As of October 2016, Forbes estimated Donald Trump’s net worth to be $3.7 billion, but that has since dropped — a lot. In October 2017 Forbes estimated the president’s net worth to be $3.1 billion, making him the 248th richest person in the United States. The dip in Trump’s overall revenue is largely due to decreasing values of his national and international real estate properties, as well as the divisive nature of some of the president’s politics and comments, according to Forbes.
A businessman and former reality television star, Trump’s path to wealth was very different than that of your typical politician. Read on for a better understanding as to how Trump built his fortune.
Donald Trump Net Worth: $3.1 Billion
On June 14, President Donald Trump celebrated his 71st birthday, his first as commander in chief. The oldest person to be sworn into presidency — 70 years, 220 days on Jan. 20, 2017 — Trump beat out a number of contenders to become the Republican nominee for the 2016 presidential election. He defeated Democratic nominee Hilary Clinton in the primary election.
Early in his presidential campaign, Trump said he was worth in excess of $10 billion. He reiterated that claim on May 17 when he submitted an updated financial disclosure to the Federal Election Commission.
Trump ranks No. 544 on the worldwide list of billionaires, falling 208 spots since 2016. Forbes attributed the drop in Trump’s net worth to commercial and residential real estate losses in midtown Manhattan.
Trump was born into a wealthy family and inherited about $40 million from his late father, real estate developer Fred Trump. In 1971, Donald Trump became head of what would later be known as The Trump Organization.
Trump’s earnings and title have since helped him develop more than 500 companies. The business mogul has his stake in luxury golf courses, skyscrapers, television shows, casinos, books, merchandise and more.
Donald Trump’s Businesses
The only thing bigger than Trump’s personality is his business acumen. He landed a deal with Hyatt, the city of New York and the unprofitable Commodore Hotel beside the Grand Central Station, earning the right to renovate and rebrand the ailing hotel into the Grand Hyatt. In 1980, that hotel became an instant success, making Trump one of the best-known real estate developers in the area.
In 1984, Trump completed construction on the 68-story Trump Tower, which serves as headquarters for The Trump Organization to this day. The building includes a 60-foot waterfall and, on opening day, had five levels of retail stores and restaurants.
Trump has owned a slew of successful businesses and properties, among them Trump Place, a luxury residential community spanning 92 acres. The Trump International Hotel & Tower Chicago has a hotel, condos and numerous restaurants and shops. The success of Wollman Rink, a Central Park staple, is arguably credited to Trump.
Donald Trump’s Failed Businesses
Donald Trump has major business wins to his name, but he also has some big losses.
In 1988, Trump spent $365 million on a fleet of Boeing 727s, as well as landing facilities in Boston, New York City and Washington, D.C. He also bought the rights to paint his name on a plane. His attempt to build a luxury flying experience under the Trump Shuttle name failed, however, and the company was decommissioned.
In 1990, the banks that backed Trump’s investments provided him with a $65 million bailout in new loans and credit. Trump’s famous Taj Mahal casino in Atlantic City, N.J., went bankrupt in 1991, and Trump Hotels & Casino Resorts went bankrupt in 2004. In 2009, the same company — now called Trump Entertainment Resorts — filed for bankruptcy again.
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One of Trump’s highest-profile business failures is Trump University. The unaccredited online college was launched in 2005 and closed down in 2010. Three Trump University lawsuits plagued his presidential campaign, alleging that Trump University was a scam that cost students tens of thousands of dollars. Trump settled the lawsuits for $25 million, though he did not admit any wrongdoing.
Donald Trump’s Wife and Family
Donald Trump has been married three times. He was with his first wife, Ivana, from 1977 to 1992. The couple had three children together: Donald Jr., Ivanka and Eric. The three eldest Trump children — along with Ivanka’s husband, real estate investor and developer Jared Kushner — have been highly involved in their father’s presidency.
Trump married Marla Maples in December 1993, two months after Maples gave birth to daughter, Tiffany. The couple divorced in 1999.
Trump has been married to his current wife and First Lady Melania Trump, who has an estimated net worth of $50 million, since 2005. Melania is the mother of Trump’s youngest son, Barron.
Donald Trump’s Lifestyle
In addition to his residence in the White House, Donald Trump sometimes lives in a three-floor penthouse in Trump Tower with his wife, Melania, and son Barron — at least, he did so prior to June 11 when the two finally moved to the District. The luxuries the family enjoyed at Trump Tower included an indoor fountain and a door encrusted with diamonds and gold, Business Insider reported. Nicknamed “White House North,” Trump Tower costs millions to secure.
Among Trump’s other notable properties is Mar-a-Lago, where he spent 25 out of his first 100 days in office. The luxury club is worth as much as $300 million and sits on 17 acres of valuable South Florida land. Trump bought the estate — which boasts 58 bedrooms, 33 bathrooms, 12 fireplaces and three bomb shelters — for the bargain price of $10 million in 1985.
Before having access to Air Force One, Trump shuttled between campaign stops in his $100 million Boeing 757 adorned with gold seatbelts. His fleet of luxury vehicles include a Rolls Royce, an electric blue 1997 Lamborghini Diablo and a Mercedes-Benz SLR McLaren.
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Taylor Bell contributed to the reporting for this article.