Prior to venturing into mainstream politics, Donald Trump achieved giant strides as a real estate mogul and a businessman. His fortunes led him to become the first billionaire ever to serve as the President of the United States. The Trump family as a whole is highly revered for their prominence, particularly in the areas of real estate investment, politics, business, and entertainment. This has not in any way shielded the family from the occasional controversies especially since details of their personal lives became available to the public.
More so, since the debate about Donald Trump’s overall net worth began, there have been lots of speculations and reports regarding his status as a billionaire and the exact figure he’s worth as well as how he amassed it. While he has chosen to keep his tax returns under wraps, it has given rise to incessant media scrutiny on his chain of businesses and how he handled things before his time as president as well as how much the company makes with his children at the helm of affairs.
What’s Donald Trump’s Net Worth In 2020?
Donald Trump is no doubt one of the most successful real estate moguls in the United States of America. He has built an empire through his different stints in real estate, brand value, and other business endeavors. The vastness of his business empire has made it difficult for various news and financial organizations to accurately estimate his wealth.
On April 7, 2020, Forbes put President Trump’s wealth at an estimate of $2.1 billion. This figure was pegged at $3.1 billion early this year but due to the adverse effect of the Covid-19 pandemic on the financial market, Trump’s fortune took a nosedive. Prior to becoming the president of the United States, Forbes published that the business mogul had a net worth of about $3.7 billion.
The U.S president has never agreed with any of these publications regarding his net worth. In fact shortly before announcing his interest to run for the oval office, Trump released a financial statement through his accounting firm stating his net worth to be around $9 billion.
How Did He Make His Money?
The U.S Army Commander-in-Chief has multiple streams of income which stems from his chain of businesses scattered across the United States. The astute businessman is believed to have gotten his knack for doing business from his father, Fred Trump, who was a successful real estate developer in New York City back in the day. Trump Sr. invested his inheritance to start his company. The company which was named Elizabeth Trump & Sons later metamorphosed into a business empire. Donald, following the death of his father, became the chairman and president of the company. The business tycoon as part of his reform agenda renamed the company the Trump Organization.
The New York Times in an investigative editorial stated that the U.S President inherited about $413 million from his dad’s business empire. This is asides the several trust funds established in his name by his paternal grandmother and father. The New York Times further revealed that Trump reached the millionaire status at the age of 28. Trump, upon assuming the office of the President of the United State, left the managerial role of the Trump Organization to his children.
1. Investments in Real Estate
In the early stages of his career as a developer, Donald Trump’s first big project was the Commodore Hotel which he partnered with the Hyatt Organization to procure at an undisclosed price in 1976. With his negotiating skills, Trump was able to get a 40-year tax-exempt for the hotel from New York City. However, he later sold his stake in the hotel to the Hyatt organization for $142 million in 1996.
The business magnate continued to invest heavily in developing buildings across New York City. Some of his landmark projects included the Plaza Hotel, the former Bank of Manhattan building, and the 58-floor Trump Tower on Fifth Avenue. The latter was completed in 1983.
2. Earnings From The Trump Brand
Trump has also earned a significant sum from proceeds gotten from the sale of his brand value and licensing. Through the Trump Organization, the real estate guru licensed the Trump brand to other companies, thereby accelerating its prominence internationally. These companies pay huge licensing fees to use the Trump brand name. Notable amongst the brands include Trump Fine Foods, the Trump Ocean Club, and many others.
In summary, the Trump Organization made over $170 million from licensing alone. More so, the American businessman has a portfolio of hotels, golf courses, and real estate which earns him hundreds of millions of dollars. Even as President, he continues to maintain these investments despite the many criticisms.
3. Television Appearances
Trump has also had stints on television with many notable appearances. He received widespread praise for his outstanding performance as the host of the popular television show, The Apprentice, where his undiluted remarks and public firing of potential employees made him a fan favorite.
How Much Has His Wealth Increased or Decreased?
As mentioned, Trump had a net worth of $3.7 billion prior to running for office in 2016. However, this figure has significantly reduced over the years due to a number of factors. Fluctuations in the global financial markets, investigations by the U.S authorities and other factors saw his stocks rise and fall proportionately.
Earlier this year, Forbes put his net worth at an estimate of $3.1 billion but this figure also dropped within a couple of months following the outbreak of the Coronavirus which caused many economies to shut down. The U.S President’s net worth fell to $2.1 billion as a result of the global crisis. Meanwhile, the real estate mogul has blatantly refused to divulge information with regards to his tax returns which would show details of his income from his business interests.
However, he still owns many landmark properties across the States. Notable amongst them is his exclusive private Mar-a-Lago resort in Palm Beach valued at $160 million. Trump also boasts of an array of exotic cars, private jets, and yachts in his collection. His cars include a Mercedes-Benz 3600, Ferrari, Rolls-Royce Phantom, Rolls-Royce Silver Cloud, amongst others. In addition to these, the business tycoon owns a private jet, a Boeing 727 aircraft, and a 100-cabin yacht.