £3.1 billion.
The publication states that the markets are partly to blame and reveals that his New York real estate properties, such as Trump Tower, are losing valuable retail clients.
Due to the rise in online shopping, brands no longer need to rent large retail spaces. Forbes cites Niketown vacating a retail space in his 6 East 57th Street property, which is next to Trump Tower.
The publication also estimates that Trump Tower itself has lost approximately $41 million in value.
Trump’s golf properties performance seems to be divided by politics. The President’s golf properties are performing well in states that he won in the 2016 Presidential election. On the other hand, Trump properties in states, such as California, where his rhetoric is unpopular has seen business fall about four percent.
Since his name has become politically divisive, many companies that license the Trump brand have started removing his name from their properties.
Trump’s name was removed from a Panama hotel after a legal battle. Trump-branded hotels in Toronto and Lower Manhattan, New York have also made steps to remove his name from their properties, according to The Washington Post.
Forbes notes that many of Trump’s properties have increased in value. However, his overall net worth has declined.
The billionaires at the top of the Forbes list included Amazon founder Jeff Bezos, who is currently worth $112 billion. Bill Gates (Microsoft), Mark Zuckerberg (Facebook), and the Koch brothers all appear in the top ten wealthiest billionaires.
Since publicly feuding with popular NBA athletes including Lebron James and Steph Curry, NBA teams have been boycotting Trump hotels.
The Washington Post set out to discover how many of the players in 123 teams in the four major U.S. sports leagues stay at Trump hotels since he took the White House. The publications state that 106 teams responded and none of them confirmed that their teams are still using Trump properties.
It is unclear at this point how his presidency will hurt his businesses in the long run but Forbes notes that President’s net worth as being on a “year-over-year decline.”