Trump drops off Forbes' list of 400 wealthiest Americans

October 4, 2023
Matthew Boose

Donald Trump has fallen off Forbes' list of the 400 wealthiest Americans, the latest sign that the Swamp's relentless "witch hunt" against him is taking a toll. 

The magazine claimed that Trump's net worth is $2.6 billion, less than the $3 billion needed to make the cut.

Trump's wealth takes a hit

While Trump is still very rich, he is facing financial ruin with millions in legal fees piling up from multiple indictments as a New York judge weighs the fate of his business empire.

It all adds up to what Trump has called "the greatest witch hunt of all time."

"If I didn't run I would be sitting right now at a beach" like Joe Biden, Trump told reporters at a New York courthouse Monday.

The judge in New York has already ruled that Trump committed fraud by inflating his assets in bank statements. Trump has said the judge is a partisan hack who has dramatically undervalued Trump's properties, including his famous Mar-A-Lago estate.

The leftist attorney general leading the case, Letitia James, wants to fine Trump $250 million and ban him from doing business in New York.

Depending on the outcome of the trial, Trump could be made to forfeit properties that are synonymous with his legacy, like Trump Tower in Manhattan.

Real estate slump

Trump's net worth dropped by about $600 million over the past year, according to Forbes. The magazine blamed the underwhelming performance of Trump's social media platform, Truth Social, and a slump in value of his office properties in New York and San Francisco.

Commercial real estate has been in a slump, owing to a hangover from the COVID lockdowns, with crime likely playing a role as well in driving an urban exodus.

"Businesses are fleeing New York because of horrible, horrible, attorney generals and judges like we have," Trump said Monday.

The outsider and "the big guy"

Trump fell off the list in 2021 before returning it to last year, when his wealth surged to $3.2 billion.

While recent presidents including Barack Obama, Bill Clinton, and now-president Joe Biden have become wealthy off their political careers, Trump has lost money since entering politics as an outsider.

Trump has long argued that he is being targeted by a corrupt political establishment that is out to destroy him and his supporters - and which has coalesced around Biden ahead of the 2024 election.

Biden is facing mounting questions over his role in an influence peddling scandal that is believed to have enriched his family to the tune of millions.

For years, the former vice president bragged about being one of the poorest members of Congress before he became known as "the big guy" to his son's business partners.

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