Business overview

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Trump's Self Reported Assets By Minimum Value
Golf Courses
$500.1 million - 34%
Commercial Real Estate
$465.5 million - 32%
Hotels
$101 million - 7%
Residential Real Estate
$92 million - 6%
Resorts
$75 million - 5%
Companies
$62.35 million - 4%
Aircraft
$58 million - 4%
Other Real Estate
$52.1 million - 4%
Other Assets
$63.08 million - 4%

Trump had a minimum net worth of $1.47 billion in July of 2016, according to his own financial disclosure forms. It should be noted that there are significant credibility problems with both of Trump's financial disclosure statements. Federal disclosure forms require the value and income of assets to be reported in broad ranges rather than exact amounts. Some of Trump's reported assets have no reported value but nevertheless produce very large streams of income. Federal officials rely on the candidate to be truthful and do not independently assess the accuracy of the disclosure reports.[1] Trump has sought to lower the property taxes of many of his properties by arguing their actual values were far lower than the values he reported on his financial disclosure.[2] In many instances, Trump appears to have reported the gross revenue of certain business interests rather than the personal income that he received through them.[3]

Forbes estimated Trump's net worth at $4.5 billion in March of 2016.[4] Trump issued a public statement claiming his net worth was "ten billion dollars" shortly after filing his 2015 financial disclosure. The total minimum value of reported assets in Trump's 2016 Financial Disclosure is $1,469,128,000 ($1.47 billion). In the present analysis, we will discuss assets as a percentage of Trump's minimum disclosed net worth. We have made this choice because every asset has a clearly defined minimum reported value, whereas actual or maximum values cannot be clearly established. As a general rule, RAGEPATH does not endorse taking Trump at his word.[5] But for the limited purpose of laying out the relative distribution of his wealth by business category, we'll rely on information straight from the horse's mouth[6].

The overall breakdown of Trump's wealth by general business category is laid out in the chart to the right. Click on each category for further information on specific business activities in that industry.

Golf Courses Are A Huge Chunk of Trump's Net Worth: Much of Trump's post-bankruptcy growth in his net worth has occurred in golf courses. Commercial real estate may make up a slightly larger chunk of his actual worth, but much of that is based on buildings he fought tooth and nail to preserve through his debt crisis.

Many of Trump's Most Valuable Real Estate Investments Survived His Dramatic Financial Collapse: Trump's basic strategy to avoid bankruptcy was to pile as much debt onto assets he was willing to shed as possible, then abandon them to bankers. In the process he identified certain key properties that he fought ferociously to retain. Very few of Trump's current real estate assets were acquired or developed after his financial troubles 25 years ago.

Many of Trump's Most Scandalous Investments Represent a Tiny Fraction of His Net Worth: Most of the things you think about when you think about Trump - Trump University, Trump Steaks, The Apprentice - are just tiny drops in the bucket of Trump's core revenue streams.

Trump Really Is Rich: Trump's opponents are fond of speculating that his wealth is a mirage. It is true that Trump has lost colossal sums of money. It is very likely that a full release of Trump's taxes would reveal staggering reported losses. But Trump really is rich. Trump was born rich. And despite burning through unimaginable sums of money he has stayed rich.

Trump's Income Stream Is Locked Into Many Deals He Can't Escape: Trump declares his various licensing deals as having no value despite the fact they produce millions in income each. This is legitimate for the sake of disclosures because the licensing deals are not transferable. Much of Trump's income (as opposed to worth) is based on all-or-nothing deals.

The following list reflects the reported values of Trump's most significant reported assets on his 2016 Financial Disclosure. This list does not currently include Trump's reported investments in publicly traded stocks or managed investment funds. It also omits the many companies Trump has disclosed ownership interests in with no reported value or income. The following list is sorted by reported value, then by reported income, then alphabetically by name.

Value greater than $50 Million

1290 Avenue of the Americas - Commercial Real Estate - New York, NY - Income: Over $5 million (rent)

40 Wall Street LLC - Commercial Real Estate - New York, NY - Income: Over $5 million (rent)

401 North Wabash Venture LLC - Residential & Commercial Real Estate - Chicago, IL - Income: Over $5 million (rent and condo sales)

Fifty-Seventh Street Associates LLC - Commercial Real Estate - New York, NY - Income: Over $5 million (rent)

HWA 555 Owners LLC - Commercial Real Estate - San Francisco, CA - Income: Over $5 million (rent)

Trump Park Avenue LLC - Residential and Commercial Real Estate - New York, NY - Income: Over $5 million (rent and condo sales)

Trump Tower Commercial LLC - Commercial Real Estate - New York, NY - Income: Over $5 million (rent)

Trump National Doral - Golf Courses and Resort - Miami, FL - Income: Over $5 million (golf resort related revenues: $131,892,107)

Trump Ruffin Tower I LLC - Commercial Real Estate - Las Vegas, NV - Income: Over $5 million (condo sales and hotel related revenue: $48,007,433)

Mar-A-Lago Club LLC - Resort - Palm Beach, FL - Income: Over $5 million (resort related revenue: $29,795,497)

Trump National Golf Club Los Angeles - Golf Course and Unsold Lots - Los Angeles, CA - Income: Over $5 million (golf related revenue and land sales: $26,905,496)

Trump National Golf Club Bedminster - Golf Club - Bedminster, NJ - Income: Over $5 million (golf related revenue: $20,572,150)

Trump Turnberry - Golf Courses and Resort - Turnberry, Scotland - Income: Over $5 million (golf related revenue: $18,186,951)

Trump National Golf Club Jupiter - Golf Club - Jupiter, FL - Income: Over $5 million (golf related revenue: $17,903,803)

Trump National Golf Club Washington DC - Golf Club - Potomac Falls, VA - Income: Over $5 million (golf related revenue: $17,497,594)

Trump National Golf Club Westchester - Golf Club - Briarcliff Manor, NY - Income: Over $5 million (golf related revenue: $10,313,031)

Trump National Golf Club Colts Neck - Gold Club - Colts Neck, NJ - Income: Over $5 million (golf related revenue: $7,512,891)

The Trump Corporation - Management Company - New York, NY - Income: Over $5 million (management and related fees: $6,484,095)

DJT Operations I LLC - Aircraft - New York, NY - Income: Between $1 million and $5 million

Trump International Golf Links Scotland - Golf Course - Aberdeen, Scotland - Income: Between $1 million and $5 million ($4,880,743)

Trump International Hotels Management LLC - Management Company - New York, NY - Income: Between $1 million and $5 million ($3,383,209)

Trump Old Post Office LLC - Hotel - Washington, DC - Income: Between $100,000 and $1 million

Seven Springs LLC - Real Estate - Mt Kisco, NY - Income: Less than $200

Trump Tower Triplex - Residential Real Estate - New York, NY - Income: Less than $200

Value between $25 million and $50 million

Starrett City Associates LP - Residential Real Estate - Brooklyn, NY - Income: Over $5 million (rent)

Trump International Golf Club Florida - Golf Club - West Palm Beach, FL - Income: Over $5 million (golf related revenue: $17,510,455)

Trump CPS LLC - Commercial and Residential Real Estate - New York, NY - Income: Between $1 million and $5 million (rent)

Trump Plaza LLC - Residential and Commercial Real Estate - New York, NY - Income: Between $1 million and $5 million

Excel Venture I LLC - Residential Rental Property - St. Martin, French West Indies - Income: Between $100,000 and $1 million (rent)

Value between $5 million and $25 million

Trump National Golf Club Charlotte - Golf Club - Charlotte, NC - Income: Over $5 million (golf related revenue: $14,125,381)

Trump International Golf Links Doonbeg - Golf Course and Resort - Doonbeg, Ireland - Income: Over $5 million (golf related revue: $10,750,645)

Trump Ferry Point LLC - Operating Agreement - New York, NY - Income: Over $5 million (golf related revenue: $7,930,134)

Trump National Golf Club Philadelphia - Golf Club - Pine Hill, NJ - Income: Over $5 million (golf related revenue: $5,641,122)

Trump National Golf Club Hudson Valley - Golf Club - Hopewell Junction, NY - Income: Over $5 million (golf related revenue: $5,574,955)

845 UN Limited Partnership - Commercial Real Estate - New York, NY - Income: Between $1 million and $5 million (rent)

Trump Virginia Acquisitions LLC - Commercial Real Estate - Charlottesville, VA - Income: Between $100,000 and $1 million (hotel related revenue: $534,762)

TIHT Commercial LLC - Commercial Real Estate - New York, NY - Income: Between $100,000 and $1 million (rent)

Trump Vineyard Estates LLC - Vineyard - Charlottesville, VA - Income: Between $100,000 and $1 million (rent)

??? - Residential Real Estate - Palm Beach, FL - Income: Between $15,000 and $50,000 (rent)

809 North Canon LLC - Residential Real Estate - Beverly Hills, CA - Income: Less than $200

DT Endeavor I LLC - Aircraft - Palm Beach, FL - Income: Less than $200

The East 61 Street Company LP - Residential Real Estate - New York, NY - Income: Less than $200

Value between $1 million and $5 million

Wollman Rink Operations LLC - Operating Agreement - New York, NY - Income: Over $5 million (ice skating rink operation: $12,901,077)

Trump Productions LLC - Production Company - New York, NY - Income: Over $5 million (production revenue: $5,900,433)

Trump Restaurants LLC - Restaurant - New York, NY - Income: Between $1 million and $5 million (food and beverage related sales: $3,906,202)

Caribusiness Investments SRL - Land - Dominican Republic - Income: Between $1 million and $5 million (land sales: $2,000,000)

Trump Model Management LLC - Modeling Agency - New York, NY - Income: Between $1 million and $5 million (commissions: $1,910,677)

D B Pace Acquisition LLC - Land, building and ff&e - New York, NY - Income: Between $100,000 and $1 million

TIHT Holding Company LLC - Hotel Condo Unit - New York, NY - Income: Between $100,000 and $1 million

Trump Palace/Parc LLC - Commercial Real Estate - New York, NY - Income: Between $100,000 and $1 million

??? - Residential Real Estate - Palm Beach, FL - Income: Between $50,000 and $100,000 (rent)

DJT Holdings LLC - Bank Account - New York, NY - Income: Between $50,000 and $100,000

DT Connect Europe Limited - Aircraft - Turnberry, Scotland - Income: Between $15,000 and $50,000 (rent)

DJT Aerospace LLC - Aircraft - New York, NY - Income: Less than $200

DT Connect II LLC - Aircraft - Palm Beach, FL - Income: Less than $200

Value between $500,000 and $1 million

T International Realty LLC - Bank Account and Brokerage Company - New York, NY - Income: Between $1 million and $5 million (commissions: $3,863,327)

Spring Creek Plaza LLC - Commercial Real Estate - Brooklyn, NY - Income: Between $100,000 and $1 million (rent)

Trump Vineyard Estates Lot 3 Owner LLC - Vineyard - Charlottesville, VA - Income: Between $100,000 and $1 million (rent)

Trump Virginia Lot 5 LLC - Vineyard - Charlottesville, VA - Income: Between $50,000 and $100,000 (rent)

Trump Scotsborough Square LLC - Residential Real Estate - Scotsborough Square, VA - Income: Between $5,000 and $15,000 (rent)

Trump Marks Asia LLC - Residential Real Estate - Water Park Place, VA - Income: Less than $200

Trump Miami Resort Management LLC - Bank Account - Miami, FL - Income: Less than $200


Value between $250,000 and $500,000

THC Miami Restaurant Hospitality LLC - Bank Account and Restaurant Operations at Trump National Doral - Miami, FL - Income: Over $5 million (food and beverage related sales: $7,897,325)

Value between $100,000 and $250,000

Trump Carousel LLC - Bank Account and Operating Agreement - New York, NY - Income: Between $100,000 and $1 million (admissions: $702,981)

Lamington Family Holdings LLC - Land - Bedminster, NJ - Income: Less than $200

Pine Hill Development LLC - Golf Club - Pine Hill, NJ - Income: Less than $200

Value between $50,000 and $100,000

Country Properties LLC - Residential Real Estate - Norfolk, VA - Income: Less than $200

Mobile Payroll Construction LLC - Bank Account - Bedminster, NJ - Income: Less than $200

THC Central Reservations LLC - Hotel Company - New York, NY - Income: Less than $200

Value between $15,000 and $50,000

DT Dubai II Golf Manager LLC - Bank Account and Management Deal - Dubai, UAE - Income: Between $1 million and $5 million

Trump Marks Panama LLC - Bank Account and License Deal - New York, NY - Income: Between $1 million and $5 million

Trump Ice LLC - Bank Account and Wholesale Company - New York, NY - Income: Between $100,000 and $1 million (sales: $413,339)

Trump Marks Punta Del Este LLC - Bank Account and License Deal - Punta Del Este, Uruguay - Income: Between $100,000 and $1 million (royalties)

40 Wall Street Commercial LLC - Bank Account - New York, NY - Income: Less than $200

Hudson Waterfront Associates II LP - Residential Real Estate - New York, NY - Income: Less than $200

OPO Hotel Manager LLC - Bank Account and Management Company - Washington, DC - Income: Less than $200

THC IMEA Development LLC - Developer - New York, NY - Income: Less than $200

Trump 106 CPS LLC - Bank Account - New York, NY - Income: Less than $200

Value between $1,000 and $15,000

Tag Air Inc - Bank Account - New York, NY - Income: Between $1 million and $5 million (aircraft related revenue: $3,713,693)

DT Tower Gurgaon LLC - Bank Account and License Deal - Gurgaon, India - Income: Between $100,000 and $1 million (royalties)

40 Wall Development Associates LLC - Bank Account - New York, NY - Income: Less than $200

809 North Canon Member Corporation - Bank Account - Beverly Hills, CA - Income: Less than $200

Country Apartments LLC - Bank Account - New York, NY - Income: Less than $200

DJT Operations CX LLC - Bank Account - Palm Beach, FL - Income: Less than $200

DT Marks Dubai LLC - Bank Account and License Deal - Dubai, UAE - Income: Less than $200

DT Marks Pune LLC - Bank Account and License Deals - New York, NY - Income: Less than $200

THC China Development LLC - Developer - New York, NY - Income: Less than $200

Trump 845 UN Mgr Corp - Bank Account - New York, NY - Income: Less than $200

Trump Marks White Plains LLC - Bank Account and License Deal - New York, NY - Income: Less than $200

Trump Tower Managing Member Inc - Bank Account - New York, NY - Income: Less than $200

TW Venture II LLC - Bank Account - Doonbeg, Ireland - Income: Less than $200

Unit 2502 Enterprises LLC - Bank Account - Chicago, IL - Income: Less than $200

West Palm Operations LLC - Bank Account - West Palm Beach, FL - Income: Less than $200

Value less than $1,000

Miss Universe LP LLLP - Bank Account - ? - Income: Over $5 million (beauty pageant related revenue and sale: $49,286,369)

DT Dubai Golf Manager LLC - Bank Account and Management Deal - Dubai, UAE - Income: Between $1 million and $5 million

DT Marks Bali LLC - Bank Account and License Deal - Bali, Indonesia - Income: Between $1 million and $5 million (royalties)

DT Marks Lido LLC - Bank Account and License Deal - Lido, Indonesia - Income: Between $1 million and $5 million (royalties)

Trump International Hotel Hawaii LLC - Bank Account, Management and License Agreements - Waikiki, HI - Income: Between $1 million and $5 million (royalties and management fees)

Trump Marks Istanbul II LLC - Bank Account and License Deal - New York, NY - Income: Between $1 million and $5 million

Trump Canouan Estate LLC - Land - St. Vincent and the Grenadines - Income: Between $1 million and $5 million (land sales: $3,000,000)

DT Home Marks International LLC - Bank Account and License Deals - New York, NY - Income: Between $100,000 and $1 million

The Trump-Equitable Fifth Avenue Company - Bank Account - New York, NY - Income: Between $100,000 and $1 million

Trump Home Marks LLC - Bank Account and License Deal - New York, NY - Income: Between $100,000 and $1 million

Trump Marks LLC - Bank Account and License Deal - New York, NY - Income: Between $100,000 and $1 million (royalties)

Trump Marks Mattress LLC - Bank Account and License Deal - New York, NY - Income: Between $100,000 and $1 million (royalties)

Trump Marks Menswear LLC - Bank Account and License Deal - New York, NY - Income: Between $100,000 and $1 million (royalties)

Trump Marks New Rochelle LLC - Bank Account and License Deal - New York, NY - Income: Between $100,000 and $1 million (royalties)

Trump Marks Waikiki LLC - Bank Account and License Deal - New York, NY - Income: Between $100,000 and $1 million (royalties)

THC Baku Services LLC - Bank Account and Management Deal - Baku, Azerbaijan - Income: Between $100,000 and $1 million (management fees: $323,150)

White Course LLC - Bank Account - Miami, FL - Income: Between $50,000 and $100,000 (golf related revenue: $86,786)

DT Bali Technical Services Manager LLC - Bank Account and Management Deal - Bali, Indonesia - Income: Between $50,000 and $100,000 (management fees: $83,333)

DT Lido Technical Services Manager LLC - Bank Account, Management Deal - Lido, Indonesia - Income: Between $50,000 and $100,000 (management fees: $83,333)

Travel Enterprises Management Inc - Bank Account - New York, NY - Income: Between $50,000 and $100,000 (service fees: $75,000)

Trump Books LLC The Midas Touch - Bank Account and Book Deal - New York, NY - Income: Between $15,000 and $50,000

Trump Golf Acquisitions LLC - Bank Account - New York, NY - Income: Between $15,000 and $50,000 (golf related revenue: $21,985)


No Value Declared

DT Marks Worli LLC - License Deal - New York, NY - Income: Between $1 million and $5 million (royalties)

Trump Marks Philippines LLC - License Deal - New York, NY - Income: Between $1 million and $5 million (royalties)

Trump Chicago Hotel Manager LLC - Management Company - New York, NY - Income: (management fees: $2,254,010)

Crippled America - Book - New York, NY - Income: Between $1 million and $5 million (royalties)

Trump Chicago Commercial Manager LLC - Management Company - New York, NY - Income: Between $1 million and $5 million (management fees: $1,412,078)

Trump Panama Hotel Management LLC - Management Agreement - New York, NY - Income: between $1 million and $5 million (management fees: $1,280,599)

Trump Marks Stamford LLC - License Deal - New York, NY - Income: Between $100,000 and $1 million

Time To Get Tough - Book - New York, NY - Income: Between $100,000 and $1 million (royalties)

Trump Marks Sunny Isles I LLC - License Deal - New York, NY - Income: Between $100,000 and $1 million (royalties)

Trump Chicago Residential Manager LLC - Management Company - New York, NY - Income: Between $100,000 and $1 million (management fees: $679,444)

Trump Toronto Hotel Management Corp - License Deal - New York, NY - Income: Between $100,000 and $1 million (management fees: $611,864)

TNGC Jupiter Management LLC - Management Company - Jupiter, FL - Income: Between $100,000 and $1 million (management fees: $451,020)

Ritz Carlton Hotel at 112 Central Park South - ??? - New York, NY - Income: Between $100,000 and $1 million (management fees: $286,000)

TW Venture I LLC - Transportation Services - Palm Beach, FL - Income: Between $100,000 and $1 million (operating income: $243,899)

Screen Actors Guild Pension - Pension - Burbank, CA - Income: Between $100,000 and $1 million (pension: $168,584)

Trump Management Inc - Management Company - Manhasset, NY - Income: Between $100,000 and $1 million (management fees: $140,000)

The Art of the Deal - Book - New York, NY - Income: Between $50,000 and $100,000 (royalties)

Trump Marks Fine Foods LLC - License Deal - New York, NY - Income: Between $15,000 and $50,000

Think Like A Champion - Book - New York, NY - Income: Between $15,000 and $50,000 (royalties)

THC Vancouver Management Corp - Management Company - Vancouver, Canada - Income: Between $15,000 and $50,000 (management fees: $35,714)

How To Get Rich - Book - New York, NY - Income: Between $5,000 and $15,000 (royalties)

208 Productions LLC - The Apprentice - Burbank, CA - Income: Between $5,000 and $15,000 (salary: $8,365)

The Trump Entrepreneur Initiative LLC - Seminar Program - New York, NY - Income: Between $5,000 and $15,000 (sales: $13,239)

The Way to the Top - Book - New York, NY - Income: Between $200 and $1,000


Citations and Quotes

  1. New York Times August 20, 2016
    The agency's procedures for staff members reviewing presidential submissions, a copy of which was obtained by The Times through a Freedom of Information Act request, say the Office of Government Ethics does not audit reports for accuracy. “Disclosures are to be taken at ‘face value’ as correct, unless there is a patent omission or ambiguity or the official has independent knowledge of matters outside the report,” the procedures say.
  2. Washington Post, August 21, 2016
    For eight of the 10 courses on which he pays taxes, Trump reported in his May filing to the Federal Election Commission that the courses were worth tens of millions of dollars even as his attorneys have pressed local tax officials to value the properties at a fraction of those amounts.
  3. New York Times, November 3, 2016
    After expenses, some of his businesses make a small fraction of what he reported on his disclosure forms, or actually lose money. [...] Mr. Trump appears to have used a provision in federal ethics laws that allows business owners to list gross revenue, as opposed to net income after expenses, on their disclosure forms.
  4. Forbes, March 21, 2016
  5. We will provide a more detailed discussion of contradictions in Trump's own reported assessments and discrepancies with independent analysts in another context.
  6. In an act of Trumpian self-restraint, I didn't write "straight from the horse's ass."