U.S. President Donald Trump's personal wealth has risen sharply recently. According to a report in The Wall Street Journal on July 1st, during his first year of his second term, his personal income soared to over $2.2 billion.
Reports say that previous U.S. presidents usually disinvest their assets or establish blind trusts. However, Trump placed a large portion of his assets in a revocable trust, which is managed by Trump Jr. Trump Jr. also co-manages Trump Group with another of Trump’s sons, Eric. The core businesses of Trump Group are real estate and hotels.
Although Trump is known worldwide for his real estate empire, the revenue from these businesses is far inferior to that of his cryptocurrency-related enterprises.
According to an analysis by The Wall Street Journal of a 900-page federal financial disclosure form, Trump generated $1.4 billion in revenue from cryptocurrency-related activities last year. Trump's hotel business also contributed significantly to his earnings. He reported income from hotels and golf related activities worth over $525 million, along with another $49 million from other real estate investments.
Trump told reporters on the 2nd that he never interfered with the actions of fund managers. He said his substantial profits were entirely due to the stock market’s continuous record-high levels.
"Do you know why I can make money? Because the stock market is rising and everyone is making money. I can make money because my principal is strong, and I have a lot of cash in hand." Trump said.
