With $3.7 bn, Trump is the richest-ever US president

LAHORE: Having a net wealth of $3.7 billion in October 2016, the newly-elected American President Donald Trump is surely the richest-ever head of the state the country has seen in over 200 years.

According to the globally-reputed American media house “Forbes”, in 2016, Trump is the 324th wealthiest person in the world and 156th in the United States. In September 2015, Trump’s net wealth was valued at $4.5 billion. The “Forbes” has stated: “Donald Trump kicked off his improbable presidential campaign with anti-immigrant statements despite the fact that his wife, Melania, emigrated from Slovenia. The Republican nominee ran his campaign       and real estate portfolio      from the Trump Tower, one of his five most valuable holdings. Trump's fortune slipped $800 million in the past year as the Manhattan retail and office space dropped, coupled with new information about his holdings.”

Owning 18 Gold courses within and outside the United States, according to the high-end American weekly golfing magazine “Golf Week”, Trump is the chairman and president of the Trump Organization which is the principal holding company for his real estate ventures and other business interests.

Trump has built worldwide office towers, hotels, casinos and golf courses. A 2012 report from Trump's accounting firm estimated $451.7 million in debt and other collateral obligations. Filings in 2015 disclosed debt of $504 million, according to the Fortune magazine.

The esteemed American media outlet “Bloomberg” had documented debt of at least $605 million in 2016. Trump's outstanding debt was at least $650 million in August 2016, in addition to an outstanding loan of $950 million to the Bank of China and the Deutsche Bank.

Born and raised in New York City, the new American president had received a bachelor’s degree in Economics from the Wharton School of the University of Pennsylvania in 1968, just three years before assuming control of his father’s real estate business. Trump has appeared at the Miss USA pageants, which he owned from 1996 to 2015.

Interestingly, during the course of his personal financial disclosure with the US Federal Election Commission, he had stated that his golf and resort revenue for the year 2015 was roughly $382 million. He also hosted and co-produced a reality television series “The Apprentice” on the NBC Television Network from 2004 to 2015. The Trump family has been running the Donald J Trump Foundation since 1988, which is currently being investigated by the authorities concerned in New York.

On October 3, 2016, the New York attorney general's office had notified the Trump Foundation that it was allegedly violating New York laws regarding charities and ordered it to immediately cease its fundraising activities in New York City.

The foundation's tax returns show its contribution to healthcare and sports-related charities as well as conservative groups. In 2009, for example, the foundation gave $926,750 to about 40 groups, with a donation of $100,000 for the Clinton Foundation!