The novel coronavirus caused President Donald Trump’s net worth to drop $600 million in the last year, Forbes reported, placing him at No. 339 (a drop of 64 points) on The Forbes 400, which profiles and ranks the country’s richest billionaires.
“Blame the coronavirus, which has battered not only the president’s poll numbers but also the very industries in which he holds his biggest assets,” writes Forbes‘s Dan Alexander. “Values for office buildings have plummeted. Same with hotels, particularly ones in big cities. Trump has significant debt against his properties in D.C. and Chicago, both of which appear to be underwater these days. Doral, his golf resort in Miami, is worth an estimated $28 million, after accounting for its mortgages, down 80% in a year.”
The New York real estate Trump owns in New York at 1290 Avenue of the Americas took a $109 million hit, down from $342 million. Trump Tower’s net value, initially $167 million, dropped $70 million. 40 Wall Street, which has a net value of $262 million, lost $65 million in value. Trump’s New York real estate dipped by an estimated $326 million overall. Trump World Tower, with a net value of $27 million, was the only one of his properties that saw an increase (of $2 million).
Non-New York real estate, including the Trump International Hotel in Washington, D.C., dropped an estimated $124 million, according to Forbes. The president’s golf courses and clubs also lost value as a result of the pandemic: an estimated $137 million. His hotel management and licensing businesses lost $24 million over the year; his personal assets lost about $18 million in combined value overall. Trump’s homes in Palm Beach, Florida, and his Mar-a-Lago club both saw an increase in value ($4 million and $10 million respectively).
The president has often made the economy one of the cornerstones of his campaign strategy. Last week, Trump boasted about the latest report from the Bureau of Labor Statistics (BLS) that found employers added 1.4 million jobs in August. However, the president did not mention that the report also points out the United States has lost 11.5 million jobs since February. Although the national unemployment rate did fall to 8.4 percent (from 10.2 percent in July), permanent job losses increased to 3.4 million.