The US President, Donald Trump, is one of the world’s most famous billionaires. He has been rich for a long time, but how much is Trump’s net worth in 2018, now that he has been a president for a while. Let’s check out everything we know about the leader of America and see what his net worth is.
Donald Trump was born on June 14, 1946, and he was the fourth son of Fred Trump, the real estate tycoon. The Trump family has been leading a lavish life, and when Donald was born, they were situated in a mansion in Queens, New York. Donald was a problematic child at school, so his parents sent him to a military academy when he was 13.
Nowadays, Donald Trump tells that he has come into money in “the good old-fashioned way.” However, he was given a “small” push of $1 million from his father, and he used that to start his own business. He became the head of the company in 1971 and renamed it the Trump Organization and moved its operations from Brooklyn and the Queens to Manhattan. One of the jobs was to transform the Commodore Hotel that was in a truly sorry state. As a result, remarkable Grand Hyatt has emerged, but Trump didn’t stop there as he created one of the most famous New York City landmarks, the 68-story Trump Tower on Fifth Avenue. Later on, Trump expanded his business and built hotels, casinos, but its company had four bankruptcy filings.
Trump’s first bankruptcy came in 1991, over his Taj Mahal Casino Resort in Atlantic City. Described as the eighth wonder of the world and the largest casino in existence, Taj Mahal cost a whopping $1.2 billion to build, but the gamblers who were supposed to foot the bill never came, and it was forced to seek Chapter 11 protection. Trump was ordered to relinquish half of the shares and sell his yacht and his airline in order to service the massive debt.
The second bankruptcy came just one year later. Trump Castle Hotel & Casino was forced to declare bankruptcy in March 1992, and again, POTUS had to let go half of the shares.
Trump Hotels & Casino Resorts followed suit in 2004 in an effort to stave off a $1.8 billion debt. Trump signed over the control of the company to the debtors and was removed as the CEO. Under new management, the company spent less than a year in bankruptcy and was renamed to Trump Entertainment Resorts Inc. The newly titled company was hit hard by the 2008 financial crisis and was forced into bankruptcy again in 2009. This time, it took a lot longer to recover, and it wasn’t until 2016 that it emerged from Chapter 11 protection. It was bought by Carl Icahn’s Icahn Enterprises, who also bought Taj Mahal.
After that, he hosted NBC’s The Apprentice and just for that show, he earned $213 million.
Donald Trump Net Worth
According to the President himself, his net worth is $10 billion. As Forbes reported, Trump fell from the 554th richest to 766th, but we believe that POTUS is not that worried. However, he lost £548million in Forbes’ 2017 rankings. He is the president and chairman of The Trump Organization that owns luxurious resorts, real estates, golf courses and residential towers. Some of these are the Trump Tower in NYC, the Trump World Tower in Manhattan, the gold-plated Trump Hotel in Las Vegas, a Palm Beach estate in Florida and 16 golf courses all over the world.
Even though Trump bragged about his net worth, he declined to release his tax returns, which was the reason many criticized him. The 2005 tax return leaked to a US news station that claimed Trump had paid $38 million in income taxes on an income of $150 million, which is slightly below the average, speaking in percentages.
Over the years, Trump had some severe losses, and one of the biggest was in 1995 when he reported a loss of more than $900 million. For his presidential campaign, Trump spent $54 million.
Trump as President
Not everything that is named after Trump is owned by the President. Trump Organization sold its stake in Trump Entertainment Resorts in February 2017. It, together with Trump Taj Mahal, Trump Plaza hotels, and casinos in Atlantic City, is now a subsidiary of Icahn Enterprises. For instance, Trump Organization owns the three-floor penthouse in the Trump Tower, but they do not own the entire building.
Nevertheless, he has built a gigantic empire which now belongs to his sons Donald Jr. and Eric as well as Trump executive Allen Weisselberg. According to Trump’s lawyer, since he became president, he excluded himself from the family business and focused on the matters of the state.
Donald Trump said: “My two sons, who are right there, Don and Eric, are going to be running the company. They are going to be running it in a very professional manner. They’re not going to discuss it with me.”
Of course, with the current state of the Mueller probe into alleged collusion between Trump and Russia, plus a host of other criminal acts, there is a strong possibility that he may become the first United States President who was impeached. As his former campaign manager Paul Manafort heads to jail on witness tampering charges, pending his trial, the Mueller’s case against Trump grows stronger by the day.
As you can see, Trump is quite a rich fellow. He has accumulated all this wealth over the years, and he will most certainly retire and enjoy what he created after his mandate ends.