Donald Trump Net Worth:
Donald Trump’s Salary
Donald Trump net worth 2020: Donald Trump is an American politician, real-estate developer, author and television personality who has a net worth of $3.1 billion. He has earned his fortune as the owner of The Trump Organization, a real estate and licensing conglomerate. The Trump Organization owns commercial and residential properties around the globe, notably golf courses in the United States, Scotland and Ireland. In November 2016, Donald Trump defeated Hillary Clinton to become the 45th President of The United States.
Salary: As President, he is entitled to an annual salary of $400,000. He donates all but $1 of that salary to charity. When he was a television star, his annual salary for “Celebrity Apprentice” was $60 million.
Early Life: Donald John Trump was born on June 14, 1946, the son of millionaire low-income real estate tycoon Fred Trump. Fred Trump and Donald’s grandmother Elizabeth started out in home construction and sales. The company, which was incorporated as Elizabeth Trump & Son in 1927, build large swaths of single-family homes in Queens. The company grew to own and manage more than 27,000 rental units along the East Coast, primarily in New York City’s neighboring boroughs.
Donald briefly attended the Kew-Forest School in Forest Hills, but at 13 was sent to the New York Military Academy. For college he attended Fordham University and The Wharton School of Finance at the University of Pennsylvania, where he graduated in 1968 with a degree in economics.
After graduating from college, Donald returned to New York where he went to work for his father’s company which would later be known as The Trump Organization. In the 1970s the Trumps earned a fortune owning and renting middle and lower-class housing in New York City’s neighboring boroughs like Brooklyn, Staten Island and Queens.
Through shares in his father’s company that were set aside for each child at various ages, Donald Trump was technically a millionaire on paper in 1954 when he was just 8 years old.
In 1976, Fred Trump set up $1 million trust funds for each of his give children and three great-grandchildren. That’s the same as around $5 million in today’s dollars. The trusts paid yearly dividends from profits earned through Elizabeth Trump & Son’s rental income and property sales.
In 1982, Donald and Fred were co-featured on the inaugural Forbes 400 list of the richest Americans, with a combined net worth of $200 million, the same as around $500 million today. After adjusting for inflation, each Trump sibling received around $413 million from Fred Trump through inheritance and dividends by the time he died in 1999.
Independent Success: Keen to move the family empire away from the outer boroughs and into Manhattan, in 1976 with his newly established trust fund and an additional loan from his father, Donald struck out on his own. Over the next few decades, Fred would loan at least $60 million to Donald for various projects, much of which were loans that were never paid back.
One of his big early independent successes was the 1976 renovation of the Commodore Hotel into today’s Grand Hyatt New York. At the time, New York was in the midst of a deep economic depression. In the previous year, the Commodore lost more than $1.5 million on its operations. The Trump Organization, at Donald’s direction, spent $100 million renovating the property over the next four years. It was generally viewed as an extremely successful and positive renovation for the property and city at large. Donald sold his 50% stake in the building to his partners, the Pritzker family, for $142 million in 1996.
In 1982, Donald began construction on what would become a 58-floor skyscraper on Fifth Avenue that today is known as Trump Tower. Trump tower has 238 residential units, three restaurants and several first-floor retail businesses. The top three floors are a triplex unit that has served as Donald’s personal residence in New York City for decades. In 2006, Forbes valued Trump Tower at $318 million, or $288 million after you removed Trump’s $30 million mortgage on the property. In 2015, thanks to flagship luxury store Gucci, the value of the building had roughly doubled to $600 million. Today, with a slight downturn in NYC real estate values and a $100 million mortgage, the property is likely worth $400-$500 million.
In New York City he also owns Trump World Tower, Trump Place Trump International. He previously owned The Plaza Hotel. Many of the hotels and condo complexes that carry the Trump name today are licensing deals where other owners pay the Trump Organization a fee to use the name Trump and frequently to operate the building’s leasing/sales/operations.
In the late 1980s, Donald expanded his portfolio to Atlantic City where he built a number of casino properties. His flagship Trump Taj Mahal Casino opened in 1990. The casinos were consistently money-losing ventures that required financial bailouts from Fred Trump. The Trump casino and resort ventures filed for bankruptcy several times between 1991 and 2009.