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The Guardians of Democracy

Trump Lies To Macron At G7, Claims He’s Losing As Much As $5 Billion Being President


Trump Lies To Macron At G7, Claims He’s Losing As Much As $5 Billion Being President

At a closing press conference before departing the Group of Seven (G-7) summit held in Biarritz, France, Trump once again falsely claimed that being President of the United States has cost him between three to five billion dollars.

“It will cost me anything from three to five billion dollars to be president,” Trump claimed during a wide-ranging press conference with the French president, Emmanuel Macron.

“The only thing I care about is this country,” he added.

“I used to get paid a lot to make speeches…now I make zippo,” he continued.

Trump has previously made the same claim about the impact on his wealth, a claim Forbes labeled “absurd.”

Trump is not losing $3 billion to $5 billion. His income isn’t anywhere near $3 billion. And his net worth has not dropped by $3 billion since he went into politics—let alone $5 billion, which is more than he’s ever been worth. Forbes pegged Trump’s fortune at $4.5 billion in 2015. Today we estimate it to be $3.1 billion, a drop of $1.4 billion.

But only a sliver of that has to do with politics. Much of the decline is due to deeper reporting, which revealed, for example, that Trump had been lying about the size of his penthouse. Another big chunk is due to market forces. Trump owns commercial space at a time when e-commerce is decimating brick-and-mortar retail, shaving more than $100 million off his fortune. The presidency, we found, accounts for only about $200 million of the $1.4 billion drop in Trump’s net worth.

Trump repeated the false claim on Monday after a reporter asked about rumors he will hold next year’s G7 summit at one of his own properties at Doral in Florida.

The reporter asked for reassurances that he would not use his presidency to try and turn a profit.

Trump said that Doral was chosen because it was brand new, has the largest ballrooms in Florida, and is just five minutes away from Miami Internation Airport.

“My people looked at 12 sites, all good. Some were two hours from an airport…The ballrooms are among the biggest in Florida and best,” he claimed.


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