'The money was critical': Forbes report shows staggering amount Trump earned as president
Donald Trump's refusal to give up his business when he entered the White House in 2016 ensured he earned more money as commander-in-chief than any other in U.S. history, a Forbes financial analysis revealed Monday.
Trump's massive yet elusive earnings between 2016 and 2020 amounted to more than $250 million, according to Forbes' analysis of his tax returns, bond filings and credit reports, writes senior editor Dan Alexander.
"For Trump, who earned even more before becoming president, the money was critical," Alexander writes, "allowing him to service his debts, improve his properties, pay his kids and live like a king — all while governing the nation."
Alexander breaks down the gains and losses of each of the four years Trump held residence in the White House and reveals first how Trump turned around an apparent loss in 2017.
"Shortly after winning the 2016 election, Trump agreed to a $25 million settlement to resolve allegations that his for-profit education enterprise was a fraud, wiping out 15% of his estimated annual profit," writes Alexander. "The good news? He got to list a $25 million loss for Trump University on his tax filings."
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In 2018, commodities that did not bear Trump's name reportedly fared well.
Two buildings at 1290 Sixth Ave. in New York City and 555 California St. in San Francisco, in which Trump held a 30 percent stake, brought him $55 million, or a third of estimated operating income, Forbes reports.
"Trump’s business stabilized in the middle of his presidency, though weak spots remained, especially in liberal-leaning city centers," Alexander writes of 2019. "In New York City, income dropped at Trump Tower and 40 Wall Street. At Trump’s Chicago hotel, a slight profit flipped to a loss. And in D.C., losses mounted at the most polarizing hotel in the world."
Trump would also see profits tank in 2020 as COVID ransacked the nation and he mounted an increasingly desperate and ultimately unsuccessful bid to reclaim the White House in 2021, Alexander notes.
Trump’s hotels lost about $23 million and his management business shrank from about $29 million in 2017 to just $4.5 million, the Forbes analysis concludes.
"Office buildings acted as a short-term savior," writes Alexander, "collecting rent from marquee tenants locked into long-term leases."