The public had a closer look into Donald Trump’s wealth as federal election regulators released the business magnate’s financial disclosure this Wednesday as a protocol for presidential candidacy.
The document consists of a whopping 92 pages, but apparently The Donald explicitly stated that the total number in the disclosure is not even close.
Trump capitalized the words “TEN BILLION DOLLARS” in his financial disclosure. This is the amount of money he says he is worth, possibly even more. But why does the financial disclosure only mention $1.4 billion worth of assets for The Donald?
Simply put, it’s downright impossible to really tell the exact worth of the richest presidential candidate ever because of the broad nature in which the numbers are declared.
In fact, Trump declared assests “over $50 million,” which is not an exact number —and it comes up 23 times, including the Trump National Golf Club in Bedminster, N.J., and the Mar-A-Lago Club in Palm Beach, Fla.
It’s safe to say that Trump’s net worth may exceed $10 billion, given his principal involvement in more than 500 business organizations, not to mention his television shows and appearances and royalties generated from his books.
Trump started out in real estate working for his dad’s company, currently the Trump Organization. He might have been born with a silver spoon in his mouth, but much of the company’s massive expansion can be attributed to his leadership. The elder Trump even said that “Everything he seems to touch turns to gold.”
Known for his penchant for building residential towers and large offices, the real estate mogul surprisingly gets half of his income of $200 million from golf courses and resorts. That’s not to discount, though, the 28 percent of his income derived from condominium sales and rent.
Typical for a real estate mogul who has yet to sell assets is the accumulation of debt from mortgage payments, which Trump lists at $265 million.
However, there are entities that do not believe Trump’s claims about his wealth, nor do they like the way he so often showcases it. Notable publications such as Forbes and Bloomberg News do not back his 11-figure fortune claim.
“I’m not a psychiatrist, but clearly he’s an insecure person the fact that he keeps mentioning how much money he has,” said University of Akron’s political science professor, David Cohen.
Despite the claims and the counterclaims involved in the whirlwind that is Donald Trump’s presidential bid, it’s still clear that the man doesn’t need any financial backing in his campaign– $10 billion or not.
[Image by Scott Olson, Getty Images]