With the announcement that he would be running for US president in 2024, Donald Trump is under the microscope again, particularly his business ventures and net worth. The businessman-turned-president is estimated to be worth $3.2 billion, with the majority of his net worth in real estate. But many want to know how Trump made his billions, and we are here to answer that burning question!
A Boost from Dad
Trump was born into a wealthy family, and his dad, Fred Trump, was a real estate developer. This gave Trump an excellent platform to launch into real estate, and he has built a rather impressive real estate empire.
Real Estate
The majority of his real estate holdings are in New York. The total value of his New York real estate holdings is estimated to be $880 million. His real estate holdings outside New York are estimated to be worth approximately $290 million.
Resorts Galore
Additionally, the former president owns numerous luxury resorts and golf clubs. He is reportedly a big golf fan and enjoys a game or two when his schedule allows it. Trump reportedly has $550 million in cash and personal assets.
Television and Media
Donald Trump’s television show, The Apprentice, was an enormous success, both nationally and internationally. It provided the real estate mogul with a lucrative income throughout its run on NBC, which lasted 12 seasons. The show was responsible for elevating Trump to celebrity status, and with that came even more financial gains. In fact, Forbes estimated that in 2018 he earned $175 million from his TV activities.
Social Media
A recent venture of Trump’s is his social media platform, Truth Social. He founded this company after he was banned from Twitter in January 2021. The social media platform is currently valued at $790 million.
NFTs
Donald Trump’s Non-Fungible Tokens (NFTs) recently sold out in record time. The collection featured a series of unique digital artworks created by the former President, with each piece selling between $2,500 and $7,500. The artwork was put up for auction on the Ethereum blockchain-based platform Rarible, where it was quickly snapped up by eager fans and crypto enthusiasts.
Foreign Dealings
Trump’s foreign business deals have earned him immense wealth over the years thanks to his far-reaching network of contacts that span multiple continents around the globe and an insatiable appetite for deal-making that requires a shrewd financial acumen coupled with an unwavering commitment towards success – traits that have enabled him to become one of today’s most successful businessmen.
Tax Loopholes
Donald Trump is notorious for his elaborate tax strategies and efforts to evade taxes. The most infamous of these strategies, or so-called “loopholes,” has been used by real estate magnates like Trump for decades and allows them to lower their taxable income by depreciating the value of their buildings. This method is called cost segregation, which means that a taxpayer can deduct up to 39 years’ worth of depreciation on commercial buildings. This enables the taxpayer to write off more expenses in the earlier years and has resulted in thousands – if not millions – of dollars saved in taxes annually for businesses like Trump’s.
Failed Attempts
Despite Trump’s many business successes, he has also tasted failure, and not every venture has worked out. One of his most publicized failures is Trump University, which was founded in 2004, but eventually closed in 2011 amidst several lawsuits and investigations, although Trump denied any wrongdoing.
Final Thoughts
Although Trump has failed at times, he has always picked himself up again and oversees an impressive empire today. As he gears up to run for president in 2024, he faces a lot of resistance, lawsuits, and legal battles. The former president will need every bit of tenacity to push through as he fights to get back into the oval office.
Byron is a writer and personal finance nerd. He has a keen interest in investing and The Stock Market. When he is not working, he enjoys watching sports and gaming online.
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