Just how rich Donald Trump is and what is his wealth based on?
Just how rich is the man, and what is his wealth based on? Donald Trump has bragged about his money, but he hasn’t disclosed many details. This much (or little) is known …
So, how rich is he?
Those looking into Trump’s wealth first and foremost encounter one thing – obscurity. There’s no clarity about his total wealth whatsoever. And no light was shed on it in the run-up to the presidential election, since Trump – unlike previous cadidates – had not published a tax declaration.
Trump’s own statements …
… do not nearly match the estimates of others. In June 2015, he said he owned over $8 billion (7.7 billion euros). But “Forbes” put his wealth at $4.1 billion. In mid-July 2015, Trump stated he owned over $10 billion, while “Bloomberg” said at the time he possessed ‘only’ $2.9 billion.
Global corporate network
According to the German business daily “Handelsblatt,” Trump owns shares in some 500 companies in at least 25 countries. There’s little information about what these firms do, and little about their revenues or profits. CNN claims Trump has 144 firms in 25 nations, while “The Washington Post” says he has 111 firms in at least 18 countries.
Real estate money
Trump’s empire is “The Trump Organization,” which he took over from his father. He’s been in charge of it since 1971. It features real estate gems around the globe, among them 40 Wall Street in New York, Trump International Hotel & Tower in Vancouver, and Trump International Hotel in Las Vegas (pictured).
Four buildings in focus
Trump’s main wealth is based on four buildings, according to Forbes. The president-elect owns two office buildings in New York, and he owns shares in Trump Tower, Fifth Avenue. He also owns a building in San Francisco. “Forbes” calculates these real estate gems account for about 40 percent of the man’s total wealth.
Let’s not forget the golf courses he owns – a total of 17 in the US, Ireland, Scotland and the United Arab Emirates. In May of this year, Trump said he logged an annual revenue of $306 million from these golf courses.
No casino winning streak
Trump also pumped a lot of money into casinos and leisure centers in Atlantic City and Florida. The Taj Mahal casino in Atlantic City reportedly cost Trump about $1 billion. It went bust in 1991; three insolvencies followed in 2004, 2009 and 2014 respectively. The casino finally went out of operation on October 10, 2016.
Trump also tried his luck in the entertainment media. Many Americans remember him as anchor and producer of the successful series “The Apprentice,” televised from 2004 to 2011.The show was broadcast in 17 nations.
Legal battles and failed deals: Most US lenders have turned their backs on Donald Trump. Not so Germany’s Deutsche Bank, which is believed to be the man’s major loan provider. The “Wall Street Journal” says Deutsche has granted him $2.5 billion in loans since 1998. According to CNN, Trump still owes some $360 million to the Frankfurt-based global bank.
Global conflicts of interest?
These seem almost certain. In the past, entrepreneurs elected to become US presidents have handed over their businesses to a blind trust. While not losing ownership rights, they no longer had a say in business operations. Trump, for his part, is planning to hand over his businesses to his adult children. He has said he will disclose the details of this scheme in January.
Source: DW – Donald Trump’s empire