Trump was the 45th president of the United States. He's also founder of the Trump Organization, a real estate conglomerate and licensing business that owns office and retail space in the U.S., including New York's 40 Wall St. and 555 California St. in San Francisco. It also has stakes in condo buildings, hotels and golf resorts in the U.S. and U.K.
Trump's fortune is derived from his ownership of the Trump Organization, a real estate conglomerate and licensing business that owns commercial and residential properties and golf courses in the U.S., Ireland and Scotland.
He controls 30% of New York's 1290 6th Ave. and 555 California St. in San Francisco through a partnership with Vornado Realty Trust, and leaseholds at New York's 40 Wall St. and 6 East 57th St. He also owns a penthouse in Trump Tower. These assets are valued using information in Vornado filings, loan documents, financial disclosures and data from RCA.
About 18 condominiums at 502 Park Ave. in New York are valued using reported sales prices for recently sold units in the building, according to New York City's ACRIS directory. Fourteen golf and golf resort properties, including the Trump Doral in Florida, are valued using price-to-sales ratios for similar properties. Revenue for these properties, which comes from Trump’s financial disclosure filings, was averaged for the past three years to account for lost revenue from Covid-19 closures. Debt for these properties is included as a liability.
The way Mar-a-Lago is valued was changed in a March 2021 update to account for the property’s value as a private residence. Now, the private club is valued based on comparable home sales in Palm Beach, in addition to how it’s performed as a business. In the past, it was included in the Golf and Resorts section, but is now broken out as a separate asset.
Trump restructured his business after he was elected president of the U.S. in November 2016 and retains ownership of his assets through a trust managed by his sons, according to comments made by Sheri Dillon, an attorney at Morgan Lewis, at a Jan. 11, 2017, press conference.
His cash investments are calculated using annual Office of Government Ethics disclosures. A liability of $630 million is included based on the filings and mortgage documents. Trump said in June 2015 his fortune was $8.7 billion, including $2 billion for the golf and resort properties and $3.3 billion for "brand, branded developments and license agreements." He said in May 2016 that he was worth "more than 10" billion dollars.
Trump’s net worth was updated in March 2021. It dropped about $200 million from the last time it was valued as a result of new financial data available that shows revenues across his properties dropped in 2020, likely a result of Covid-19 closures and reduced travel.
Donald Trump was born in Queens, New York in 1946 to multi-millionaire real-estate developer Fred Trump. He attended Kew-Forest School in Forest Hills until his parents sent him to the New York Military Academy at age 13. He attended Fordham University and graduated from The Wharton School of Finance with an economics degree in 1968.
After college he joined his father's company, Elizabeth Trump and Son, later renamed The Trump Organization, which focused on middle-class rental housing in Brooklyn, Queens and Staten Island. Trump's breakthrough as one of New York's standout real-estate developers was the renovation of the Commodore Hotel into the Grand Hyatt New York in 1976.
The billionaire began building Trump Tower, a 58-floor Fifth Avenue apartment-retail complex in 1982 and later extended his reach into Atlantic City with casino properties that he combined to form Trump Hotels and Casino Resorts. His casino and resort ventures filed for bankruptcy four times between 1991 and 2009, according to a June 29, 2015 Vanity Fair article. His other real estate ventures in New York have included the Trump World Tower, Trump Place and the Plaza Hotel.
He achieved notoriety in the 1990s for his extramarital affair with Marla Maples, which led him to divorce his wife, Ivana, in 1992. He split with Maples in 1999. Trump joined forces with Mark Burnett Productions and NBC in 2004 to produce and star in the television reality show, The Apprentice. He released the fashion brand Trump Signature Collection in 2005, later adding Trump Home, a furnishings brand and fragrance Success by Trump. He received a star on the Hollywood Walk of Fame in 2007.
Trump has authored numerous books including "The America We Deserve," "Trump 101: The Way to Success," and "Trump Never Give Up: How I Turned My Biggest Challenges into Success."
He was elected president of the United States on Nov. 8, 2016, after a contentious campaign against Democratic rival Hillary Clinton. He was sworn in on Jan. 20, 2017. He was impeached for the first time in December 2019 for abuse of power and obstruction of Congress. He was impeached for a second time in January 2021 for incitement of insurrection.
After his term ended on Jan. 20, 2021, Trump moved to his Mar-a-Lago club in Palm Beach, Florida.