SAWT BEIRUT INTERNATIONAL

| 26 September 2021, Sunday |

Donald Trump’s wealth nosedives during presidency

Donald Trump’s net worth plummeted by about $700m to $2.3bn during his presidency, according to the Bloomberg Billionaires Index.

The Covid-19 pandemic hit his fortunes hard, with 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.

Trump is currently under a criminal investigation into his financial affairs and his family business.

Bloomberg analyzed financial documents and other filings from May 2016 and January 2021 to calculate Trump’s wealth before and after he became US president.

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 estimates a 26 percent 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, Trump’s two courses in Scotland have consistently lost money, filings show.

Deutsche Bank, the only bank willing to lend to him after his bankruptcies in the 1990s, also said after the riots that it would not do business with him again.

Trump also owns a fleet of planes that includes a Boeing 757. These planes are decades old and have been marked down in value over the years, according to financial disclosures seen by Bloomberg.

Seven planes were valued at around $59 million in 2015 and five were valued at about $6.5 million in 2020. The value of Trump’s aircraft has dropped over the years, in part because he has sold some of his fleet.

As a former president, Donald Trump can expect to sign some lucrative media deals to recover some of his lost wealth, such as a post-presidential memoir.

Barack and Michelle Obama reportedly got paid about $65 million for their memoirs, while Bill Clinton earned a $15 million advance for his 2004 book.

Bloomberg says the most obvious way Trump can profit post-presidency is with a news channel or social media platform that would appeal to his 74 million voters in the 2020 election.