For the first time in 25 years, former President Donald Trump has been left off Forbes’s list of the 400 wealthiest people in America.
Trump is worth an estimated $2.5 billion, which left him $400 million short of making the list. Last year he was listed as number 339, but after losing $600 million amid the pandemic, he was left off this year’s list.
The outlet attributes Trump’s decline in wealth to the big-city properties that make up the bulk of his fortune. That type of asset was some of the hardest hit during the coronavirus pandemic.
According to Forbes: “If Trump is looking for someone to blame, he can start with himself.
“Five years ago, he had a golden opportunity to diversify his fortune. Fresh off the 2016 election, federal ethics officials were pushing Trump to divest his real estate assets.
“That would have allowed him to reinvest the proceeds into broad-based index funds and assume office free of conflicts of interest… Trump decided to hang onto his assets.”
Forbes said the decision probably cost Trump around $2 b million.
Amazon founder Jeff Bezos topped this year’s list, estimated to be worth about $201 billion. Not surprisingly, Elon Musk came second after Bezos at $190.5 billion. Mark Zuckerberg and Microsoft founder Bill Gates were not too far behind.
According to Forbes, the list had a big shake-up this year. Fifty-one people dropped off this year’s list.