February 22, 2017
Since he has refused to divest from his business holdings and place the assets in a blind trust, President Donald Trump enters office with massive conflicts of interest, including business dealings with foreign governments that led CREW to sue him for violating the foreign emoluments clause of the Constitution. The full extent of the president’s conflicts can be difficult to grasp as Trump owns a complex network of over 500 businesses, loosely grouped under the banner of the Trump Organization. Collectively, the Trump Organization is considered the 48th largest private company in the United States.
In order to help the public understand the unprecedented conflicts and potential for corruption guaranteed by President Trump’s determination to maintain ownership of his businesses, CREW’s research team analyzed the personal financial disclosure (PFD) form he filed with the Federal Election Commission in May 2016, which lists his non-government positions, assets, liabilities and more, but does not provide the full scope and details of President Trump’s financial interests. Though President Trump has made some changes to his portfolio since filing the report, the following infographics provide a snapshot of how he makes his money, where he has business overseas, what debts he owes and to whom, and how these holdings may interact with the government he now leads.
President Trump had over 150 entities with reported assets on his 2016 PFD—roughly a third of entities listed. Major asset types include real estate, primarily golf clubs and commercial properties, and financial assets, largely bank accounts. According to a recent NPR analysis, at least seventeen different federal agencies potentially have jurisdiction over these assets.
President Trump is very proud of his wealth and often brags about his billions of dollars. Critics, however, have regularly accused him of inflating his net worth. There is no doubt though that he does make many millions of dollars a year, with much of it coming from his golf properties. Royalties and real estate make up another significant chunk of his income. Ultimately, it’s difficult to accurately gauge how much President Trump made in the period covered by his 2016 PFD, as rent and royalty income appear on his disclosure form in a range rather than as a hard number.
In keeping with President Trump’s reputation as a real estate mogul, four out of five of the businesses that generated the most income in his 2016 PFD were related to his hotel and golf properties. Trump National Doral, a hotel and golf resort in Miami, FL, was President Trump’s largest source of income by over $80 million, with President Trump receiving more than $130 million from the business. The only non-real estate business in the top five, the Miss Universe organization, came in second place with a reported income of nearly $50 million for “beauty pageant related revenue and sale.” WME-IMG bought the company from the Trump Organization in September 2015. President Trump visited the fifth top-income generating business, Mar-a-Lago, two out of his first four weekends as president.
President Trump has previously called himself the “king of debt,” and his 2016 PFD shows he enters office with plenty of liabilities. In fact, he has borrowed at least $315 million from ten different creditors and the true amount may be much larger as several of the entries on the PFD simply say “over $50 million.” Several of these loans will mature over the next four years with many more coming due during a possible second term. The below graphic does not include all of President Trump’s debts though. A Wall Street Journal investigation found that President Trump’s debts are much greater when you include the debts owed by co-owned partnerships in the total. The graphic does not include a “springing loan” taken from Chicago Unit Acquisition LLC for at least $50 million. All of the debts were incurred before 2017.
President Trump’s business empire spans the globe and includes more than 150 companies in 26 countries on five continents. From January 1, 2015 to May 18, 2016, these businesses generated between $30 million and $61 million in income for President Trump and were reportedly worth at least $83 million. The map below features the overseas assets that President Trump listed on his 2016 PFD as income-generating properties or businesses. It includes 24 business interests in 14 countries stretching from British Columbia to Bali. Scroll over the icons for information on the type of business, value, income, income type, underlying assets, and, in some cases, management or licensing partners. President Trump also disclosed dozens of international businesses that were not included on this map because they did not report income.