Politicians routinely use public service as a means of personal enrichment. In the case of Donald Trump, the situation is diametrically the opposite. According to a Washington Examiner article, Trump “lost about half of his wealth during his time as President.”
“Trump left office with a net worth of about $2.5 billion, down from the $4.5 billion he had when he announced his candidacy for President in 2015,” the Washington newspaper reported.
Trump was ranked 121st on Forbes’ list of the richest Americans when he became President.
The Republican, who today is at his residence e Mar-a-Lago, in the state of Florida, saw his net worth drop from $ 3.1 billion in 2019 to the current $ 2.5 billion. The reason, according to the aforementioned article, was the “economic downturn brought on by government shutdowns that severely affected industries in which Trump had many assets.”
The Trump Organization is a company dedicated to the management of hotels and properties in several countries, and one of the areas most affected by the pandemic was, precisely, the hotel and tourism industry.
The riots on Capitol Hill also affected Trump
The Examiner also reported that multiple entities cut ties with Donald Trump during the last days of his administration after the January 6th riots on Capitol Hill. Public opinion has pointed to the former President as the main culprit for the events.
According to the media, The Trump Organization “experienced a 38% revenue decline also in 2020, to $278 million.”
What did do well last year, for the former President’s good fortune, was his Mar-a-Lago resort in Florida, which increased revenues by 13% in 2020, from $21.4 million to $24.2 million.
In any case, Mar-a-Lago is still far from its historic highs, having earned more than $30 million in the past, the Examiner reported.
A positive for Trump is that Florida’s governor, Ron DeSantis, has led an open-for-business policy with respect to the economy during the pandemic.
In terms of the number of cases, deaths and economic rates, Florida has fared better in containing the pandemic than the other three largest states: New York, Texas and California.
His juicy salary as president, $400,000 per year, was also not a financial relief for Trump who donated all his paychecks to various causes during his term in office.