Donald Trump has fallen 77 places in Forbes’ ranking of the 400 richest Americans in 2020 as his properties take a coronavirus hit

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Summary List Placement

The coronavirus pandemic has decimated the finances of millions of Americans.

President Trump’s fortune has taken a hit, too: He is nearly $600,000 less rich than he was 12 months ago, dropping him 77 spots down the Forbes 400 list of the wealthiest Americans. A large portion of Trump’s fortune is held in a cluster of office and residential towers in Manhattan, whose value has slid as the coronavirus pandemic has upended New York’s real estate market as a whole. Forbes now estimates that Trump has a net worth of $2.6 billion, placing him at No. 352.

A representative for Trump at the Trump Organization did not immediately respond to Business Insider’s request for comment on the president’s net worth or position on the Forbes 400 list.

The president isn’t the only billionaire whose fortune has fared poorly during the coronavirus pandemic. Investor Warren Buffett’s net worth dropped $7.3 billion — more than anyone else on the Forbes 400 in dollar terms — as Berkshire Hathaway remains down. Las Vegas Sands CEO Sheldon Adelson lost $4.7 billion as the pandemic kept his casinos closed for nearly three months.

Forbes also reported that 25 billionaires lost so much money that they were eliminated from the list altogether — and 10 of those net worth drops were a direct result of the pandemic. Billionaires in the media, oil, and hospitality sectors saw the largest losses, per Forbes.

Others managed to profit immensely. Amazon’s Jeff Bezos grew his fortune 57% to $179 billion over the past year — more than any other billionaire on the Forbes 400 — helping him keep the No. 1 slot for a third consecutive year.

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Overall, America’s 400 wealthiest billionaires added $240 billion to their collective net worth over the past 12 months, Forbes reported. They are now worth a record $3.2 trillion combined.

SEE ALSO: America’s 400 wealthiest people added $240 billion to their net worths in the past 12 months despite the pandemic

NOW READ: Trump has lost the financial support of some billionaires who bankrolled his 2016 campaign — take a look at who’s dropping out in 2020

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Source:: Business Insider


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