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US Election 2016: Donald Trump – how rich is he really?

Donald Trump, real estate mogul, is ditching his business interests to run a bigger business – America.

Donald Trump, real estate mogul, is ditching his business interests to run a bigger business – America. Photo: Getty

Donald Trump is clearly one of the richest people to have ever set his sights on the White House. But working out just how much money he’s got is not easy.

This is because, like most of what the would-be president says, he is given to hyperbole and exaggeration when talking about his fortune.

Back in May, Mr Trump filed a financial disclosure form with the Federal Election Commission that claimed he was worth more than $US10 billion ($A12.9 billion). Just how much more he doesn’t say and that’s because he doesn’t have to.

The disclosure document appears to be designed for people with more modest means than ‘The Donald’. The maximum amount required to be reported is “over $50 million.”

Forbes Magazine has a more modest take on the Trump fortune, pegging it at $3.7 billion in July. It claims his wealth declined $US800 million in the past year because Manhattan retail and office space dropped in value.

Sorting out his income is no easier than sorting out his assets. The FEC disclosure gave his income as over $US557 million, which included these items according to New York Times analysis. But they don’t add up to the total.

  • $US336 million in revenue from resorts and golf courses
  • $US109 million in rent and condo sales
  • $US49 million in revenue from the sale of the Miss Universe organisation and other beauty pageant revenue
  • $US13 million from operation of the Wollman ice skating rink in Central Park
  • $US12 million from restaurant food and beverage sales
  • $US9 million from licensing the Trump name
  • $US1.2 million in book royalties
  • $US800,000 in speaking fees

Mr Trump also has debts of at least $US315 million, made up mostly of mortgages on properties including Trump Tower and 40 Wall Street in New York, and Trump International Hotel and Tower Chicago.

Another factor making the Trump finances opaque if the fact that he is the first presidential candidate in 40 years not to make public his tax return.

His reluctance has triggered claims that he pays very little tax, including from Ms Clinton, who pointed out he had not paid tax at all two decades ago.

“That makes me smart,” Mr Trump retorted.

When Ms Clinton suggested that Mr Trump was still paying no federal taxes, and had not done so for many years, Mr Trump offered another retort: “It would be squandered too, believe me.”

Entrepreneurial and well-connected Ivanka

Mr Trump received a significant inheritance from his developer father, but sees himself as a successful entrepreneur. His family appears to have both the family entrepreneurial genetics and instincts for power.

Ivanka Trump has a successful label. Photo: Amazon

Ivanka Trump has a successful label. Photo: Amazon

Ivanka, his daughter with first wife, former Czech model Ivana, has an estimated wealth of $US150 million.

She works with siblings Eric and Donald junior at The Trump Organisation and has a successful $100 million fashion line in her own right. It covers clothing, shoes and accessories.

She has reportedly distanced herself from her father’s election race after a social media campaign against her, launched under the hashtag #GrabYourWallet, started to eat into her profits.

Ivanka’s husband, Jared Kushner, is the son of a real estate mogul, Charles. He advises the Trump campaign and has taken over his father’s business. It includes property assets and the New York Observer newspaper. He has spent $US7 billion on New York real estate in the past 10 years.

The powerful Trump clan. L-R Eric, Lara, Melania, Vanessa Jared Kushner,Ivanka, Donald jr. Photo: Getty

The powerful Trump clan. L-R Eric, Lara, Vanessa, Melania, Jared Kushner, Ivanka, Donald jr. Photo: Getty

Charles Kushner spent a year in jail for making illegal campaign contributions, tax evasion and witness tampering in 2005. He is a major donor to the Democratic party.

The Clintons have come clean

Hillary Clinton has complied with the convention, lodging a joint return with husband Bill.
The Clinton tax equation looks like this. The power couple made $10.6 million in 2015, much less than the nearly $28 million they made in 2014.
The joint Clinton income came from:
  • $US6.7 million in speaking fees
  • Close to $3.1 million from their various books
  • The couple also received $226,000 in pension and annuities. As a former U.S. president, Bill Clinton is entitled to a pension of over $200,000 a year
  • $US109,000 in interest and dividends

Bill Clinton earned $US1.7 million from consulting. The couple paid federal income tax of $3.24 million, representing a tax rate of 30.6 per cent.

 

 

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