Trump earned nearly $10 billion.

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Source: China News Weekly

Recently, Forbes released its annual global billionaire list. U.S. President Trump’s net worth increased from $5.1 billion to $6.5 billion, a net gain of $1.4 billion (about RMB 9.655 billion) in one year. His ranking jumped 55 places to 645th worldwide. Forbes listed him as the wealthiest president in U.S. history while in office.

Where did this $1.4 billion come from? Cryptocurrency accounts for the largest portion, totaling about $850 million. Additionally, traditional assets such as Mar-a-Lago, commercial real estate, golf courses, etc., appreciated by approximately $520 million. There was also a debt eliminated due to a court ruling: the New York State Court of Appeals overturned a previous civil fraud fine of $517 million, citing “unconstitutional penalties,” which cleared the originally recorded debt.

On September 17, 2025, a statue of Trump was displayed on the National Mall in Washington, D.C. Photo / Visual China

New Business Arena

Trump is not naturally a cryptocurrency believer.

In 2019, Trump posted on social media: “I’m not a fan of Bitcoin and other cryptocurrencies. They’re not money, highly volatile, and built on air.” In a 2021 interview with Fox Business, he directly called Bitcoin “a scam” and advocated for stricter regulation.

What changed his stance was a batch of digital collectible cards featuring his own portrait.

In December 2022, Trump launched his first NFT digital trading cards, priced at $99 each. The first 45,000 sold out within 24 hours. A significant portion of buyers paid with cryptocurrencies. Trump later recalled that he specifically asked his assistants about the proportion of crypto payments, and the answer was “overwhelming majority,” which surprised him “a lot.”

This may have been the starting point for him to seriously consider cryptocurrencies.

In early 2024, Trump admitted in an interview with CNBC that he had made money with cryptocurrencies, describing them as “crazy but interesting new money.” In July of that year, he appeared at the Nashville Bitcoin Conference, promising that if re-elected, he would ensure the federal government would not sell its Bitcoin holdings, and declared his goal to make the U.S. the “world’s crypto capital.” On the same day, his campaign announced it had raised $25 million in donations from the crypto industry. After the election, Bitcoin’s price continued to rise, surpassing $100,000 for the first time.

On January 17, 2025, just three days before Trump’s second inauguration, the $TRUMP meme coin officially launched, starting at about $7. Within 48 hours, it soared to $74, with a market cap exceeding $14.5 billion. About 80% of the tokens are held by Trump-related companies.

A large number of Trump supporters and retail investors flooded in amid the hype, buying at high prices, which quickly fell back. According to on-chain data analyzed by The New York Times, over 810,000 wallets collectively lost about $2 billion, but Trump-related companies earned approximately $100 million in transaction fees from high trading volume.

Subsequently, the meme coin developed a clear business logic.

In April 2025, the project announced that the top 220 holders would be invited to a private dinner with Trump. After the announcement, the meme coin’s price surged over 50% in a single day. This meant that the opportunity to meet the president was directly linked to a tradable digital asset, with clear bidding.

On March 12, 2026, Trump announced via social media that his second event was tentatively scheduled for April 25. The Mar-a-Lago Crypto and Business Summit would be held, limited to 297 seats, with eligibility based on the ranking of meme coin holdings. The top 29 holders could also get VIP meetings with Trump.

However, the event terms also stated that if there was a scheduling conflict with the White House, Trump might not attend, and the event could be canceled at any time. Several media outlets noted that the event coincided with the White House Correspondents’ Dinner, raising questions about whether Trump would actually attend. Within 12 hours of the announcement, the meme coin’s price rose another 50%.

“Gray Area”

Trump earned $1.4 billion in a year, but the core controversy in the U.S. remains: Is a sitting president directly profiting from policies they influence?

A Democratic investigation report concluded that Trump’s cryptocurrency regulation policies objectively favored his family’s business ventures. Senator Elizabeth Warren wrote to regulators, demanding a halt to the bank license application of World Liberty Financial until the Trump family fully divested from the company. She stated publicly, “We have never seen such a massive conflict of financial interests.”

The White House responded that Trump’s assets had been placed into a trust managed by his children, so there was no conflict of interest. However, critics pointed out that this arrangement differs fundamentally from an independent blind trust legally. Trump himself was not unaware of the trust’s assets; he could access information about them at any time.

Before Trump, U.S. presidents generally followed unwritten conventions for handling personal wealth. Assets were usually managed by independent blind trusts, with separate management and transaction information. Presidents kept their distance from business decisions during their terms to reduce conflicts between public power and private interests.

Typically, after leaving office, former presidents increased their wealth through publishing memoirs, giving speeches, and participating in foundation activities. Johnson, George W. Bush, Obama, and others earned substantial royalties and speaking fees post-presidency.

The real issue is not just how much Trump earned, but that the presidency itself has become the most valuable business asset. Meme coins, Mar-a-Lago, crypto summits—these are just different businesses, all driven by one main question: who is willing to bid for proximity to the president?

More controversially, beyond Trump’s asset surge, the blurred line between politics and business—already fuzzy—has been pushed even further.

(Author: Research Fellow at the Asia and Africa Institute, University of London)

Reporter: Xue Zijing

Editor: Xu Fangqing

Operations Editor: Wang Lin

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