Written by: David D. Kirkpatrick, The New Yorker
Translation: Luffy, Foresight News
In January 2017, President-elect Donald Trump faced public skepticism about the conflict of interest between his commercial empire and public office during a press conference. His company, the Trump Organization, profits from luxury apartments, hotel leases, development projects, and club memberships worldwide, and he collaborates with various business entities to put his name on various products to collect licensing fees. Can people believe he would prioritize public interest over personal gain? How can he assure Americans that the funds flowing to his enterprises will not turn into disguised bribes?
When asked whether he would publicly disclose his tax returns like previous presidents, he bluntly refused, referring to the loophole that exempted the presidency from conflict of interest regulations as a 'no conflict of interest clause', as if it were an exclusive benefit. He also revealed that during the transition period he considered a $2 billion Dubai business proposal from UAE real estate tycoon Hussein Sakiwani but ultimately rejected it, citing 'not wanting to take advantage', instead letting his eldest son Donald Jr. and second son Eric manage his businesses. His tax attorney, Sheri Dillon, stated that Trump would not 'destroy the company he built' and promised the family would never 'abuse presidential power.'
However, these commitments gradually fell apart during Trump's political career. After the Capitol riot in 2021, Dillon's law firm terminated its representation; by the second term, the Trump family completely broke the commitment of 'not conducting new overseas transactions', profiting from five significant transactions in the Gulf alone. Donald Jr. remarked that the restraint of the first term did not stop external criticism, saying 'there's no need to self-impose restrictions anymore'. Today, the scale of funds flowing to Trump and his family is staggering: a $2 billion investment from the Saudi Crown Prince's controlled fund, a luxury plane gifted by the Emir of Qatar, profits from cryptocurrency businesses, club membership fees... Ethics reform advocate Fred Wertheimer commented, 'Trump is unprecedented in using public office for personal gain.'
Despite Forbes and The New York Times estimating Trump's net worth to exceed $5 billion and $10 billion respectively, these figures include a large amount of book profits and assets unrelated to the presidential status. Government ethics lawyer Norm Eisen admitted, 'We do not know the total amount.' Robert Weissman, chairman of the Public Citizen organization, stated, 'We will never truly know.'
Indeed, evaluating how much value Trump's presidency has brought is a daunting task. But in this article, I aim to fairly and objectively quantify the profits the Trump family has gained from two presidential terms. Mar-a-Lago, this profitable club, has now become a holy site for the 'Make America Great Again' movement and a weekend White House, clearly a point of entry.
Mar-a-Lago
During the 2016 campaign, Trump stated that the presidential campaign 'did not significantly affect' his hotel and resort business, except for Mar-a-Lago, which had its 'best year ever' due to the campaign. Unlike other presidents who exchanged access opportunities for campaign donations, Trump directly sold opportunities for unlimited access to himself and his circle.
Mar-a-Lago claims a membership cap of 500 people, with early members paying about $20,000 per year; after 2016, membership fees skyrocketed to $100,000, with plans last year to increase to $1 million. Financial data shows that its annual revenue jumped from $10 million in 2014 to $50 million, while operating costs stabilized between $12 million and $16 million. Based on this, it is estimated that Trump gained at least $125 million in additional profits from Mar-a-Lago during his presidency.
Total cumulative amount: $125 million
Legal fees and surrounding products
Trump's campaign team has spent over $20 million at Trump-owned hotels and resorts over the past decade, contributing to Mar-a-Lago's profits. The campaign teams for 2016 and 2024 paid $18 million to use his Boeing 757, which is comparable to the expenses incurred by Obama and Romney for campaign planes.
However, Trump's innovation lies in operating a private online store, selling merchandise that competes with campaign merchandise, such as $50 'America First' baseball caps and $18 beer koozies. Financial disclosures indicate that such sales brought him over $17 million in revenue, almost all of which is profit. Additionally, his licensing revenue includes guitars ($1.1 million), watches ($2.8 million), sneakers and perfumes ($2.5 million), books ($3 million), and Bibles ($1.3 million), totaling at least $27.7 million.
It is worth noting that Trump used supporter donations through a political action committee (PAC) to pay legal fees, totaling over $100 million, covering cases such as sexual assault allegations, hush money fraud, and overturning election results. This expense can be considered a 'private gift worth $100 million.'
Total cumulative amount: $125 million + $127.7 million = $252.7 million
Washington Hotel
During Trump's first term, the Washington Trump International Hotel was often seen by Democrats as a 'center of corruption'. Foreign leaders would book entire floors, and lobbyists and officials crowded the bar. However, the hotel actually lost over $70 million each year, attracting some customers with his presidential status while simultaneously driving away an equal number of potential customers who were deterred by concerns over scandals.
In 2012, Trump agreed to pay at least $3 million annually to the federal government for the long-term lease of this building in Washington, D.C. (formerly the post office headquarters) and to invest at least $200 million in renovations. The hotel opened in 2016, and Trump sold it for $375 million in 2022. Additionally, the Trump Turnberry golf resort in Scotland, while receiving U.S. military lodging expenses (at least $184,000 over 23 months as of July 2019), continued to incur losses for four years, only turning a profit in 2022, while the U.S. military continued to stay at the resort during Biden's term. Overall, the consumption and revenue from government agencies and profit-seekers at Trump hotels offset each other, counting the profits as zero.
Total cumulative amount: $252.7 million (remains unchanged)
Persian Gulf
Arab monarchs in the Gulf region play dual roles as heads of state and primary buyers of U.S. assets, providing unique business opportunities for the Trump family. During Trump's first term, his son-in-law Jared Kushner supported Saudi Crown Prince Mohammed bin Salman and secured a $2 billion investment from the Saudi sovereign wealth fund after leaving office.
Kushner's Affinity Partners subsequently raised funds from UAE, Qatar, and Taiwanese businessman Terry Gou, managing assets amounting to $4.8 billion. By industry standards, the company could earn $81 million in management fees annually, totaling $810 million over ten years. It is conservatively estimated that Kushner personally receives half to two-thirds of the earnings, currently valued at approximately $320 million.
Total cumulative amount: $252.7 million + $320 million = $572.7 million
Licensing and management agreements in Saudi Arabia and the Gulf region
Trump's transactions in the Gulf region are a typical example of the 'premium of presidential status'. In November 2022, after Trump became the Republican presidential candidate, he reached an agreement with the Saudi real estate company Dar Al Arkan to manage hotels and golf courses in Muscat, Oman, and share profits from villa sales, signing a rare 30-year contract. After being re-elected, Donald Jr. and Eric signed multiple project agreements with the company for Riyadh, Jeddah, Dubai, and Doha.
Based on the profit model of Dubai golf courses (annual profits exceeding $1 million), it is estimated that Trump's management fees, licensing fees, hotel management fees, etc. in the Gulf region amount to at least $105.8 million, bringing the total cumulative amount to $678.5 million.
Total cumulative amount: $572.7 million + $105.8 million = $678.5 million
Private jet and media settlement
In May 2025, Trump returned from the Persian Gulf with a royal Boeing 747-8 'gifted' by the Emir of Qatar, stating it would be managed by the Air Force until it was handed over to his presidential library foundation after his term. The plane is priced at $367 million, with a second-hand market value of about $150 million. Although upgrading security could cost over $1 billion and may not be completed during his term, it is still regarded as a 'private favor'.
Additionally, during his term, Trump reached settlements with media companies through litigation: ABC News paid $15 million, Meta paid $22 million, X paid about $10 million, and CBS News paid $16 million, with the funds all flowing to his presidential library foundation. Melania also received $40 million in documentary rights fees from Amazon, personally receiving about $28 million. The total from the above amounts to $91 million.
Total cumulative amount: $678.5 million + $150 million + $91 million = $919.5 million
Social media
In October 2021, Trump announced the launch of the social media platform Truth Social, attempting to rebuild influence after being restricted by mainstream social platforms. To expedite the platform's listing, he merged with Digital World Acquisition Corp through a 'special purpose acquisition company' (SPAC) model, forming Trump Media & Technology Group, obtaining about 60% of the shares and becoming the largest shareholder.
Despite the platform having a limited user base (around 400,000 daily active users) and continuing to incur losses (over $400 million last year), its stock price was wildly speculated by retail investors due to 'Trump association', becoming a typical 'meme stock', with a market cap that once reached $6 billion. The stock price of Trump Media fluctuated with small investors' sentiments towards Trump, unrelated to any potential value. If Trump attempted to cash out, it would undoubtedly trigger a panic sell-off, depressing the stock price before he could abscond with the funds. Forensic accountant Bruce Dubinsky estimated the value of Trump's shares at around $25 million, referencing valuation standards for comparable social media companies and considering its revenue scale (about $1 million per quarter).
It is noteworthy that Trump utilized his presidential status to drive traffic to the platform, only issuing significant announcements through Truth Social and even using it as a channel for policy dissemination, forming a closed loop of 'public office driving private traffic'. Although the platform's profitability prospects are unclear, this model of 'power endorsement + capital speculation' still brings Trump quantifiable book profits.
Total cumulative amount: $919.5 million + $25 million = $944.5 million
1789 Capital and 'Executive Branch' Club
Donald Jr. and his friend Omid Malik (Trump donor, Mar-a-Lago member) co-founded the 'Executive Branch' club, initially capped at 200 members. According to insiders, 20 'founding members' paid $500,000, while other members paid nearly $100,000, totaling $28 million in revenue. Although the club is viewed as a 'social face project', after deducting the $1,000 per square foot renovation costs, $19 million remains. Calculating that Donald Jr. receives at least one-fifth of the profits, he made over $3.8 million even before opening. Additionally, Donald Jr. is a partner at Malik's 1789 Capital, which raised $1 billion to invest in high-tech and defense fields and is also seeking funding in the Gulf. According to industry standards, partners can share at least $200 million in profits over a ten-year cycle. As the third-ranking partner, Donald Jr. is expected to receive 10%, which is $20 million (current value $16 million), plus an annual salary of $200,000 (current value $160,000). The total from these two sources amounts to $19.6 million.
Total cumulative amount: $944.5 million + $19.6 million = $964.1 million
NFT sales
The Trump family's venture into cryptocurrency began with NFTs (non-fungible tokens). In 2022, Trump launched NFTs designed with his image, including styles like 'Superhero' and 'Motorcyclist', sold at a price of $99 on Truth Social. Financial disclosures reveal he earned $13.18 million from NFT licensing fees, and Melania also earned $1.22 million through personal NFTs, totaling $14.4 million. These NFTs essentially serve as proof of ownership of digital images, leveraging the premium from Trump's presidential status, with buyers mostly being his supporters. The transactions are nearly costless, and profits approach 100%. Cryptocurrency skeptic Molly White commented, 'Trump's NFTs are a direct monetization of his personal image, consistent with the logic of his business empire, selling his name instead of tangible goods.'
Total cumulative amount: $964.1 million + $14.4 million = $978.5 million
Cryptocurrency projects and stablecoins
Donald Jr. and Eric launched the cryptocurrency project World Liberty Financial in September 2024, focusing on 'decentralized finance', claiming to be 'the only cryptocurrency company inspired by Trump', with the website featuring a photo of Trump raising his fist, calling him 'the chief cryptocurrency advocate'. The company raised funds by selling tokens, with shell companies controlled by the Trump family receiving a 75% share of the revenue, initially holding 60% of the shares, then decreasing to 40%. Chinese cryptocurrency tycoon Justin Sun purchased $75 million in tokens and served as an advisor, helping raise $550 million, with the Trump family sharing approximately $412.5 million. Additionally, the company launched the stablecoin USD1, with a company under the UAE ruling family acquiring a stake in Binance for $2 billion USD1, yielding the Trump family a profit of $243 million. The stablecoin is backed by U.S. Treasury bonds, offering an annual return of over 4%, representing a low-risk, high-return 'power-related business'.
Total cumulative amount: $978.5 million + $412.5 million + $243 million = $1.634 billion
American Bitcoin
Trump's sons collaborated with stockbroker Kyle Wool to establish American Bitcoin, acquiring a 13% stake by merging with Hut 8 (a publicly traded Bitcoin miner), currently valued at around $13 million. Eric Trump serves as 'Chief Strategic Officer' and stated at a cryptocurrency conference that the company 'will rewrite the rules of the industry.' Bitcoin mining relies on computational power competition, with a limited total supply (95% already mined), but the Trump family heavily promotes Bitcoin, calling it 'digital gold', encouraging 'ordinary Americans to buy as much as they can'. Industry insiders pointed out that the company's stock price is overvalued by investors, with the value of the Trump brothers' shares far exceeding the value of the equipment itself, currently estimated at $13 million.
Total cumulative amount: $1.634 billion + $13 million = $1.647 billion
Trump Media enters the cryptocurrency space
Trump Media & Technology Group (the operating entity behind Truth Social) utilized the new government's lenient policies on cryptocurrencies to sell crypto assets to ordinary investors through a cryptocurrency ETF, becoming the only investment channel 'associated with the president'. The company also raised $2.3 billion through private sales of stocks and bonds to purchase Bitcoin and options, holding $3.1 billion in liquid assets (including Bitcoin) by the first quarter of 2025. Trump holds about 42% of the shares, valued at $1.3 billion. Although Truth Social continues to incur losses, the company has achieved the operation of 'turning meme stocks into cash' through cryptocurrency investments, which accountant Bruce Dubinsky described as a capital game 'slightly better than selling snake oil.'
Total cumulative amount: $1.647 billion + $1.3 billion = $2.947 billion
Issue Meme coins
Three days before the inauguration of Trump's second term in 2025, he launched the TRUMP token, quickly profiting $65 million from sales and transaction fees. More controversially, Trump announced an exclusive dinner for the 220 people holding the most TRUMP tokens, with the top 25 receiving a trip to the White House, which temporarily boosted the token price and earned additional transaction fees. Moreover, Melania also launched the meme token MELANIA. Despite the volatility in prices, cryptocurrency research firm Chainalysis estimated that the total profit from the two tokens was about $385 million.
Total cumulative amount: $2.947 billion + $385 million = $3.332 billion
Summary
The Trump family's business earnings range from membership fees at Mar-a-Lago to cryptocurrency meme coins, covering various areas including physical assets, licensing agreements, and financial instruments, with the core logic always being the 'premium of presidential status'. The cumulative earnings of $3.4 billion not only set a record for monetizing power in American political history but also blurred the lines between public office and private interests.
