What is the origin of Donald Trump's fortune
Republican presidential hopeful Donald Trump loves to talk about money.
He has told his followers that "I am very rich" and that he has always been good at making money.
Trump values his net worth at more than $ 10 billion, although this has been questioned. However, it is unclear exactly how much his fortune amounts to.
Organizations that have studied his finances have come up with very different figures.
According to Forbes magazine, his net worth is $ 4.5 billion. Wealth-X says it's $ 4.4 billion, while the Bloomberg index says it's only $ 2.9 billion.
The father's legacy
In October, the candidate told voters that his father gave him a "small loan" of $ 1 million to start.
Trump obtained from his father not only funding, but also his negotiating style.
Trump's main sources of income
- 2014
- US $ 193 million Golf related issues
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- US $ 77 million Sale of condominiums
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- US $ 18 million Income from administration
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- US $ 9 million Royalties
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- US $ 2 million Speeches
Fred Trump started a million dollar residential real estate business in New York's boroughs of Brooklyn and Queens.
He was known for the quality of his buildings - many of his buildings still stand - and for his austerity.
He typically completed work under budget on government-funded projects. He kept the difference as a utility, a practice that, while legal, got him summoned to Congress.
"Fred Trump never passed up an untapped tax benefit," says Gwenda Blair, author of The Trumps.
Donald Trump says it was his decision to move from low-cost housing to luxury towers in Manhattan.
But Blair says the candidate's father was probably the one who made the move.
"Donald Trump relied on his father's resources. He needed his father as a co-debtor on his loans and relied on his connections in politics and banking," says Blair.
Real estate
Trump's first big project was the Commodore Hotel. He partnered with the Hyatt Organization to buy it in 1976 for an undisclosed price, renaming it Grand Hyatt.
Source: Center for Responsive Politics, based on data from the Federal Electoral Commission
New York was not seen as the luxury vacation spot that it is today. The investment was risky for the young entrepreneur.
Using the negotiating skills he talks about in the election campaign, Trump convinced New York City to give the hotel a 40-year tax break that saved him $ 160 million. In 1996 he sold his half of the hotel to Hyatt for $ 142 million.
He would continue to invest in the development and construction of large buildings in New York, including the purchase of the Plaza Hotel and the former Bank of Manhattan building.
The jewel in the company's crown is Trump Tower, a 58-story building on Fifth Avenue, completed in 1983.
The building remains the headquarters of the Trump Organization. The candidate and his family live on the upper floors of the building.
Building a brand
Donald Trump may claim that he is a real estate mogul, but most of his wealth comes from his brand equity, which he began building in the 1980s.
He then he began to license the name of the entrepreneur to other firms, accelerating the importance of him worldwide.
Today, many brands pay fees to use the name and are not owned by the Trump Organization. This includes the Trump Ocean Club and Trump Fine Foods.
In 1987, when he published his book "The Art of Negotiation", his fame rose even higher.
Trump solidified his reputation as an outspoken negotiator during his ten-year career as host of the television show The Apprentice.
His rude remarks and dismissal of employees, often on a whim, earned him legions of fans.
Business attitude
Like his father, Trump has a reputation for saving every penny he can.
"I fight like hell to pay as little as possible," he said.
But his encouragement has led to several highly publicized legal battles. He faces a lawsuit by Trump University and has been taken to court in the past by a former employee and the unions.
He has also used the lawsuits as a tool.
She sued a former Miss USA contestant for criticizing the pageant for her property.
And Deutsche Bank for refusing to give him a loan extension on a construction project in Chicago.
Despite these battles, he is often praised for his business sense.
Investor Carl Icahn has called him "a very open-minded guy."
"He has a strong ego, believes in himself and is willing to listen," says Icahn.
Foreign ownership
Trump's business outside of the US can be as controversial as his campaign rhetoric. He has called the Chinese cheats, but brought in Chinese investors to help finance some of his real estate projects.
He says he loves Scotland - where his mother was born and where he owns several golf courses - but criticized the Scottish government and UK courts for allowing a wind farm to be built within sight of his Balmedie course. in Aberdeenshire.
The Trump Ocean Resort Baja Mexico was forced to settle a lawsuit with investors who spent millions of dollars to buy condos or apartments that were never built.
As controversy grew around the failed complex, Donald Trump pointed out that developers licensed his name and that he was not responsible for the building, despite appearing in publicity material.
Trump has also been criticized for allowing the clothing brand that bears his name to import products from Mexico, while criticizing other companies that import merchandise to the United States.
Part of what has made the Trump Organization so successful is the businessman's willingness to put his name on anything from buildings to steaks.
It is unclear what the impact of his current presidential candidacy will be on his hitherto successful business image.
