Donald Trump Falls 35 Spots On The Forbes 400Chase Peterson-Withorn, FORBES STAFF | OCT 4, 2016 @ 08:00 AM
Last October Trump was richer than ever. Real estate markets were surging and his net worth hit $4.5 billion, a personal high good for the 121st rank on The Forbes 400 list of the wealthiest people in America. Now, due to cooling property prices and new information about his holdings, Forbes pegs Trump’s fortune at $3.7 billion, down $800 million. As a result, Trump has fallen 35 spots on The Forbes 400 to number 156.
Trump and his father, Fred, appeared on the inaugural issue of the list in 1982 with a shared fortune valued at more than $200 million. An avalanche of debt stemming from bad business deals knocked The Donald out of the ranks in 1990. But six years later, riding robust real estate markets, Trump returned to the list with a fortune of $450 million.
...
While Trump fell, many others gained. The average Forbes 400 member’s net worth rose by $200 million, to $6 billion, this year. A total of 38 billionaires passed Trump on the 2016 list — including one of Trump’s most vocal critics, Reid Hoffman (No. 150). The LinkedIn cofounder, who added $100 million his fortune this year, has publicly offered $5 million to veterans groups if Trump releases his tax returns. He even developed a Cards Against Humanity-style game that pokes fun at Trump, called “Trumped Up Cards: The World’s Biggest Deck.”
...
While Trump has based his campaign on his business success and high net worth, some of the country’s wealthiest businesspeople aren’t in his corner this election. Besides Hoffman, Jeff Bezos (No. 2), Warren Buffett (No. 3) and Michael Bloomberg (No. 6) — who are worth a combined $177.5 billion — have all spoken out against Trump. One point of pride for The Donald: he is $500 million richer than frequent Twitter antagonist Mark Cuban (No. 204).
In recent years Trump largely moved away from real estate development in favor of “The Apprentice” and licensing his name globally to luxury properties he does not own. Still, 53% of Trump’s fortune lies in Manhattan properties — though he is far from the richest developer in New York City. Stephen Ross (No. 58), Richard LeFrak (No. 73), Sheldon Solow (No. 128) and Leonard Stern (No. 134) are all worth more than Trump.
And, despite his anti-immigrant rhetoric, 42 of the spots on The Forbes 400 are held by Americans who have immigrated to the U.S. and achieved great business success. In fact, 14 of them have amassed a fortune bigger than Trump’s.
Excerpt. Read more at
http://www.forbes.com/sites/chasewithorn/2016/10/04/donald-trump-falls-35-spots-on-the-forbes-400
