President Trump has landed on Forbes’ annual list of America’s billionaires for the first time in 25 years. The magazine estimates that the 70-year-old businessman has grown his personal fortune to $3.5 billion, a shade below last year’s reported worth of $3.6 billion. Trump was on the list of America’s billionaires in 2007, 2008, 2009, 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018.
The change is a result of an accounting change, a spokesperson for the magazine told the Washington Post, whereby business mogul Jeff Bezos has vaulted from 53rd to second place. As the owner of the Washington Post, and a part owner of Amazon, Bezos, who recently welcomed his first child, had a pre-tax income of $137.5 billion, according to Forbes’ tally.
Trump’s full return will be released in October, the magazine announced in a statement.
The president’s surprise landing on the list also comes as the magazine reported that his 2017 net worth was $3.5 billion, but it later changed that to $3.5 billion. It was the first time Trump was considered to be worth less than $3.5 billion since the journal began compiling such rankings in 1989. The drop is also a reflection of his waning popularity with the wealthiest Americans. In 2018, only 14 percent of Americans said that they had a favorable view of the man with the highest official approval rating ever recorded in the world, according to Reuters.
On Twitter on Monday, the president had reacted to the rumors of his newfound wealth, calling his brand “of a bygone era.”
Forbes Magazine just announced that I have dropped to 2nd place, behind Bill Gates, in terms of wealth. As Bill said — he only beat me by a fraction of a percent. Beating me means that more people view him as higher in wealth than me. See, being number 2 doesn’t make you rich, at least not in the minds of people like Forbes. Big difference! — Donald J. Trump (@realDonaldTrump) July 16, 2018