Trump's net worth is a lot less than he'd have you think – and it fell last year


President Donald Trump is hardly shy when it comes to talking about cash, and he regularly discusses his business successes and huge wealth.

His luxury penthouse atop Trump Tower is decked out in marble and gold, and his ‘winter White House’ retreat at Mar-a-Lago is much the same.

On the election campaign trail during his first bid for the White House back in 2016, he bragged that his fortune is “in excess of $10billion” (£7.2bn).

But his true worth could be far less than that.

In 2012 a statement filed on Trump’s behalf to the Securities and Exchange Commission by Wells Fargo Securities indicated he was worth $4.2billion, the Guardian revealed.

Breuer said he was only emulating Trump’s ‘OK’ symbol

At the moment, Forbes magazine estimates his fortune at $2.5billion (£1.9bn).

However, last year the magazine estimated the figure had dropped to $3.1billion (£2.25bn), which was down from $3.7billion a year earlier.

Where is he on the Forbes Rich List?

This year Trump plummeted 77 places on the magazine’s list of the richest Americans, and he now sits at number 352 on the list.

According to Business Insider, he is nearly $600 million less well off than than he was in 2019 as much of his money is held in office and residential space in Manhattan, where property value has dropped due to the pandemic.

The year before he dropped 92 places on the Forbes list, which was also blamed on the sluggish Manhattan real estate market.

READ  Racists are flocking to Boris Johnson's Facebook page after his burqa remarks

He was also estimated to have spent $66million on his first presidential campaign and $25million settling a lawsuit over his failed Trump University.

Much of Trump’s fortune sits in property in New York

Trump, however, has often slammed the Forbes rich list. Tweeting in 2013 he said: “They know nothing about me or my numbers.”

Is Trump’s net worth falling?

When President Trump was elected in 2016 Forbes recorded his fortune at $3.7billion.

Today, it claims he has $2.5billion.

If the magazine is to be believed, his wealth has dropped by $1.2billion.

When he was in inaugurated in January 2017 Trump became the first billionaire president of the United States.

Why is he losing money?

Trump’s finances appear to have been hit hard by the Covid pandemic, and he’s not the only one, with the stock market struggles leading to 267 of the world’s richest people losing their billionaire status.

As well as his Manhattan property, Trump has several hotels and golf courses, many of which have been forced to close due to coronavirus restictions.

One of Trump’s golf courses is in Scotland

According to the Washington Post, The Trump Organization has closed 17 properties across the world, and many of those that are still open are running on skeleton services.

According to the newspaper, the closed companies brought in about $650,000-a-day for the company.

How much does Trump get paid as president?

In office Trump gets a quarterly salary of around $100,000 – or about $400,000.

READ  Boris Johnson to reveal tougher three-tier lockdown rules — but last pub orders moved to 10pm

Does Trump donate his salary?

Trump pledged to donate his salary each quarter, and he has kept that promise so far.

He’s donated to the Department for Education, the Department of Interior and the Department of Health and Human Services.

Trump’s business portfolio is broad, and he even has his own board game

However, as well as his salary he is still earning profit off his vast property portfolio.

What about Trump’s tax?

Trump has come under fire for refusing to publish his tax returns, despite his predecessors doing so.

He has denied any wrongdoing and described the investigation into his tax as a “witch hunt”.

However earlier this year the New York Times obtained documents which they claim “chronic losses and years of tax avoidance”.

Trump branded their findings “fake news”.

Among their allegations was that Trump paid just $750 (£580) in federal income tax in 2016 and in his first year in the White House.

He’s also published a book about his money

It also claims that he paid no income taxes at all in 11 of 18 years, and that he reduced his bill with “questionable measures”, including a £57.11million tax refund that is the subject of an audit by the Internal Revenue Service.

The New York Times writes: “Many of his signature businesses, including his golf courses, report losing large amounts of money – losses that have helped him to lower his taxes.”

READ  Boris Johnson back to lead coronavirus fight - but he's under immediate pressure

They claimed the money he owed was placing such a financial pressure because he personally guaranteed payments were due soon.

Despite his losses, Trump managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and £55,000 on a hairdresser for his television appearances.

His daughter Ivanka Trump, while working as an employee of the Trump Organisation, appears to have received “consulting fees” that also helped reduce the family’s tax bill.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here