The world learned much about real-estate mogul Donald Trump’s wealth this week, as the Federal Election Commission released a 92-page personal-financial-disclosure report filed by the Republican presidential candidate as part of his nascent campaign.
Trump’s campaign released a statement on July 15, when he filed disclosure with the FEC, saying it would reveal a “massive” net worth “in excess of TEN BILLION DOLLARS.” The report still does not completely detail Trump’s fortune, as it deals mostly with ranges.
“For instance, they have boxes once a certain number is reached that simply state $US50 million or more. Many of these boxes have been checked. As an example, if a building owned by Mr. Trump is worth $US1.5 billion, the box checked is ‘$US50,000,000 or more,'” the campaign’s statement said.
The day of his campaign-launch speech last month, Trump released a one-page report that described his net worth as being approximately $US8.7 billion. His campaign said upon filing the disclosure that his net work has actually increased over the past year.
“Mr. Trump’s net worth has increased since the more than one year old financial statement produced at his presidential announcement,” the statement said. “Real estate values in New York City, San Francisco, Miami and many other places where he owns property have gone up considerably during this period of time. His debt is a very small percentage of value, and at very low interest rates. As of this date, Mr. Trump’s net worth is in excess of TEN BILLION DOLLARS.”
Other outside estimates have disputed the true level of Trump’s wealth.
Forbes currently estimates his net worth at $US4 billion. And according to the Wall Street Journal, the report shows Trump has assets worth at least $US1.5 billion. That includes “over 500 entities in which he is a trustee, president, chairman or member” (391 of these entities are named with the word “Trump” or his initials. The New York Times reported the disclosure showed Trump earned at least $US9.5 million in royalties last year for “merely licensing his name.”
Here’s some more of what we learned from Trump’s FEC disclosure:
He loves his name
According to the report, Trump has involvement in 515 organisations or entities. At least 264 of them include the name “Trump,” and another 54 have his initials.
For example, the report says that Trump Carousel, s New York merry-go-round, earned him $US588,518 last year. Trump Ice LLC, meanwhile, brought in more than $US280,000 in sales last year. energy drink company. Trump Vineyard, Estates LLC, Trump’s Virginia-based winery, earned him anywhere between $US150,000 to $US1,100,000, according to the report.
He says his golf courses are worth a LOT of money
Trump values his golf courses at a level of at least $US500 million, according to Golf Digest. Nine of his golf courses are worth “more than $US50 million,” according to the report. He also made as much as $US715 million in “golf-related revenue,” according to the report.
But a CNBC analysis questioned whether that figure was accurate, putting the value at something in the range of $US160-$US250 million.
“The financial disclosure form values many of Trump’s courses at two to four times the multiples of annual revenue other courses command, in an industry where most operators struggle to make profits, according to golf-course appraisers. An industry rule of thumb is that courses are worth 1 to 1.5 times their annual revenue,” the analysis said.
“Trump reported combined revenue of less than $US160 million, excluding the Miami resort, which doesn’t break out golf-related revenue, and land sales at the Los Angeles property. Based on the industry standard valuation metric, that would put the value of Trump’s golf empire closer to $US160 million to $US250 million.”
He makes a decent amount of money from real estate
The real-estate mogul lives up to his moniker. He earned about $US66 million, or about 17% of his income, from selling condominiums, according to The New York Times. Another $US11 million came from rent.
By comparison, the disclosure report shows that Trump earned about $US1.75 million in speaking fees over the past year, most of which was paid by a company called ACN Inc. And he still earns some royalties from past best-selling books — “The Art of the Deal,” perhaps his best-known work, netted him at least $US15,000 last year and possibly as much as $US50,000. Another book, “Time to Get Tough,” brought in between $US50,000 and $US100,000 in royalties.
His stock portfolio
Trump’s personal financial disclosure revealed detailed information about his stock portfolio, which it says is worth between $US33.4 million and $US87.9 million. Trump has stock in hundreds of companies in a wide variety of industries including tech giants, financial firms, and defence contractors.
Trump’s stock holdings are held in accounts with Barclays, Oppenheimer, JPMorgan, and Deutsche Bank, according to the disclosure:
- In the Barclays account, Trump holds investments in 32 entities, as well as cash worth between $US49,021 and $US396,001.
- In two accounts at Deutsche Bank, Trump holds cash, treasury bills, and stock in 173 entities. According to the report, the two accounts are worth between $US21,725,129 and $US51,595,016.
- In the Oppenheimer account, Trump holds cash and 31 positions worth between $US10,380,031 and $US33,301,000.
- Finally, in the JPMorgan account, Trump holds stock in 60 firms worth between $US1,251,008 and $US2,617,000.
Trump invests in everything from technology companies, financial firms, defence contractors, and energy. Familiar companies such as Apple, Nike, Whole Foods, Google, Philip Morris, Raytheon, Facebook, and Morgan Stanley, make an appearance in the report.
Forbes currently estimates his net worth at $US4 billion. On Wednesday, the Wall Street Journal reported the personal financial disclosure shows Trump has assets worth at least $US1.5 billion. The newspaper said this includes “over 500 entities in which he is a trustee, president, chairman or member” and 391 of those entities are named with the word “Trump” or his initials.
Hunter Walker and Myles Udland contributed to this report.
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