Former President Donald Trump has dropped out of Forbes' list of 400 richest Americans. While Trump is hardly broke or poor, his current $2.5 billion net worth isn't enough to get him a spot on this year's list.
Last year, Trump had ranked 339th on Forbes' top 400 list of the country's richest people. This year, Trump fell $400 million short of getting into the list. The 75-year-old businessman said he is still as wealthy as he was in 2020 but he had incurred some losses due to the pandemic.
Billionaires who invested heavily in technology stocks did well this year. However, those in the real estate industry, including Trump, had suffered significant losses. Since last year, Trump's net worth is estimated to have dropped by about $600 million.
Forbes said Trump had missed a "golden opportunity" to diversify his assets when he became president in 2016. However, since he became president, Trump's net worth has tumbled each year. When he became the 45th president of the U.S., Trump had ranked 156th on Forbes' top 400 list.
Before he became president, the highest that Trump got into the list was when he ranked 71st in 2003. He first got into the top 400 club in 1996 when he ranked at the 368th spot.
Forbes researchers speculated that Trump would have been roughly 80% richer when he left office if he only divested his assets. Analysts at the publication said that if Trump had only bet into a fund that tracked the S&P 500, he would have increased his wealth by more than $2 billion - even if he was hit with a huge capital gains tax. Taking into account possible measures that would have let Trump get around the capital gains taxes, Forbes estimated that Trump might have been worth around $7 billion today.
Trump's true wealth has always been cloaked in mystery and he has repeatedly refused to release his tax information throughout his presidency. A report from the New York Times citing tax data it had collected in 2020 indicated that Trump's success story may have been fraught with "chronic losses" and years of possible tax evasion.