Donald Trump’s wealth takes tumble during presidency
Donald Trump’s net worth dropped by about $700m to $2.3bn (£1.65bn) during his time as president, according to the Bloomberg Billionaires Index. The Covid-19 pandemic hit his fortunes hard, with Mr Trump’s office buildings, branded hotels and resorts losing revenue and falling in value. His fleet of planes and golf courses have also seen drops in their value. Mr Trump is currently under a criminal investigation into his financial affairs and his family business. Bloomberg analysed financial documents and other filings from May 2016 and January 2021 to calculate Mr Trump’s wealth before and after he became US president. Mr Trump’s commercial real estate accounts for about three-quarters of his net worth. The office towers he owns or co-owns have seen big drops in valuations as more people work from home, a trend that could last in the long term.
Bloomberg, which provides financial news and data, estimates a 26% drop in the value of his main commercial property holdings. He also owns, manages or licenses his name to about a dozen hotels and resorts, plus 19 golf courses. Although golf has become popular during the pandemic as a socially distanced outdoor sport, Mr Trump’s two courses in Scotland have consistently lost money, filings show. After the Capitol Hill siege in January, the Professional Golfers’ Association (PGA) of America ended an agreement to host its 2022 championship tournament at Mr Trump’s New Jersey golf course, saying it would hurt the group’s brand.(BBC)…[+]