On Tuesday, Forbes magazine said Trump had dropped off its list of the 400 richest Americans for the first time since appearing on the list in 1996.This year, he is worth $400 million less.
The former president is worth $2.5 billion, according to Forbes, after losing $600 million of his fortune during the Novel Coronavirus pandemic.
Trump was 339 last year.His highest ranking was no. 71 in 2003, the year he launched NBC's hit series the Apprentice.
But in March 2020, three years after Mr. Trump refused to divest his brand-name real estate assets, the Novel Coronavirus pandemic upended the economy.
According to Forbes, divesting when he took over in 2017 would have been an opportunity to diversify.
Even if he divested and paid the maximum capital gains tax, investing the rest in a broader portfolio, such as the S&P 500 index, would make him 80% richer.
Instead, his limited wealth portfolio has been hit by the huge impact on tourism and hospitality, as well as property prices in big cities.
It was reported in early September that Mr Trump was in talks to sell his Hotel in Washington DC.
During the Trump administration, the hotel was a popular spot for his fans, diplomats and lobbyists hoping to curry favor.
But by the time Trump left office, the hotel was down 60 percent in revenue and facing $170 million in outstanding loans, according to the Washington Post.
Restrictions on bars and restaurants in Washington, D.C., during the pandemic greatly limited its operations.The hotel was open to people, but was once banned from hosting events and conferences.
Mr. Trump's luxury apartments in New York and other urban centers have also lost value as rents in some cities have plummeted.
An Associated Press review in June of more than 4,000 deals in 11 Trump-branded buildings in Chicago, Honolulu, Las Vegas and New York over the past 15 years found that prices for some available condos and hotel rooms had dropped by a third or more.
That's a bigger drop than in many similar developments, leaving units in The Trump complex hundreds of thousands to $1 million below what they were selling for years ago.
In March, Blue Lane paid $160,500 for a studio in Mr. Trump's Las Vegas tower, $350,000 less than the seller had listed it for in 2008.
Since Trump took office, his Buildings in Manhattan, like Trump World Tower, have lost more than 20% of their value, Insider reported earlier this year.
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