Unlike most politicians, former President Donald Trump made a significant financial sacrifice during his four years in office.
The Washington Examiner reports that Trump cut his net worth nearly in half while president.
Back in 2015, before Trump announced that he would run for the White House, he was worth around $4.5 billion, the Examiner reported. Upon his inauguration in January 2017, Trump was No. 121 on Forbes‘ list of America’s wealthiest people.
By 2019, Trump’s wealth was down from $4.5 billion to $3.1 billion. And now, with his presidency over, Trump’s net worth is said to be around $2.5 billion — a $2 billion drop from his pre-politics days, the Examiner revealed.
Trump takes a big hit
According to the Examiner, the reasons for Trump’s reported losses aren’t hard to find. Among them: many of the industries Trump makes money in were severely impacted by the onset of the coronavirus pandemic.
“The Trump Organization saw a decline in revenue of 38% as well in 2020, down to $278 million,” the Examiner reported Thursday.
Further, the former president has taken a big hit in the wake of a riot on Capitol Hill on Jan. 6, which Democrats and even some Republicans have blamed Trump for “inciting.” His second impeachment trial in the Senate, based on a single charge of incitement, is set to begin this week.
But Trump didn’t get into politics to make money, and he made that clear from the early days of his campaign. In the years that followed, Trump made good on his vow, even donating his $400,000 salary each year he was president, the Examiner noted.
According to CNBC, Trump’s paycheck in the final quarter of 2020 was put toward research to combat the spread of COVID-19. Trump also donated during his presidency to “the Office of the Surgeon General to help combat the opioid epidemic, to the Department of Homeland Security to help build a wall on the southern border, and to the National Institute on Alcohol Abuse and Alcoholism, to help combat alcoholism,” CNBC said.
A profitable venture – for some
It all stands in stark contrast to Trump’s predecessor, former President Barack Obama.
Estimates vary, but according to Forbes, Obama made upwards of $10 million during his two terms as president of the United States — and that doesn’t even count money made by his wife, Michelle. A fact check from Snopes suggested the Obamas’ net worth sat just over $1 million in 2007, before the former president took office; by 2017, that number had risen to $24 million.
The political power couple is now said to be worth as much as $70 million, partly thanks to lucrative book deals. But while a stint in Washington may be profitable for some, it’s clear that Donald Trump had his priorities elsewhere while he was in the Oval Office — and we’re all better off for it.