Trump's Net Worth Drops By $600M Amid Coronavirus Pandemic

President Donald Trump’s net worth has dropped to $2.5 billion as the coronavirus pandemic and economic recession wreaked havoc on the family business, Forbes reported.

On Tuesday, the business magazine released its latest list of the 400 wealthiest Americans, which saw Trump tumble 64 spots from the 2019 report. The 20% drop in his net worth makes him the nation’s 339th richest person.

The decline comes after the COVID-19 outbreak decimated the values of office buildings, hotels, and other real estate properties, which represent some of Trump’s largest holdings.

The president’s most significant losses stemmed from office and retail space at 1290 Avenue of the Americas in New York. The properties' net value, in which he has a 30% stake, plummeted by $109 million since 2019. Collectively, the various real estate holdings he has in the state dropped $326 million since last September.

Outside of New York, the president owns multiple properties in Washington, Las Vegas, and Chicago, among others. He also owns golf properties in states such as New Jersey and North Carolina. Collectively, their net value has fallen by $261 million.

Some of Trump’s properties survived the pandemic. The net value of all three of his houses in Florida has increased by a total of about $4 million. Mar-a-Lago, a private club in Palm Beach that is often referred to as the "Winter White House," has also seen an increase in its net value by $10 million.

In 2019, President Trump’s real-time net worth was an estimated $3.1 billion, earning him the 715th spot on Forbes’ billionaires list. Before he took office, his wealth stood at $4.5 billion.

In 2018, the president jumped 51 spots from 766. According to Forbes, the declining wealth of other billionaires led to his rise in ranking.

Trump still refuses to release his income tax returns publicly or divest from his business empire. Despite holding the nation's top office, he continues to own dozens of real estate properties, even after critics said his dealings in the private-sector were a grave conflict of interest.

Trump got his start working for his father’s real estate business during the summers of his college years. Frederick Trump specialized in construction and developing middle-income apartments in Queens and Staten Island.