President Donald Trump is the 248th wealthiest person in America and 766th in the world, and he’s among the wealthiest presidents in history. Trump’s career as a real estate developer and reality television star has helped boost the profile of the company co-founded by his father and grandmother in the 1920s as the E. Trump & Sons construction company.
Today, Trump occupies the Oval Office and has eschewed the long-standing tradition of putting his assets into a blind trust while he serves in office, instead opting to leave the management of the Trump Organization in the hands of sons Donald, Jr. and Eric. Trump’s net worth has plunged of late — dropping over half a billion dollars from October 2016 to today despite a booming economy.
Here’s a closer look at what Trump is worth and where that wealth comes from.
Donald Trump Net Worth: $3.1 Billion
As of February 2018, Trump had an estimated net worth of $3.1 billion according to Forbes. He has a long history of inflating his net worth in personal claims, putting his net worth north of $10 billion in his Personal Financial Disclosure filed with the federal government in May 2016. In reality, Trump’s $3 billion-plus fortune was born out of the company he took over from his father in 1971 and his successful career as a reality television star, hosting “The Apprentice” and “The Celebrity Apprentice.”
His real estate empire is large in scale and global in scope, with properties in 10 countries including stakes in 10 buildings in New York City alone.
Donald Trump’s Businesses
Trump’s initial business successes came in the world of Manhattan real estate. He landed a deal with Hyatt, the city of New York and the unprofitable Commodore Hotel beside the Grand Central train 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 of 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 owns 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 due to Trump.
Donald Trump’s Failed Businesses
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 the planes. 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.
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.
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Donald Trump’s Personal Life
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. Today they are some of the wealthiest presidential children. 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 their 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.
In October 2016, Trump’s personal lawyer Michael Cohen paid adult film actress and director Stormy Daniels $130,000 to keep quiet about an affair she had with Trump in 2006. Via financial disclosures, Trump has since confirmed he reimbursed Cohen for the payment.
Learn More: See the Net Worth of Stormy Daniels
Donald Trump’s Lifestyle
Before Trump moved to the White House, he lived in a three-floor penthouse in Trump Tower with his wife Melania and son Barron. 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, the golf course and resort where he has spent about 70 days of his tenure as president thus far — including hosting world leaders like Shinzo Abe and Xi Jinping. The luxury club is worth $160 million and sits on 20 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. Since Trump became president, the club reportedly raised initiation fees from $100,000 to $200,000.
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 includes a Rolls Royce, an electric blue 1997 Lamborghini Diablo and a Mercedes-Benz SLR McLaren.