America’s Rich Getting Poorer in 1990

Forbes magazine released its annual list of the nation’s 400 wealthiest people today, spelling out what some have suspected with glee for months: Donald Trump has hit very hard times, and he’s not the only high-flier who crashed with the 1980s.

While the flashy developer was dropped right off the Forbes 400 list, Metromedia founder John Kluge grew even richer. The rags-to-riches German expanded his fortune by $400 million, to a staggering $5.6 billion, enough to retain his crown as the richest of the rich.

But most of the top 400 saw their net worth dwindle.

“With the end of the great 1980s credit binge, capital values almost everywhere are being marked down. Just as homeowners feel less wealthy than a year ago, so do most of the nations’ rich,” the magazine said. “In 1990 the rich have been getting poorer.

“Trump is the most noteworthy loser,” it said. “Once a billionaire, Trump’s net worth may actually have dropped to zero.”

Another loser is Merv Griffin, whose Resorts International, which owns the struggling casino next door to Trump’s struggling Taj Mahal, went bankrupt.