Former President Donald Trump has fallen hard in the annual Forbes ranking of the world’s billionaires, tumbling 300 spots.
According to the business magazine, Trump’s wealth decreased by nearly one third during his time in the White House, from $3.5 billion to $2.4 billion. During the same period, the S&P 500 increased by seventy percent.
The S&P is a stock market index that measures the performance of 500 large companies on American stock exchanges.
If Trump had sold all his assets on his first day in office, paid capital gains taxes on all of it, then put all that money into an investment fund tracking the S&P, he would have come out of the presidency $1.6 billion wealthier than he currently is, Forbes reported.
Trump’s current estimated net worth of $2.4 billion puts him in the 1,299 spot on the Forbes Billionaires List. Last year Trump was sitting in the 1,001 spot.
While Trump is actually richer this year than he was last year, when the pandemic economy was in free fall, his rivals have made so much money in the past year that Trump has been surpassed.