Donald Trump once told his supporters that he is rich and that he has always been good in making money. The net worth of Mr. Trump is more than $10bn though this has often been disputed. It is however not clear how much worth Donald Trump owns. Many of the organizations calculating his finances have come up with different figures. Forbes, for instance, estimates that his net worth is $4.5bn. According to wealth-X says that Donald Trump owes $4.4bn while Bloomberg Billionaire’s index estimates a value of $2.9bn. Mr. Trump, however, says that he is much more worth than the claims of the financial institutions. The reason why there are disparities in his net worth is that of the many private holdings that Mr. Trump has.
History of Donald Trump family wealth
So, many will ask, how did Donald Trump earn his money? The success story of Donald Trump started with his grandfather, Friedrich who migrated from Germany to America. It all began with Friedrich. He was 18 years old when he got to in New York. After he had worked for a few years as a barber in New York, he moved to Seattle and opened a small establishment in a red-light district. He was diligent in offering customers food, liquor and ‘private room for ladies’
Trump became ambitious and decided to take the business where money was. He relocated to Yukon, taking advantage of the gold rush. The brothels had scales. This meant that customers would pay for the services using gold dust. However, in 1901, the regional police ordered a crackdown on gambling, liquor sales and prostitution. Trump went back to New York with a nice nest egg. At the time he had visited Kallstadt, he was engaged with a local woman, Elizabeth Christ and tried to resettle in Germany. However, he was deported back to America for refusing to take part in Military service. The couple then moved to New York. Friedrich would later die at the age of 49 from Spanish flu in 1918 and leave Fred, his son to continue with family entrepreneurial legacy.
After the death of his father, Fred set up a garage construction business with Elizabeth, his mother when he was still in school. The union of these two was a huge success, and in 1920, the building real estate mogul started building single-family houses in the borough of Queens. Fred was frugal and was known for walking around his construction sites picking dropped nails. In 1n 1936, Trump married Mary, a Scottish immigrant with whom they bore, Maryanne and Donald among other siblings. When World War II was over, Trump Sr. set out to exploit large Federal housing grants and build rental apartments in Brooklyn and Queens. Fearing the loss of his wealth, he claimed that his parents were Swedish.
By 1970, Fred had already become a multi-millionaire. At the time he died in 1999, Fred Trump was as much worth as $300 million. However, his business was not without controversy. There were claims that the company discriminated against blacks who wanted to rent houses. The family was sued at one point by the Justice Department for racial claims. The family would later agree to put anti-discrimination measures to ensure that such a problem did not recur.
How did Donald Trump earn his money?
Donald left Brooklyn and Queens and decided to try it more in Manhattan. Here, he had dreams to make it big. After he had graduated from college three years, Trump borrowed $1 million loans from his father and $100 million in bank loans that his father had assisted him in securing. He joined a leverage of major building projects in Manhattan including the Trump Plaza, Trump Tower, and the Grant Hyatt Hotel. He also diversified into golf courses, luxury resorts, and many other fields.
Trump the Brand
Donald Trump has spent most of his life making his name a stand-out in the wealth and success. While Trump can claim to be a mogul is real estate, the value of his net worth is as a result of his brand value which he started building in the 1980s. Young Trump was regular in TV interviews and was a vocal businessman during the 1988 Republican primaries. During 1980, the Trump Organization began to authorize the Trump name, sparking the name to prominence in the global realm. Today, many companies that are not owned by the organization pay license fees. Among these are Trump Ocean Club and Trump Fine Foods. Mr. Trump strengthened his reputation as a straightforward negotiator as the host of Apprentice, where his crass remarks and public hiring of potential employees, earned a multitude of fans. When Donald Trump published The Art of the Deal in 1987, his celebrity climbed even higher. The artistic designs and the quality that accompany Donald Trump property are enough to make the Donald Trump Organization stand out for a couple of generations. His property includes Trump Steaks, Trump magazine and TRUMP the board game. Fans can now drink Trump water, Trump Vodka and TRUMP board game. They can beautify their homes using Trump Home furnishings, wear the Donald J. Trump Signature collection of shirts and ties and spray Trump fragrance. Among the 515 firms in which he is directly involved, 28 have ‘Trump’ in the company title. Trump has remarked in the past that things could have been different had his ancestors not changed the family name. An example is the ‘Drumpf Tower’ which he says was not catchy.
Like his father, Donald Trump has a reputation of saving every coin he has. This, he called smart business and spent 10% to 15% of his time negotiating deals. Mr. Trump’s resilience in business has led to many publicized battles. Currently, he faces a lawsuit over Trump University and has been a victim of lawsuits from a former employee and Union pension funds. Mr. Trump has also sued former Miss USA contestant because she criticized the pageant he owned. He also sued the Deutsche Bank because it refused to give him a loan to a building project in Chicago