President Donald Trump’s net worth has declined by more than $1 billion since the year he launched his presidential campaign at the foot of Trump Tower’s escalator, Forbes reported Tuesday.
The president’s net worth stands at $3.1 billion, down from $4.5 billion in 2015, Forbes said. As a result, Trump has tumbled down the Forbes 400 list, the latest edition of which will be published in full Wednesday. Trump was the 248th wealthiest person in America on Forbes’ 2017 list.
Trump’s wealth is reportedly dwindling even as the president has taken steps to boost his revenue while in office, according to Forbes. Those steps include Trump launching his re-election campaign just after the November 2016 race, which kept donations flowing in that have been used by Trump’s companies.
The Trump Organization did not respond to CNBC’s request for comment on Forbes’ report. But Eric Trump told the magazine in a statement: “My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics … Everything he does is for the good of the American people—he has zero involvement in the Trump Organization and quite frankly to suggest otherwise is outrageous.”
The White House also did not immediately respond to CNBC’s request for comment on Forbes’ report.
Trump veered sharply from the precedent set by other modern presidents when he refused to fully divest from his business empire after winning the 2016 election against Hillary Clinton. Instead, he transferred his assets to a trust run by his sons, Eric Trump and Donald Trump Jr., as well as the Trump Organization’s chief financial officer, Allen Weisselberg.
Weisselberg was granted immunity by federal prosecutorsinvestigating Trump’s former personal attorney, Michael Cohen. In August, Cohen pleaded guilty in August to eight criminal counts, including making payments in violation of campaign finance laws, which he said were made “in coordination” with Trump “for the principal purpose of influencing the election.”
Meanwhile, Trump’s bombastic rhetorical style on the campaign trail and in the White House appears to have made some businesses reluctant to forge relationships with the Trump Organization, according to Forbes.
Trump kicked off his campaign by claiming that the people “Mexico sends” are bringing drugs, crime and rape to the U.S., and later that year called for a “total and complete shutdown of Muslims entering the United States until our country’s representatives can figure out what is going on.”
As a result of his contentious positions, the licensing aspect of the Trump Organization — in which Trump sells his name to be displayed prominently on buildings and products that he may not actually own or be liable for — has reportedly taken a massive hit.
Forbes estimates Trump’s licensing operation is now valued around $3 million, down sharply from the $23 million estimate Forbes made in 2015. Brands such as Serta and Macy’s separated from their licensing agreements with Trump shortly after some of his most incendiary comments on the campaign trail.