The former president transformed his fortune, converting a real-estate empire into a political profit machine to climb back onto The Forbes 400.
Donald Trump returns to The Forbes 400 list of America’s richest people this year, after selling his political supporters all sorts of nonsense—virtual trading cards, coffee table books, cut-up clothing and, most importantly, shares of a cash-bleeding startup. His roughly 60% stake in Trump Media and Technology Group, parent company to Twitter clone Truth Social, added an estimated $2.1 billion to Trump’s net worth from September 2023 to September 1, 2024, the date Forbes used for its annual ranking. That lifted the former president’s net worth to $4.3 billion, enough to make him the 319th-richest person in the country.
Parts of Trump’s real estate business make good money, too. Mar-a-Lago generated an estimated operating profit of $23 million in 2023, roughly three times as much as it earned when Trump was in office, boosting the value of the club 15% in the last year to an estimated $375 million. Trump’s golf business is also booming, in part thanks to an industry-wide Covid-bump. Operating profits at Trump’s 10 traditional U.S. golf clubs hit an estimated $48 million in 2023, almost three times their pre-pandemic level, juicing the value of his properties by about $100 million over the last year. Trump National Doral, a golf resort in Miami, now generates an estimated $25 million of operating profit, which appears to be roughly 85% of the income that comes from Trump’s five wholly owned hotels.
Another bright spot: Fifth Avenue, where the president lived before decamping for the White House. The retail corridor struggled in recent years, as shoppers increasingly moved online, especially during the pandemic. The Trump Organization lost longtime tenant Nike at 6 East 57th Street early in Trump’s presidency, then slashed an estimated $7 million off Gucci’s rent in Trump Tower around the beginning of the pandemic. Neighboring properties have sold for big money recently, though, providing some optimism for the neighborhood and lifting the projected value of Trump Tower and 6 East 57th Street by an a combined $57 million over the last year.
Challenges remain. In Lower Manhattan, 40 Wall Street languishes, with tenants vacating the office tower and profits falling. The property no longer earns enough money to cover its debt expenses, according to an analysis of documents filed with the Securities and Exchange Commission.
Then there are Trump’s liabilities. He tried to whittle down his debt, taking care of a $45 million Deutsche Bank loan in Chicago last October, then wiping out a larger loan against the same property two months later. This spring, Trump paid off a $12 million loan against Trump Plaza in New York City. But none of that makes up for Trump’s new legal liabilities, which add up to an estimated $566 million. While Trump appeals three rulings—from a fraud case and two libel suits—interest continues to accrue at about $4 million per month.
Trump holds an estimated $413 million in cash, more than he typically stores on his balance sheet but not enough to take care of his legal troubles. He could access more liquidity by ditching his social-media shares, newly freed from lockup provisions. The former president claims he won’t sell—“I don’t need money,” he says, ignoring the half billion in legal liabilities.
Obsessed with The Forbes 400 since its incarnation four decades ago, Trump has struggled to stay on the list since his presidency ended. He fell off for the first time in a quarter century in 2021, with Covid-19 still affecting his empire, dragging his estimated net worth down to $2.5 billion, $400 million short of the cutoff. He reclaimed a spot in 2022, with a $3.2 billion fortune, after investors went wild over his plan to launch Truth Social.
But things didn’t go as Trump hoped, and he fell off the list again in 2023, having attracted roughly 6.5 million users, less than one-tenth his followers on Twitter. Further complicating things: the special purpose acquisition company that planned to merge with Trump’s business got tangled in a web of investigations, leaving it unclear whether Trump’s company would ever reach the public market. The estimated value of Trump’s stake fell from $730 million in 2022 to about $100 million in 2023, dragging Trump’s net worth down to $2.6 billion—$300 million less than he needed to make the list that year.
Things took a huge turn again this spring. The SPAC paid an $18 million fine as part of an agreement with the Securities and Exchange Commission and—at long last—took the Trump Media and Technology Group public. Shares soared, at one point lifting Trump’s net worth above $8 billion. The stock later plunged, losing more than half of its value. But Trump, who invested next to nothing in the venture, is still way ahead, and back on The Forbes 400 with an estimated $4.3 billion fortune.
Will he stay on the list in 2025? That question may depend on what Trump decides to do with his shares in Truth Social’s parent company. The Trump Media and Technology Group generated just $3.4 million in sales over the 12 months ending in June and lost $380 million. But investors still think it’s worth billions of dollars—for now. The stock has declined 18% since Forbes locked in its ranking a month ago, dropping the former president’s net worth from an estimated $4.3 billion on Sept. 1 to $3.9 billion as of Oct. 1, still enough to qualify for this year’s list. But Trump’s fortune could fall further if he loses the 2024 presidential race—and, therefore, much of his relevance.
Then again, Trump could just cash out, reneging on his word and, in doing so, perhaps cementing a windfall large enough to solidify his position on The Forbes 400 for years to come.
This article was originally published on Forbes.com and all figures are in USD.
