Donald Trump (AP/Susan Walsh)

Donald Trump is worth less than he was last year, but it has nothing to do with him

A decline in value of three Trump office properties in Manhattan has caused the president's net worth to shrink


Matthew Rozsa
June 21, 2017 5:43PM (UTC)

When President Donald Trump announced his presidential bid in 2015, he claimed his net worth was nearly $9 billion, even though Forbes Magazine estimated that it was roughly $4.1 billion instead.

If a new report is correct, however, Trump's current net worth is actually less than three-quarters than the Forbes estimate from roughly two years ago.

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The president is worth $2.9 billion in 2017, down from $3 billion in 2016, according to a report by Bloomberg. The main culprit for the decline is that real estate prices have dropped for three of his signature Manhattan properties — 40 Wall Street, 1290 Avenue of the Americas and Trump Tower. Their combined value has been revised down by $380 million due to the growth of new skyscrapers, which has resulted in diminished demand for office space in longstanding properties.

His buildings are also reported to have underperformed in terms of their net operating income. Trump Tower generated a lower-than-expected $14.1 million of net income in 2016 due to higher expenses. His property at 40 Wall Street, despite expecting $22.6 million in 2016, only earned $17.4 million that year. Finally, the property at 1290 Sixth Avenue fell $20 million short of its annual net income expectation, earning $77.7 million in 2016 instead of $97.7 million.

Bloomberg also noted that Trump's liquid asset portfolio increased in value from $170 million to $230 million.

For what it's worth, this wouldn't be the first time that Bloomberg offered a financial assessment about the president's net worth that Trump himself finds unflattering. They assessed his net worth at roughly $3 billion in 2015 in what Trump later described as a "stupid report." They starkly differ on the value of Trump's personal brand, with the president estimating it at $3.3 billion but Bloomberg only believing it to be $35 million.


Matthew Rozsa

Matthew Rozsa is a breaking news writer for Salon. He holds an MA in History from Rutgers University-Newark and is ABD in his PhD program in History at Lehigh University. His work has appeared in Mic, Quartz and MSNBC.

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