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Trump’s Name Has Been Removed from Forbes’ List of The Richest Americans

Trump's Name Has Been Removed from Forbes' List of The Richest Americans

Donald Trump is no longer included in Forbes’ list of the wealthiest Americans. It’s the first time that the ex-president has not made the cut in 25 years. As per Forbes, Trump is by no means impoverished, which presently values the real estate magnate at USD 2.5 billion. However, his estimated value plummeted by about USD 400 million, just shy of the top 400 thresholds. In 2020, he was ranked #339 on Forbes’ list. Trump, 75, is reported to be just as affluent as he was the year before, but the pandemic cost him over USD 600 million. According to Forbes, individuals who invested in technology companies and cryptocurrencies fared well as COVID-19 wreaked havoc across America, while the real estate landscape in big cities struggled. That is where a majority of Trump’s interests are vested.

According to Forbes, disobeying ethics authorities is not an option for most government employees, but the former commander-in-chief is immune to such legal repercussions. Before taking office, Trump told journalists at the Trump Tower that he didn’t “like the way” it would appear if he wore two crowns in the Oval Office, but that he was perfectly within his rights to do so. He retained his possessions. According to Forbes, in Trump’s situation, doing the ethical thing would have also meant choosing the better financial option.

The financial journal crunched the numbers and determined that the former “Apprentice” star would have been 80% richer when he left office if he had divested instead. Forbes analysts believe Trump’s USD 3.5 billion in assets would have taken an immediate hit. He might have been slapped with massive capital gains taxes, leaving him with roughly USD 2.4 billion at the time of his being sworn in. According to Forbes, if Trump had put his money into a fund that tracked the S&P 500, he would have earned more than USD 2 billion. That implies he’d have USD 4.5 billion in the bank to start his post-presidency in Mar-a-Lago, FL.

As per the financial journal, Trump may have avoided capital gains taxes, bringing his total estimated value to USD 7 billion today. Trump’s fortune has long been shrouded in mystery, due in part to his reluctance to reveal his tax returns while campaigning for and sitting as president. The New York Times released a thought-invoking piece in 2020, using financial documents it allegedly received, in which, it described Trump’s finances as a narrative of “chronic losses and years of tax evasion.” The former president was also said to be in debt to the tune of hundreds of millions of dollars after leaving office, as per the information released by the New York Times. Trump dismissed the claim, blaming it on the news publication company for issuing a write-up detailing his family’s taxes in 2018.

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