What is Trump’s Net Worth? I am certain you want to know exactly how rich former president Trump is. He is not just a politician, he runs chains of businesses and earns lots of money. In this article, you will learn how rich he is, about his family and lifestyle. Read to the end. Let’s go!
Before he even became the US president, he already made a lot of money. However, after becoming a president in January 2017 and suffering two impeachments and riots on Capitol Hill, his net worth fell from $3.7 billion to $2.4 billion according to a Forbes estimate from April 2021.
According to the Bloomberg Billionaires Index, Trump’s net worth is about $2.33 billion. Unfortunately, his net worth dropped by up to $700 million in his last year of presidency.
To start within his first year in office, Trump’s wealth grew to $3.1 billion. In 2020, it dropped to $2.5 billion. As if it wasn’t enough, he again lost $700 million due to the Capitol Hill riots and his impeachments. This was because a lot of firms completely stopped doing business with him.
Furthermore, another this that made him lose so much money in 2020 was the coronavirus and the impact it has had on industries he has very big assets in. Even his properties in Washington, D.C., and Chicago, Doral, and his golf resort in Miami lost 80% of its in a twinkle of an eye according to Forbes.
Moreover, Capitol Hill riots made Trump’s golf course lose its right to host the PGA championship tour in 2022. It causes them to lose marketing opportunities and reduced profits. After the riots, Shopify closed Trump’s online stores. He even lost more.
Due to all the losses, he took about $590 million in loans according to Bloomberg. Notwithstanding all the losses, Trump still has lots of valuable assets. They include garages in New York City, the Mar-a-Lago Club in Florida, and three nearby homes.
There seems to be hope since the economy is recovering already from all the impacts of COVID 19. However, an article in Forbes says that if Trump had worked the stock market properly, selling his portfolio upon taking the presidency, paying capital gains tax, and investing in S&P 500 mutual funds, he wouldn’t have lost so many funds. To an extent, this could be true.
Even though he lost a lot of funds, in 2020, he was number 1,001 on the Forbes billionaires list. But in April 2021, he became number 1,299 on the list.
Trump’s Net Worth
He was then the oldest US president to be sworn in. He was 70 years, 220 days old on Jan. 20, 2017. However, Joe Biden is now the oldest to be sworn in. He was 78 when he was sworn in).
Trump alone inherited about $40 million from his late father who was a real estate developer Fred Trump. In 1971, Donald Trump became head of The Trump Organization.
Today, he developed more than 500 companies. He focuses on television shows, casinos, books, luxury golf courses, skyscrapers, merchandise, and more. With all the above, he has earned $2.4 billion, his net worth today.
Donald Trump’s Businesses
He has outstanding business acumen. More so, he has sealed lots of deals with Hyatt, the city of New York, and the Commodore Hotel beside the Grand Central Station. He was able to renovate and rebrand the sick hotel into the Grand Hyatt. This hotel flourished in the 1980s, making trump one of the best-known real estate developers in the US.
Further, in 1984, he built the 68-story Trump Tower, which is the headquarters for The Trump Organization. The building has a 60-foot waterfall. On the opening day alone, it had five levels of retail stores and restaurants.
Also, he has Trump Place, a luxury residential community spanning 92 acres. Another is The Trump International Hotel & Tower Chicago has a hotel. Others include condos, lots of restaurants, and shops. It’s because of Trump that Wollman Rink, a Central Park staple, is successful today.
His Failed Businesses
Sadly, in 1988, Trump spent $365 million on a fleet of Boeing 727s. He as well spent on the landing facilities in Boston, New York City, and Washington, D.C. Even after buying the rights to paint his name on a plane, everything failed and he was decommissioned.
Despite getting a $65million bailout from banks in 1990, his famous Taj Mahal casino in Atlantic City, New Jersey, became bankrupt in 199. The same thing happened to Trump Hotels & Casino Resorts in 2004 and Trump Entertainment Resorts in 2009.
He as well tried establishing an online University which became unaccredited after 5 years of running from 2005 to 2010. People even called the school a scam and there were 3 lawsuits which were not easy at all for him.
He spent $25 million on the lawsuits.
Donald Trump’s Lifestyle
He lives in a three-floor penthouse in Trump Tower with his wife, Melania, and son Barron. The house has an indoor fountain and a door encrusted with diamonds and gold according to Business Insider.
Trump as well as the Mar-a-Lago, where he spent 25 of his first 100 days in office. After his presidential term, he moved back to the estate according to CNN. This luxury club is worth $180 million, according to Forbes. It is built on 17 acres of valuable South Florida land. This estate has 58 bedrooms, 33 bathrooms, 12 fireplaces, and three bomb shelters — for the bargain price of $10 million in 1985.
Trump has a $100 million Boeing 757 adorned with gold seatbelts. He has very expensive vehicles like Rolls Royce, an electric blue 1997 Lamborghini Diablo, and a Mercedes-Benz SLR McLaren.
Donald Trump’s Wife and Family
In terms of marriage, it has not been easy for him. He has been married three times. His first marriage to Ivana was from 1977 to 1992. They had three children including Donald Jr., Ivanka, and Eric.
In December 1993, he married Marla Maples. Maples gave birth to their daughter, Tiffany and they divorced in 1999.
Today, he is married to his current wife and former first lady, Melania Trump. This lady’s estimated net worth is $50 million, since 2005. She gave birth to his last child, Barron.
Now, you know so much about Donald Trump and his net worth.