Forum Thread

Forbes 400

Reply to ThreadDisplaying 1 Posts
  • Are you sure you want to delete this post?

    The Forbes 400 or 400 Richest Americans is a list published by Forbes magazine of the wealthiest 400 American citizens who own assets in the U.S., ranked by net worth. The 400 was started by Malcolm Forbes in 1982 and the list is published annually around September.[2] Peter W. Bernstein and Annalyn Swan describe the Forbes 400 as capturing "a period of extraordinary individual and entrepreneurial energy, a time unlike the extended postwar years, from 1945 to 1982, when American society emphasized the power of corporations." Bernstein and Swan also describe it as representing "a powerful argument – and sometimes a dream – about the social value of wealth in contemporary America."[3]

    Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start".[4][5] In September 2012, according to the Institute for Policy Studies, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege".[6]

    In April 2018, an ex-Forbes reporter Jonathan Greenberg alleged that Donald Trump had inflated his actual wealth in order to be included on the Forbes 400 listing. Greenberg provided original audio recordings of his 1984 exchange with "John Barron", one of the pseudonyms of Donald Trump, and eventually included Trump at the end of the Forbes 400 list at $100 million, one fifth of the $500 million which "Barron" was claiming as Donald Trump's net worth. This figure was later corrected and, following civil proceedings years later, Trump admitted the name was fabricated

    Trump was subsequently removed from the list, but eventually got back on.

    When Trump filed his financial disclosure information as he started his run for president, he listed his net worth as $10 billion, which was roughly twice what his net worth was at that point in time.

    Forbes just released their most recent list. For the first time since 1996, Trump's name is not on the list. Since he started his term in office, his net worth has shrunk by $600 million, due to the fact that the bulk of his properties are hospitality-related, a category that was his especially hard by the pandemic. His new net worth of $2.5 billion is $400 million short of the amount that is needed to be included on the list. According to Forbes, he had a chance to sell his properties when he started his term in office, but did no do so. As a result, he has no one to blame except himself for his diminished status.