Original Author: David D. Kirkpatrick, The New Yorker

Original Translation: Luffy, Foresight News

In January 2017, President-elect Donald Trump faced public scrutiny for the first time regarding potential conflicts of interest between his business empire and public office during a press conference. His company, the "Trump Organization," profits from luxury apartments, hotel rentals, development projects, and club memberships worldwide, and he collaborates with various businesses to license his name for a fee on a range of products. Can people believe he would prioritize public interest over personal gain? How would he assure Americans that the funds flowing to his businesses would not become a form of bribery?

When asked if he would release his tax returns like previous presidents, he bluntly refused, referring to the loophole that exempts the presidency from conflict of interest regulations as the "no conflict of interest clause," as if it were an exclusive perk. He also revealed that during the transition period, he considered a $2 billion business proposal in Dubai from UAE real estate tycoon Hussein Sajwani but ultimately declined, claiming he "didn't want to take advantage," instead allowing his eldest son Donald Jr. and second son Eric to manage his businesses. His tax attorney, Sheri Dillon, stated that Trump would not "destroy the company he built" and promised that the family would never "abuse presidential power."

However, these promises gradually crumbled 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 their commitment to "not engage in new overseas deals," profiting from five significant transactions in the Gulf alone. Donald Jr. candidly stated that the restraint of the first term did not stop external criticism, saying, "There’s no need to self-restrain anymore." Today, the scale of funds flowing to Trump and his family is staggering: a $2 billion investment from a fund controlled by the Saudi crown prince, a luxury plane gifted by the Emir of Qatar, profits from cryptocurrency ventures, exclusive club membership fees… Ethics reform advocate Fred Wertheimer commented, "In terms of using public office for personal gain, Trump is unprecedented."

Although estimates of Trump's net worth by Forbes and The New York Times exceed $5 billion and $10 billion, respectively, these figures include a significant amount of paper profits and assets unrelated to his presidential status. Government ethics lawyer Norm Eisen admitted, "We don't know the full amount." Robert Weissman, co-chair of Public Citizen, stated, "We will never truly know."

Indeed, assessing how much value Trump's presidency has brought is a daunting task. However, 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 for-profit club, has now become a sanctuary for the "Make America Great Again" movement and a weekend White House, clearly serves as a starting point.

Mar-a-Lago

During the 2016 campaign, Trump claimed that his presidential run had "little impact" on his hotel and resort business, with Mar-a-Lago being the exception. This Palm Beach estate, purchased for $10 million in 1985, experienced its "best year ever" due to the campaign. Unlike other presidents who exchanged access for campaign donations, Trump directly sold opportunities for unlimited access to him and his circle.

Mar-a-Lago claims a membership cap of 500, with early members paying about $20,000 annually, and after 2016, the initiation fee skyrocketed to $100,000, with plans to increase to $1 million last year. Financial data shows its annual revenue jumped from $10 million in 2014 to $50 million, while operating costs remained stable 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 Accumulated: $125 million

Legal Fees and Merchandise

Over the past decade, Trump's campaign team has spent over $20 million at Trump-owned hotels and resorts, contributing to Mar-a-Lago's profits. The 2016 and 2024 campaign teams paid $18 million to use his Boeing 757, comparable to the costs incurred by Obama and Romney for their campaign planes.

However, Trump's innovation lies in operating a private online store that sells merchandise competing with the campaign's offerings, such as $50 "Make America Great Again" baseball caps and $18 beer koozies. Financial disclosures indicate that these sales generated over $17 million in revenue, almost all profit. Additionally, his licensing income 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.

More notably, Trump used donations from supporters through a political action committee (PAC) to pay legal fees, accumulating over $100 million, covering cases related to sexual assault allegations, hush money fraud, and overturning election results. This expense can be considered "a $100 million private gift."

Total Accumulated: $125 million + $127.7 million = $252.7 million

Washington Hotel

During Trump's first term, the Trump International Hotel in Washington was often viewed by Democrats as a "center of corruption." Foreign leaders booked entire floors, and lobbyists and officials crowded the bar. However, the hotel actually lost over $70 million annually, with his presidential status attracting some customers while driving away an equal number of potential clients concerned about scandals.

In 2012, Trump agreed to pay at least $3 million annually to the federal government to lease the building in Washington, D.C. (formerly the post office headquarters) long-term and invested 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 benefiting from U.S. military lodging expenditures (at least $184,000 over 23 months as of July 2019), continued to lose money for four years, only becoming profitable in 2022, with U.S. military personnel still staying at the resort during Biden's term. Overall, the spending by government agencies and profit-seekers at Trump hotels balanced out, resulting in zero net income.

Total Accumulated: $252.7 million (remains unchanged)

Gulf Region

Arab monarchs in the Gulf region serve dual roles as heads of state and major buyers of U.S. assets, providing unique business opportunities for the Trump family. During Trump's first term, his son-in-law Jared Kushner secured a $2 billion investment from the Saudi sovereign wealth fund by supporting Crown Prince Mohammed bin Salman after leaving office.

Kushner's Affinity Partners then raised funds from the UAE, Qatar, and Taiwanese businessman Terry Gou, managing assets totaling $4.8 billion. By industry standards, the firm could earn $81 million annually in management fees, totaling $810 million over ten years. Conservatively estimating, Kushner personally received half to two-thirds of the profits, currently valued at about $320 million.

Total Accumulated: $252.7 million + $320 million = $572.7 million

Licensing and Management Agreements in Saudi Arabia and the Gulf Region

The Trump Organization's deals in the Gulf region exemplify the "presidential identity premium." In November 2022, after Trump became the Republican presidential candidate, he reached an agreement with Saudi real estate company Dar Al Arkan to manage hotels and golf courses in Muscat, Oman, sharing profits from villa sales, signing a rare 30-year contract. After re-election, Donald Jr. and Eric signed multiple project agreements with the company in Riyadh, Jeddah, Dubai, and Doha.

Based on the revenue model of the Dubai golf course (annual profits exceeding $1 million), it is estimated that Trump's management income, licensing fees, hotel management fees, and other earnings in the Gulf region total at least $105.8 million, bringing the total to $678.5 million.

Total Accumulated: $572.7 million + $105.8 million = $678.5 million

Private Jet and Media Settlements

In May 2025, Trump returned from the Gulf with a royal Boeing 747-8 "gifted" by the Emir of Qatar, claiming it would be managed by the Air Force until it was handed over to his presidential library foundation after leaving office. 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 viewed as "a personal favor."

Additionally, during his presidency, Trump reached settlements with media companies through lawsuits: ABC News paid $15 million, Meta paid $22 million, X paid about $10 million, and CBS News paid $16 million, with all funds directed to his presidential library foundation. Melania also received $40 million in documentary rights fees from Amazon, personally earning about $28 million. The total amounts to $91 million.

Total Accumulated: $678.5 million + $150 million + $9.1 million = $919.5 million

Social Media

In October 2021, Trump announced the launch of the social media platform Truth Social, attempting to rebuild his influence after being restricted on mainstream social platforms. To expedite the platform's listing, he merged with Digital World Acquisition Corp through a "special purpose acquisition company" (SPAC), forming Trump Media & Technology Group, acquiring about 60% of the shares and becoming the largest shareholder.

Despite the platform's limited user base (approximately 400,000 daily active users) and ongoing losses (over $400 million last year), its stock price was driven up by retail investors due to "Trump association," becoming a typical "meme stock," with a market value peaking at $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 panic selling, lowering the stock price before he could escape with the funds. Forensic accountant Bruce Dubinsky estimated the value of Trump's shares at about $25 million, based on valuation standards for similar social media companies and its revenue scale (approximately $1 million per quarter).

Notably, Trump used his presidential status to drive traffic to the platform, issuing significant statements solely through Truth Social and even using it as a channel for policy announcements, creating a closed loop of "public office directing private domain traffic." Although the platform's profitability remains uncertain, this model of "power endorsement + capital speculation" still provides Trump with quantifiable paper gains.

Total Accumulated: $919.5 million + $25 million = $944.5 million

1789 Capital and the "Executive Branch" Club

Donald Jr. and his friend Omid Malik (a Trump donor and Mar-a-Lago member) co-founded the "Executive Branch" club, initially capping membership at 200 people. According to insiders, 20 "founding members" paid $500,000 each, while the remaining members paid nearly $100,000, generating a total of $28 million. Although the club is seen as a "social face project," after deducting $1,000 per square foot in renovation costs, it still netted $19 million. Calculating that Donald Jr. would receive at least one-fifth of the profits, the club made over $3.8 million even before opening. Additionally, Donald Jr. serves as a partner at Malik's 1789 Capital, which raised $1 billion to invest in high-tech and defense sectors and is also seeking funding in the Gulf. By industry standards, partners can share at least $200 million in profits over a 10-year period, and as the third-tier partner, Donald Jr. is expected to receive 10%, or $20 million (currently valued at $16 million), plus a $200,000 annual salary (currently valued at $160,000). The total earnings from these two sources amount to $19.6 million.

Total Accumulated: $944.5 million + $19.6 million = $964.1 million

NFT Sales

The Trump family's foray into cryptocurrency began with NFTs (non-fungible tokens). In 2022, Trump launched NFTs designed with his image, including "Superhero" and "Biker" themes, selling them for $99 each on Truth Social. Financial disclosures show he earned $13.18 million from NFT licensing fees, while Melania earned $1.22 million from her personal NFTs, totaling $14.4 million. These NFTs essentially serve as proof of ownership of digital images, leveraging Trump's presidential identity premium, with buyers primarily being his supporters. The transactions incurred almost no costs, resulting in profits close to 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 rather than physical products."

Total Accumulated: $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" and claiming to be "the only cryptocurrency company inspired by Trump." The website features a photo of Trump with a clenched fist, calling him the "chief cryptocurrency advocate." The company raised funds by selling tokens, with shell companies controlled by the Trump family receiving 75% of the revenue share, initially holding 60% and later reducing to 40%. Chinese cryptocurrency tycoon Justin Sun purchased $75 million in tokens and served as an advisor, helping to raise $550 million, with the Trump family’s share amounting to about $412.5 million. Additionally, the company launched the stablecoin USD 1, with a company under the UAE ruling family acquiring $2 billion in Binance shares using USD 1, resulting in a profit of $243 million for the Trump family. The stablecoin is backed by U.S. Treasury bonds, yielding over 4% annually, representing a low-risk, high-return "power-linked business."

Total Accumulated: $978.5 million + $412.5 million + $243 million = $1.634 billion

American Bitcoin

The Trump brothers partnered with stockbroker Kyle Wool to establish American Bitcoin, acquiring a 13% stake through a merger with Hut 8 (a publicly traded Bitcoin miner), currently valued at about $13 million. Eric Trump serves as "Chief Strategy Officer," claiming at cryptocurrency conferences that the company "will rewrite the industry rules." Bitcoin mining relies on computational power competition, and the total supply is limited (95% has been mined), but the Trump family heavily promoted Bitcoin, calling it "digital gold" and encouraging "ordinary Americans to buy as much as they can." Industry insiders noted that the company's stock price is overvalued by investors, and the value of the Trump brothers' shares far exceeds the value of the equipment itself, currently estimated at $13 million.

Total Accumulated: $1.634 billion + $1.3 million = $1.647 billion

Trump Media Enters Cryptocurrency

Trump Media & Technology Group (the entity behind Truth Social) capitalized on the new government's lenient policies towards cryptocurrency by selling 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) as of 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 managed to convert "meme stock into cash" through cryptocurrency investments, a maneuver described by accountant Bruce Dubinsky as "slightly better than selling snake oil."

Total Accumulated: $1.647 billion + $1.3 billion = $2.947 billion

Issuing Meme Coins

Three days before Trump's second inauguration, he launched the TRUMP token, quickly profiting $65 million from sales and transaction fees. More controversially, Trump announced an exclusive dinner for the 220 individuals holding the most TRUMP tokens, with the top 25 receiving a trip to the White House, which temporarily boosted the token's price and generated additional transaction fees. Additionally, Melania launched her own meme token, MELANIA. Despite significant price volatility, cryptocurrency research firm Chainalysis estimates that the total profit from the two tokens is approximately $385 million.

Total Accumulated: $2.947 billion + $385 million = $3.332 billion

Summary

The Trump family's business earnings span from membership fees at Mar-a-Lago to cryptocurrency meme coins, covering various sectors including physical assets, licensing agreements, and financial instruments, with the core logic always being the "presidential identity premium." 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.

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