After winning the 2016 election, Donald Trump made it abundantly clear that he planned to financially profit off the the presidency while serving as president. “The president can’t have a conflict of interest” he told reporters during the transition, by way of explaining why he wouldn’t be cutting ties with his company, but simply handing over day-to-day management of the Trump Organization to his eldest sons, who keep him fully apprised of how things are going in his absence. Days before the inauguration, the initiation fee at Mar-a-Lago, where members are given free rein to oversee the federal agencies of their choosing, doubled to $200,000. Trump has taken numerous trips to the Palm Beach resort during his first 20 months in office, often hosting foreign heads of state at the “winter White House,” where the golf markers bear the presidential seal. Even when he’s not there, Trump is advertising its splendor to potential paying customers, casually letting it slip during an interview that the dining room happened to serve “the most beautiful piece of chocolate cake that you’ve ever seen” when he decided to bomb Syria. The blatant corruption doesn’t start or end in Florida—while shilling condos in India earlier this year, Don Jr. invited buyers to pony up an extra $38,000 for up-close-and-personal access to a key member of the president’s inner circle (himself). And, of course, there’s the Washington hotel that opened days before the 2016 election, where foreign and domestic governments know booking a room is a great way to get in Trump’s good graces.

Yet for all of his attempts—many of which have been successful!—at using the office of the presidency to further enrich himself and his family members, a new report paints a very sad picture for a wealth-obsessed man who once said, “part of the beauty of me is that I’m very rich.” According to the most recent Forbes billionaires list, Trump’s net worth has dropped more than $1 billion since becoming president, falling from $4.5 billion to $3.1 billion over the past two years, and placing him at a Siberian 259 on the Forbes 400 list of the richest people in the U.S. The magazine attributed the decline in Trump’s wealth to three factors: e-commerce hurting the value of his real-estate holdings, heightened security at his resorts, and his “own over-reporting of the size of his penthouse.” And then, of course, there’s the matter of people not wanting to buy stuff associated with a guy who throws kids in cages and is generally a national embarrassment:

Revenue from Trump-branded ties, whiskies, MAGA hats and other merchandise has plummeted to just $3 million from $23 million in 2015. “He has significantly tarnished the brand,” licensing expert Jeff Lotman told Forbes.

At Trump’s golf clubs, revenue is down 9 percent, partially due to members resenting the fact that they have to go through several layers of security to get in. At Trump Tower, condos are down 33 percent. And hotel revenue has plummeted $30 million since the real estate developer announce he was running for office. In fact, the president’s personal financial picture would have been even worse were it not for his commitment to making money off of his current gig: