Washington: Ex-US President Donald Trump’s net worth has dropped to $2.3 billion by mid-March, which is $700 million less than when he took the White House in January 2017, according to the Bloomberg Billionaires Index.
According to the news agency, commercial real estate makes up about three-quarters of the 45th US president’s net worth. The sector, however, has become one of the hardest hit by the pandemic as companies switched to remote work, leaving office towers and business districts empty.
Another factor that slashed Trump’s fortune is the fallout from the January 6 Capitol Hill unrest, when a group of his loyalists tried to prevent Congress from certifying the Joe Biden victory, an event that reportedly harmed the ex-president’s relationships with brokers and lenders.
As a result, since 2016, the value of his real estate empire has contracted by 26 percent to $1.7 billion. (UNI)