One year after taking office, President Donald Trump’s fortune is down an estimated $400 million to $3.1 billion on the latest Forbes World’s Billionaires list. What caused the year-over-year decline? Markets are partially to blame—retail real estate in New York City continues to struggle—but the president’s polarizing personality is costing him business as well.
The value of Trump’s hotel licensing and management company dropped an estimated $50 million in the last year, as the power of the Trump brand seems to be fading in markets like Toronto and New York, where investors have removed the president’s name from hotels. On Monday, workers reportedly pried Trump’s name off of a third tower, in Panama.
Trump dropped 244 slots, making him the 766th-richest person in the world. At the top of the list sits Jeff Bezos with an estimated $112 billion. That would make Trump’s hated Washington Post owner about 37 times richer than he is.