Trump claimed he’s worth ‘in excess of $10 billion’ but figures show otherwise
The secrecy lead some to wonder what he might be hiding – amid allegations he has avoided tax in some of his business enterprises.Donald Trump has won the US election and is now the 45th President of America
A rare insight into Trump’s finances emerged when part of one of his tax returns was leaked in March 2017.
We take a look at what the leak showed and Trump’s net worth.
What did the leaked Trump tax return reveal?
Part of Trump’s tax return from 2005 showed he paid $38m (£31m) on more than $150m (£123m).
This doesn’t provide a full picture of Trump’s income or tax situation for that year.
The rare glimpse, revealed by US TV network MSNBC, also showed he wrote off $103m in losses.
It gave no details of his income sources.
MSNBC reporter Rachel Maddow said she received the document from financial journalist and Trump biographer David Cay Johnston.
Johnston received it in the post from an anonymous source.
The Trump biographer speculated the president may have leaked the return himself.
It is illegal to leak federal tax returns – however MSNBC said they had a public interest defence in publishing it.
What is Donald Trump’s net worth?
Net worth is the value of everything you own minus all your debts.
The Trump Organization, of which he serves as president and chairman, owns plush resorts, residential towers, real estates and golf courses.
These include the Trump Tower in New York, the Trump World Tower in Manhattan, the gold-plated Trump Hotel Las Vegas, a Palm Beach estate in Florida and 16 golf courses around the world including Trump Turnberry in Scotland.
When asked about his net worth in July last year, Trump’s campaign team boasted it was in “excess of $10 billion”.
This was considerably higher than a valuation by Bloomberg last year, which estimated his net worth at $2.9 billion.
The report found his total debt – largely from massive bank loans – rocketed from $350 million last year to $630 million in 2016.
Trump has refused to release his tax returns, which many observers – and even his own party – regard as suspicious.
Forbes pegged Trump’s net worth at $3.7 billion after analysing 28 assets or asset classes.
The magazine found Trump’s wealth dropped down $800 million when 18 assets declined in value.
How much money will Trump make as president?
IB Times states the official presidential salary as $400,000 with an additional $50,000 for expenses.
The president will also make money from pre-existing income sources and speaking engagements fees, plus additional presidency perks including expense, entertainment and travel budgets.
How did Trump get his fortune?
Trump, aged 70, boasts that he made money “the good old-fashioned way” but his wealthy developer dad Fred certainly helped.
He was given control of his father’s real estate and construction firm in 1971, which he immediately renamed the Trump Organization.
His dad’s fortune was estimated at $200 million in the 1970s.
Newsweek reports he named son Donald as the beneficiary of a $1 million trust fund.
Trump started focusing on large construction projects, building 14,000 apartments across New York.
Trump Tower, a 58-storey skyscraper built in 1983, was the start of many huge investments and ventures.
Trump Organization has since owned part or all of the Miss Universe, the Woollman Rink in Central Park and the failed Taj Mahal Casino in Atlantic City.
They even staged boxing matches in Atlantic City.
The Washington Post’s analysis of his business exploits concluded Trump is a “mix of braggadocio, business failures, and real success”.
What exactly does Trump own?
Not everything bearing the famous Trump name is 100 per cent owned by the New York businessman.
Trump Organization sold its stake in Trump Entertainment Resorts in February this year.
This company, which includes the shuttered Trump Taj Mahal and Trump Plaza hotels and casinos in Atlantic City, is now a subsidiary of Icahn Enterprises.
The 27 commercial floors and a three-floor penthouse in the flagship Trump Tower are owned by Trump Organization.
He doesn’t own the remainder of the building. Trump also owns the rights to lease and collect rents at the 71-storey 40 Wall Street but doesn’t own the deeds.
Has Trump been made bankrupt?
Trump’s companies have been made bankrupt six times, according to Politifact.
This included the Trump Taj Mahal in 1991, Trump Castle in 1992 and ill-fated Trump Entertainment Resorts in 2009.
Five of the six bankruptcies were tied to the struggling gaming industry.
Hillary Clinton mocked Trump during her campaign: “He’s written a lot of books about business, they all seem to end at Chapter 11 (bankruptcy).”
How much has Trump spent on his presidential campaign?
Trump splashed $54million on his presidential campaign.
His campaign also paid his companies for office space in Trump Tower and use of his private airline, among other expenses, federal election filings have shown.
What will happen to his businesses after Trump becomes president?
Trump is handing over his massive business empire to his sons Donald Jr and Eric.
Trump’s lawyer said the President-elect had “isolated” himself from his businesses.
Sheri Dillon said Mr Trump wanted to be clear that he was not using his presidency for his personal benefit.
Control of The Trump Organisation is to be formally handed over by Inauguration Day on 20 January.
Mr Trump told reporters: “My two sons, who are right there, Don and Eric, are going to be running the company.
“They are going to be running it in a very professional manner. They’re not going to discuss it with me.”
His daughter Ivanka, whose husband has been named as a senior adviser to the President-elect, will not be involved with the Trump Organisation in the future, said Ms Dillon.
Earlier in the news conference Trump said he had rejected a $2billion deal in Dubai last weekend, demonstrating he was putting his business activities behind him.