Trump became less wealthy after leaving WH despite reports of him making $1.6B while in power, here's how
Former President Donald Trump's net worth has taken a hit. A Forbes report said the 45th POTUS was now the 352nd richest person in America, down from 275th the year before. Meaning, his fortunes slipped from $3.1 billion to $2.5 billion. The report added the former head of state put millions in the 2020 campaign donations into the Trump Organization.
In addition, he was known to have donated his $400,000 salary as POTUS, which Business Insider reckoned was merely 1/10th of the percentage of the money he made when he was in power. His four-year term saw him rake in between $1.6 and $1.79 billion and almost upwards of $600 million coming in from his Mar-a-Lago resort and three of his golf courses in the country.
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So how did his wealth take a hit?
The Citizens for Responsibility and Ethics in Washington (CREW) said his salary donation was "merely a fig leaf to cover up four years of brazen corruption." It found that the Covid-19 pandemic hampered his revenue when it crashed the Trump Hotel in Washington DC. The money saw a steep decline from $40 million in 2019 to $15 million the year after. Add to this the amount of money he lost with the gold clubs losing 10% or more due to the same reason.
The Doral Golf Resort in Miami saw a decline in revenue from $77.2 million in revenue in 2019 to $44.2 million. His golf club in Scotland, Trump Turnberry, dropped around 62%, from $25.7 million to $9.8 million as the Scottish authorities shut down the club due to coronavirus restrictions. "There were places that due to government mandates we were not able to operate," Eric Trump, the former president's son who helps him run the business, told the New York Times. "Those are places you are going to lose the season because of it."
Previously, we wrote about how he would be reaping benefits after his presidency. Trump's post-presidency pension valued at roughly $220,000 per year. In general, besides the salary, the president gets free transportation in the presidential limousines, Marine One and Air Force One, apart from the free housing in the White House.
Another perk includes, that after leaving office, the ex-presidents remain on the government payroll, bringing in an annual pension of around $200,000, as well as health care coverage and paid official travel. Following all tax laws and including the tax brackets, they would pay taxes at a rate of 35% as per in 2019.
