Former President Donald Trump has never had to worry too much about money, having been born the son of a wealthy real estate developer. With an estimated net worth in the billions of dollars, Trump doesn’t have to worry too much about money now, either — even as the legal problems pile up around him.
On Aug. 14, a grand jury in Georgia indicted the former president and 18 allies on state charges related to efforts to overturn the 2020 election results in the Peach State, CNN reported. It is the fourth criminal case Trump currently faces. The others include the following, according to Vox:
- Four federal felony counts, including a charge of conspiracy to defraud the United States by plotting to overturn the results of the 2020 election.
- Federal charges of taking and mishandling classified documents after leaving office.
- Charges in New York City that Trump concealed hush money that was paid to adult film actress Stormy Daniels so she wouldn’t go public about their alleged affair.
Trump faces charges for allegedly using money donated to his Save America political action committee to pay his legal bills, a move that has been criticized by the Republican Party. The charges come as Trump aims to win re-election in the 2024 election. The amount Trump is paying out of his own pocket remains uncertain. If federal prosecutors find misuse, Trump’s campaign funds could be frozen. Currently, there is no restriction on Trump spending PAC money on his and his allies’ legal bills, suggesting there hasn’t been much impact on his net worth due to legal issues.
Donald Trump Is Worth $2.5 Billion
Forbes reported that Donald Trump’s net worth dropped from $3 billion a year ago to $2.5 billion in April 2023. This figure remains unchanged as of August 2023. Trump’s social media business, Truth Social, was once valued at $730 million but has dropped by $550 million. Trump announced the platform in October 2021 and launched it in February 2022. As of August 16, Trump’s net worth is listed at $2.5 billion. He placed 1,222nd on Forbes’ billionaire’s list, down from his previous 892nd ranking. Trump’s wealth rebounded after losing about half of his net worth during his time in office due to several organizations ceasing business with him or his properties. His current wealth is tied to New York real estate, which has struggled to recover after the COVID-19 pandemic forced remote work.
Donald Trump’s Start in Business
Donald Trump, the oldest person to be sworn into the US president, was 70 years old on January 20, 2017. He defeated Democratic nominee Hillary Clinton and ended his term on January 20, 2021, when Joe Biden began his term as the 46th president. Born into a wealthy family, Trump inherited $40 million from his late father, real estate developer Fred Trump. In 1971, he became head of The Trump Organization and has since developed over 500 companies, including luxury golf courses, skyscrapers, television shows, casinos, books, merchandise, and social media. His term ended on January 20, 2021, when Biden began his term as the 46th president.
Donald Trump’s Business Successes
In 1980, Trump partnered with Hyatt, New York’s city, and the Commodore Hotel to renovate and rebrand the Commodore Hotel into the Grand Hyatt. This property became a 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 the headquarters for the Trump Organization. Trump has owned several successful businesses and properties, including Trump Place, the Trump International Hotel & Tower Chicago, and Wollman Rink, a Central Park staple. However, following the storming of the U.S. Capitol, New York City announced it would be terminating three contracts with The Trump Organization, which would cease operations of a carousel in Manhattan’s Central Park, two skating rinks, and a golf course in the Bronx. In January 2021, the PGA of America stripped Trump’s golf course in Bedminister, New Jersey, of the honor of hosting the 2022 PGA Championship. In Europe, golf organizers said Trump’s club in Turnberry, Scotland, would be out of the running to host The Open Championship “for the foreseeable future.”
Donald Trump’s Failed Businesses
Donald Trump has a history of significant business successes, including a $365 million investment in a Boeing 727 fleet in 1988 and the purchase of the rights to paint his name on a plane. However, his luxury flying experience venture, Trump Shuttle, failed and the company was decommissioned. In 1990, banks provided him with a $65 million bailout. Trump’s Taj Mahal casino and Trump Hotels & Casino Resorts went bankrupt in 1991 and 2004, respectively. Trump Entertainment Resorts filed for bankruptcy again in 2009. Trump University, an unaccredited online college, closed down in 2010 and faced three lawsuits during his 2016 presidential campaign. Trump settled the lawsuits for $25 million, but did not admit any wrongdoing.
Donald Trump’s Wife and Family
Donald Trump has been married three times, first to Ivana from 1977 to 1992, and they had three children. The eldest Trump children, along with Ivanka’s husband, Jared Kushner, were involved in their father’s presidency. Trump married Marla Maples in 1993, and they divorced in 1999. He is now married to Melania Trump, who has an estimated net worth of $50 million, and is the mother of Trump’s youngest son, Barron, born in 2006.
Donald Trump’s Lifestyle
Before joining the White House, Trump’s family lived in a Manhattan penthouse with an indoor fountain and diamond-encrusted door. In October 2019, Trump moved his permanent residence to Florida, possibly due to favorable tax and financial laws. Trump owns Mar-a-Lago, a $300 million luxury club in Palm Beach, where he spent 25 of his first 100 days in office and currently resides with his wife Melania and Barron. The estate, worth $300 million, sits on 17 acres of valuable South Florida land. Trump’s fleet of luxury vehicles includes a Rolls Royce, an electric blue 1997 Lamborghini Diablo, and a Mercedes-Benz SLR McLaren. The garage at Mar-a-Lago is not clear, but Trump uses a golf cart to get around the estate. Former presidents are only allowed to drive on private property and not on public roads, with Secret Service agents trained in evasive driving maneuvers.
Trump’s 2024 Presidential Run
On Nov. 15, 2022, from his home in Mar-a-Lago, the former president announced his bid for re-election in 2024 after underwhelming midterm election results for the Republican party. His indictment, and possible conviction, will not block him from being president again since the Constitution does not prevent felons from holding office, according to Time.