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POLITICS

Why isn’t Donald Trump on Forbes’ 2023 list of the richest people in the world? How much did he lose this year?

After decades of being on the list of the richest people in the world, former president Donald Trump drops out as he is considered ‘no longer rich enough.’

Update:
After decades of being on the list of the richest people in the world, former president Donald Trump drops out as he is considered ‘no longer rich enough.’
EDUARDO MUNOZREUTERS

After several decades of being famous for his fortune, Donald Trump received a blow from the Forbes list. The company renowned for evaluating the assets of the richest people on the planet has excluded the former president of the United States from its prestigious list.

“Donald Trump is no longer rich enough,” the magazine announced this week. While Trump remains a billionaire, the real estate magnate has seen his fortune decline by one billion since he occupied the White House almost seven years ago.

READ ALSO: GOP leadership scrambles to identify possible Speaker candidates

According to the Forbes list, last year the former president had assets valued at $3.2 billion, earning him a position among the richest people in the world in 2022. However, this year his fortune has been cut by $600 million, dropping to $2.6 billion. Trump is $300 million short of landing a spot on this year’s list, the base value for being on the Forbes 400 list.

Getting off the Forbes 400 list might seem like a minor problem for someone who is extremely wealthy and who is once again running for the highest office in the US. However, Donald Trump’s obsession with his assets is notorious, even going so far as to lie to journalists on several occasions about his true value.

READ ALSO: When Gaetz voted for Trump as Speaker

Fraud allegations and bad investments

The news also comes on the heels of a New York Court’s hearing on the magnate, who is accused of fraud along with several members of his family after greatly increasing their wealth and the value of many of their properties.

Another of the main culprits for the lower value of his assets has to do with one of the not very fruitful businesses that the former president tried to mount, the social network Truth Social. According to Forbes, “Truth Social has failed to live up to Trump’s vision for the social networking service, which the company had once predicted to surpass 40 million users this year.”