Trump's Office Towers Cause Net Worth to Slip

Bloomberg puts it at $2.9B after NYC properties have lackluster year
By John Johnson,  Newser Staff
Posted Jun 21, 2017 7:26 AM CDT
Trump’s Net Worth Dips a Little
President Trump in the Rose Garden.   (AP Photo/Pablo Martinez Monsivais)

President Trump may be keeping his tax returns close to the vest, but Bloomberg thinks it has a handle on his net worth. Its latest Billionaires Index pegs it at $2.9 billion, down from $3 billion last year. The site chalks up the loss mainly to three under-performing office towers in New York City—40 Wall Street, Trump Tower, and 1290 Avenue of the Americas. Other aspects of Trump's business empire did better, but not enough to offset the loss in value of that trio. The $2.9 billion figure is not quite enough for Trump to crack the index's top 500 richest people in the world: It runs from Bill Gates at $89.5 billion to Evan Spiegel at $3.83 billion.

Bloomberg compiled the estimate from its own market estimates and from various public documents, including Trump's latest financial disclosure report, which came out last week. The Hill notes the report puts Trump's net worth at a minimum of $1.1 billion and shows that Trump has one clear winner among his holdings: his Mar-a-Lago country club in Florida. Revenues at the resort were up $8 million, thanks in part to a doubling of membership fees. In all, Trump reported $598 million in income in 2016. (More President Trump stories.)

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