Former President Donald Trump was left off Forbes’ 2021 list of the wealthiest 400 Americans, the business and finance publication announced Tuesday, marking the first time in 25 years Trump has not been on the list.
The former president is reportedly still a billionaire. Forbes estimates his wealth to be $2.5 billion, or the same as it was last year, when he stood at No. 339 on the list.
But the publication says the former president has slipped down the ranks due to his reliance on real estate holdings and his refusal to divest from them.
The stock market has thrived during the coronavirus pandemic, meaning that America’s richest people have been able to reach new heights of wealth as many of the workers who power their fortunes have suffered in the COVID-19 era. Some property owners like Trump, however, have struggled in part because more people have gotten by working from home.
A $100 million loan to Trump’s flagship tower in Midtown Manhattan, for example, was placed on a “watch list” by Wells Fargo last month over decreasing occupancy rates.
Trump’s refusal to divest from his business ventures throughout his presidency earned him a torrent of criticism from ethics experts, including former Office of Government Ethics Director Walter Shaub.
Had he done so and reinvested in other sectors of the economy, Forbes reported, Trump would likely still be able to count himself among the richest 400 Americans.
Meanwhile, the Trump Organization remains in the crosshairs of New York prosecutors, who charged its former chief financial officer, Allen Weisselberg, with a bevy of crimes over the summer.