For the first time in twenty-five years, Donald Trump has fallen off the Forbes 400 list, a ranking of the wealthiest Americans.

The outlet explains that Trump’s net worth is down $600 million since the start of the pandemic, as the real estate holdings that make up the majority of his $2.5 billion fortune have fallen in value.

Ironically, ethics officials were pushing Trump to sell his real estate assets after he was elected in 2016, citing a potential conflict-of-interest. But Trump ignored those calls.

If he had followed their advice, sold the properties, and invested in an index fund tracking the S&P 500, he would be 80% richer than he is today.

"If Trump is looking for someone to blame, he can start with himself. Five years ago, he had a golden opportunity to diversify his fortune. Fresh off the 2016 election, federal ethics officials were pushing Trump to divest his real estate assets."https://t.co/gP4MOsZrhP

— Democratic Coalition (@TheDemCoalition) October 5, 2021

“His refusal to divest, in other words, cost him $2 billion,” explains Forbes.

Forbes notes that Trump is currently $400 million short of securing a spot on their list. He had steadily fallen in the rankings since 2017.

LOL! If Trump had divested, he could have deferred capital gains taxes and would likely have made money instead of losing money, according to @DanAlexander21. Turns out, having ethics would’ve been profitable. https://t.co/bnqUKDJP9M

— Walter Shaub (@waltshaub) October 5, 2021

According to Forbes, Jeff Bezos ($201B) and Elon Musk ($190.5B) are the wealthiest Americans.

Outside of investor Warren Buffett, every billionaire in the Forbes top 10 made their fortune from technology.