Donald Trump’s wealth has fallen for second year running – Forbes

Donald Trump has tumbled more than 200 places in the world ranking of billionaires as a result of his fortune shrinking by more than $400m (£287m) to $3.1bn over the past year.

According to Forbes magazine’s annual ranking of the world’s wealthiest people, the US President slipped from 544th richest last year to 766th this year. It is the second year running that Trump’s fortune has dwindled.

The drop in Trump’s estimated fortune comes on top of Forbes wiping $1bn off his net worth in its 2017 rankings. The magazine attributed the decline in Trump’s wealth to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign”. Trump reached a $25m settlement in a legal dispute about claims that his Trump University real estate courses allegedly defrauded students.

Losses at his golf courses, including Turnberry in Ayrshire, have increased forcing the President to inject cash to keep them afloat. Losses at Trump Turnberry, his biggest investment outside of the US, more than doubled to £17.6m in 2016. Trump Turnberry owes Trump £112m, nearly double the £63m it owed him the previous year.



Source: theguardian

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