According to Forbes magazine, Donald Trump’s fortune dropped $800 million in one year.
The business magazine now estimates Donald Trump’s net worth at $3.7 billion.
Forbes said the decrease was mainly due to the “softening” of the New York property market.
Donald Trump, who once wrote a book called Midas Touch, has said the country needs a dealmaker-in-chief in the White House.
During September 26 presidential debate, he said: “I have a tremendous income … it’s about time that this country had somebody running it that has an idea about money.”
Image source U.S. Marine Corps
The magazine, which has been counting Donald Trump’s wealth for more than three decades, cites the decline of the New York retail and office real estate market for the slump in his wealth.
Of the 28 buildings that Forbes assessed, 18 declined in value, including his flagship Trump Tower on Manhattan’s Fifth Avenue.
Donald Trump’s property at 40 Wall Street and Mar-a-Lago, his private club in Palm Beach, Florida, also lost value, according to Forbes.
However, seven Trump properties, including San Francisco’s second-tallest tallest building, increased in value.
A central tenet of Donald Trump’s candidacy has been that his ability to fund his own White House run meant he was not beholden – like his rivals – to major donors.
The Republican has invested about $50 million of his own money so far in his presidential bid, but has clawed some of that back by, for example, locating his offices in Trump Tower and billing his campaign for rent.
Forbes estimates Donald Trump’s controversial remarks about Mexican immigrants during his campaign launch cost him about another $100 million in lost deals with NBC Universal, Univision and Macy’s, among others.
When Donald Trump filed his financial disclosure with the Federal Election Commission this year his campaign said he was worth “in excess of TEN BILLION DOLLARS”.
However, Forbes says he is worth $3.7 billion, Bloomberg puts it at $3 billion and Fortune says it’s $3.9 billion.
One reason for the discrepancy is that Donald Trump counts the value of his brand – by his own estimate worth some $3.3 billion.
Critics also accuse the billionaire of routinely overstating his income by conflating business revenue and income.
Donald Trump’s refusal to disclose his tax return has fuelled speculation that his bank balance is not as huge as he claims, or that perhaps he’s not paying his fair share of taxes.
Democratic candidate Hillary Clinton suggested at the first presidential debate that the return may reveal “something really important, even terrible, that he’s trying to hide”.
Even if Donald Trump did release his tax returns tomorrow, they would be unlikely to give a true sense of his real wealth.
Tax returns report income and taxes paid on that income, but would not provide a full picture of the value of his assets or Donald Trump’s debt.
Bill Gates is back on top of Forbes’ annual ranking of global billionaires, reclaiming the title of world’s richest person from telecom mogul Carlos Slim Helu of Mexico, who ranked No. 1 for the past four years.
Microsoft founder’s total net worth was estimated at $76 billion this year, up from $67 billion in 2013.
His rise in wealth knocked Mexican telecoms tycoon Carlos Slim off the top spot into second place.
In total, there were a record 1,645 billionaires, according to Forbes magazine.
The funds needed to make it into the top 20 ranking are now $31 billion, up from $23 billion last year, Forbes said.
Bill Gates has been top of the list for 15 of the last 20 years, according to Forbes.
Technology firms featured heavily in the list, with Facebook founder Mark Zuckerberg becoming the biggest gainer in net worth.
Mark Zuckerberg’s fortune more than doubled to $28.5 billion, boosted by a sharp rise in the price of the social network’s shares.
The social network’s chief operating officer, Sheryl Sandberg, also made the list for the first time.
WhatsApp founders Jan Koum and Brian Acton entered the list at number 202 and 551 respectively, thanks to Facebook’s $19 billion purchase of the messaging app.
The world’s largest economy, the US, continues to have the most billionaires, with 492.
By region, Europe boasted the most billionaires outside the US, with 468 in total, closely followed by Asia, which had 444 billionaires.
The list suggested that wealth was spreading, with four new countries featuring for the first time – Algeria, Lithuania, Tanzania and Uganda.
Nigeria’s Aliko Dangote, Africa’s richest man, became the first African to be listed in the top 25, with a net worth of $25 billion.
Madonna was the top earner on Forbes’ recent Celebrity 100 list, raking in $125 million, but Michael Jackson easily topped her though, earning $160 million over the past year.
It’s the third time in the past five years that the top-earning celebrity in the world has come from the graveyard.
Much of Michael Jackson’s money comes from two Cirque du Soleil shows. Immortal, a touring show, has grossed over $300 million since opening last year. One, which opened at the Mandalay Bay in May, is routinely sold out. Both shows feature the usual Cirque du Soleil acrobatics but One comes with a bonus: a hologram-like illusion of Michael Jackson performs Man in the Mirror at the end of the show.
Michael Jackson also still earns from his music and his half of the Sony/ATV catalog, which includes hits by The Beatles, Lady Gaga and Taylor Swift among others.
The King of Pop reclaims the No. 1 spot on Forbes magazine’s list from his friend Elizabeth Taylor.
Elizabeth Taylor, who passed away in 2011, earned an estimated $210 million in the 12 months to October 2012 thanks to a series of lucrative auctions at Christie’s of Taylor’s art, jewels and clothes. This year her earnings dropped to an estimated $25 million, landing her in fourth place.
Over the past 12 months, Elizabeth Taylor’s estate earned big bucks from her White Diamonds perfume, which in 2012 brought in $53 million in retail in the U.S. alone, according to Euromonitor International, her rights in old movies and her smart stock and real estate investments. Elizabeth Taylor’s estate, now represented by Hollywood talent agency UTA, is at work on several licensing deals. Expect to see Elizabeth Taylor’s name on high-end clothing and cosmetics in the near future.
Michael Jackson tops Forbes’ Top-Earning Dead Celebrities 2013
Forbes magazine’s list looks at earnings between October 2012 and October 2013. The magazine count money coming into the estate and it doesn’t deduct for how the estate handles it. To come up with its estimates Forbes talks to estate managers, licensors and lawyers involved in the dead celebrity business.
Ranking second on our list is Elvis Presley with an estimated $55 million in posthumous earnings. Elvis Presley may have taken a back seat to Michael Jackson, but his estate is still earning steadily thanks to his eternally popular image and his famous home, Graceland. That was enough to convince billionaire Leon Black and his firm, Apollo Global Management, to buy CKX, the parent company of American Idol and the estates of both Elvis Presley and Muhammad Ali, for $509 million in 2011.
Madonna was the world’s top-earning celebrity over the past year, trumping the likes of Oprah Winfrey and Steven Spielberg.
Madonna, 55, made an estimated $125 million thanks to her MDNA tour, clothing and fragrance lines, according to Forbes Top-Earning Celebrities List 2013.
The magazine said it was the most money Madonna had made in a single year since it began tracking earnings in 1999.
Director Steven Spielberg was at number two with $100 million.
Madonna was the world’s top-earning celebrity over the past year, trumping the likes of Oprah Winfrey and Steven Spielberg
Most of his earnings came from his back catalogue of film hits such as ET and Jurassic Park – which has just been released in 3D to mark its 20th anniversary – as well as last year’s Oscar winning Lincoln.
Steven Spielberg also takes a cut of all ticket sales at Universal Studios theme parks.
Third place was a three-way tie between 50 Shades of Grey author EL James, Simon Cowell and shock jock Howard Stern, with earnings of $95 million.
Thriller writer James Patterson follows with $91 million, while TV and radio host Glenn Beck earned $90 million.
Others in the top 10 included Transformers director Michael Bay ($82 million) producer Jerry Bruckheimer ($80 million) and pop star Lady Gaga ($80 million).
Forbes compiles its annual list of celebrity earnings using input from agents, managers, producers and others to calculate its estimates for each celebrity’s entertainment-related earnings.
The figures do not reflect tax deductions, agent fees or “the other expenses of being a celebrity”.
For the fourth years in a row, Forbes.com has rated Detroit, Michigan, as the most dangerous city in the United States with a violent crime rate of 2,137 per 100,000 residents.
Detroit was once the industrial capital of the nation. But, decades of economic decline and a ruinous recession have turned the Motor City into America’s crime capital.
Many of the other places on the list are also declining industrial powerhouse cities that have been left ravaged by dwindling blue-collar jobs and rising unemployment.
Baltimore, Maryland, ranked number seven; Cleveland, Ohio, number nine; and Buffalo, New York, number ten; all share Detroit’s fate to one degree or another.
Seismic changes in the auto industry have left tens of thousands of people out of work in Detroit as automakers and parts suppliers shrank in size and began to rely more heavily on labor-saving technology.
The unemployment rate is currently 19.65, nearly two and a half times the national average.
Crime is so bad in Detroit that at a recent town hall meeting, Mayor Dave Bing was booed and heckled by his own police officers.
“What are you doing to stop the attack as far as blight, the drugs, the murder?” officer Marcus Cummings demanded, according to the Detroit Free Press.
Detroit has lost more than 200,000 residents in the last decade as citizens fled the blighted city for better-off suburbs with lower crime and better school.
Forbes pointed out that even with the population drop, there were 344 murders last year, compared with 395 in 2001.
The police department was forced to fire 200 police officers last year as the city struggled to cope with massive budget shortfalls from declining tax revenue as people left and businesses closed their doors.
Poverty and high unemployment figure prominently among the most violent cities in the nation. Each of them has higher unemployment rates than the rest of the nation.
Oakland, California, number three; Memphis, Tennessee, number four; Birmingham Alabama, number five; and Stockton, California, number eight; have all struggled with high poverty rates for many years.
Unemployment in Stockton, 17.8%, is only marginally lower than it is in Detroit.
St Louis, Missouri, number two, and Atlanta, Georgia, number six, both stand at the crossroads of major drug trafficking corridors and are plagued by especially violent drug crime. Stockton also lies on a key drug trafficking route – between the Mexican cartels and the Pacific Northwest.
Criminologists, and police chiefs in the cities themselves, warn that the data behind the ranking, the FBI Uniform Crime Statistics, offers shaky ground for comparing cities.
The FBI’s numbers depend on how thoroughly the local police departments record and report their own crime statistics.
However, most of the cities listed have been ranked among the most dangerous for years.
And most of them also have the highest murder rates — one crime stat that’s hard to fudge.
After all, as the saying goes, it’s possible for police commanders massage robberies to make them look like thefts, and downplay nonfatal shootings. It’s much more difficult to hide a body.
The ten most dangerous cities in the U.S.
The following is Forbes’ list of the ten most dangerous cities in the country, based on the violent crime rate, which lists the number of murders, rapes, robberies and assaults per 100,000 residents.
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