The Trumps Are Not As Rich As You Think

Nov 21 2020

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For decades, Donald Trump's family has personified American affluence. From real estate to reality television to the presidency, these one-percenters have found success across the board. But a deeper look at their collective financial failures may reveal that the Trumps aren't as rich as you think. Despite effectively positioning himself as the poster child for the "self-made billionaire"— and his never-ending trove of business advice for readers, students, and reality TV viewers — Donald didn't exactly start from the bottom. He is, after all, the son of real estate tycoon Fred Trump, who started imparting his own multi-million dollar fortune to Donald when he was just three years old, according to an explosive 2018 report by The New York Times. The paper alleged that, in total, the president received the modern-day equivalent of $413 million through tax fraud from his father's fortune. The Trump family patriarch reportedly loaned Donald, as well as his other children, hundreds of millions of dollars in order to avoid paying taxes on his wealth. This made Donald an extraordinarily rich teenager. Not only did he regularly "borrow" significant chunks of money from his father, but he also never paid these loans back, according to the report. Watch the video for more about how The Trumps Are Not As Rich As You Think! #Trump #DonaldTrump #IvankaTrump Self-made? | 0:00 Billionaire? | 1:29 Decade of decline | 2:47 Defunct deals | 4:05 Fashion faux pas | 5:19 Eric's wealth | 6:42 Costly presidency | 7:40 Tax rate | 9:09 Debt collection | 9:56