As the presidential elections approach, many wonder if the US president has become richer in the last four years. Well, it seems that no. The president’s net worth has dropped sharply, though he still stands in the billions, according to the Bloomberg Billionaires Index.

Over the past year, US President Donald Trump’s net worth (excluding debt) has decreased by about $ 300 million. This dynamic represents a fall of 10%, the steepest since the agency began to track his fortune in 2015. Today the president and tycoon total some $ 2.7 billion, Bloomberg cites.

“It all started with a decrease in revenue in the Trump Organization‘s portfolio of office buildings and then the situation was aggravated by the impact on real estate markets from the coronavirus pandemic,” the agency explains.

Trump was reportedly most affected by the fall in the value of the famous Trump Tower on New York’s 5th Avenue. In 2018, the Trump Organization lost one of its key tenants: Nike moved out of a huge building on 57th Street. Bloomberg points out that finding a new tenant for the building has become especially difficult after COVID-19’s hit to retail in the US.

In parallel, the costs of Trump-owned golf courses have fallen, something Bloomberg attributes to the fact that the sport is losing popularity among younger Americans.

However, the agency highlights the presence of positive moments in Trump’s business. Despite the ambiguity about the president’s personality, the Trump brand business has earned him tens of millions of dollars over the past year. Its hotels and clubs continue to be very popular and, in addition, receive significant financial support as a result of the payment of the treasury for the stay of the president and his team during Trump’s rest visits.