 "Donald Trump is ‘really, really rich’. But how much money does he have?")
On November 5, America made its choice and they chose Donald Trump over Kamala Harris. The 78-year-old was declared the winner of the US presidential election and he will now be sworn in as the 47th president of the United States in January.
As president, he will now be entitled to a salary of $400,000 a year. However, Trump doesn’t necessarily need the pay. That’s because if there’s one thing we know about the US president-elect is that he, in his own words, is “really, really rich.”
But how rich is he? That question has been asked in court, on the campaign trail, and by the media over the years. And now that he has won, it has resurfaced.
For those who want the answer, read on to find out.
What is Donald Trump’s net worth?
As of November 4, a day before America went to the polls, Forbes pegged Trump’s wealth at $5.6 billion. That’s $1.9 billion more than he was worth in 2016 and $3.1 billion more than in 2020, reported the news outlet.
Bloomberg, earlier in the year, placed his net worth at an estimated $7.67 billion and ranked him 473rd on Bloomberg’s Billionaire Index list of the world’s 500 richest people.
Trump’s wealth has long been a discussion for many and this interest in his wealth has only amplified owing to his refusal to disclose his tax returns and income.
Where has Trump made his money?
Known to be a real-estate magnate, Trump’s recent riches stem from Trump Media & Technology Group Corp, the parent company of his social network, Truth Social . This company’s value, according to Forbes is $3.5 billion.
However, this value keeps changing owing to the value of the shares fluctuating from low lows to highest highs. For instance, shares of the company rose to more than $50 following Trump’s campaign rally at Madison Square Garden . This came after shares hit their lowest level in the first week of September.
The US president-elect is also known for being a real estate tycoon; his investments in the sector are worth $1.1 billion. Among Trump’s real estate holdings are a 30 per cent stake in 1290 Avenue of the Americas, an office and retail building in New York. The building is worth about $1.8 billion. He also owns a 30 per cent stake in a three-building complex at 555 California Street and 17 condos at his Trump Park Avenue property.
Trump also has other properties such as Trump Tower, estimated to be $161 million, Trump International Hotel Las Vegas, worth about $122 million, three homes in Florida and a variety of residential lots. Other holdings include Trump World Tower, Trump Plaza, Trump International Hotel & Tower in Chicago, Trump Palace, and two homes next to one of his golf clubs in Virginia.
Donald Trump owns the Mar-a-Lago and Trump National Doral Miami resorts, worth $325 million and $273 million, respectively, and 10 golf clubs in six states and three golf properties in Europe.
Trump also owns $3 million in cryptocurrency and an aircraft worth $13 million. The president-elect also claims to have $413 million in liquid assets.
It is further reported that he makes money from licensing his name to a variety of objects, ranging from Bibles to sneakers. Trump also earns money from his books; Letters to Trump, brought in $4.5 million, while royalties from television show The Apprentice helped rake in more cash.
What about Trump’s liabilities?
But for all the money he’s making, Trump isn’t without financial liabilities. He has mortgages on Trump Tower and other properties.
But the biggest liability for Trump is his legal ones, with Forbes estimating it to be more than $500 million. He owes over $540 million in legal judgments in connection with two court battles in New York. In New York, in February he was ordered by the court to pay $355 million in fines for submitting “blatantly false financial data” to obtain favourable rates on brand-building properties. This penalty rose to $464 million mid-March.
In 2023, Trump was also found liable for sexually assaulting author and journalist E Jean Carroll in the dressing room of Manhattan’s Bergdorf Goodman department store in the mid-1990s and then defaming her by lying about it. The nine-member jury awarded Carroll more than $83 million in damages – $65 million in punitive and $18.3 million in compensatory damages.
Trump has vowed to fight those judgments.
As per a report by The Independent in May, he owed lawyers an amount in the seven-figure range — about $1.1 million based on filings with the Federal Election Commission by Trump’s political action committee (PAC), Save America.
It’s interesting to note how Trump has grown his riches since he started. In 1982, his estimated net worth was around $200 million before it grew to $1.7 billion by 1989. However, in the 1990s, he fell off the Forbes’ richest list. But that didn’t last too long and by 2007, he grew his wealth to $3 billion.
In recent times, he’s remained a billionaire with a fluctuating net worth of $3.2 billion to almost $5 billion.
With inputs from agencies
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