From certain angles, it might appear as if President Trump is having a tough month. He messed up the renovation of the Lincoln Memorial reflecting pool, which he blamed on acts of vandalism no one has been able to stand up. The supreme court rejected both his bid to appeal against the $5m (£3.8m) civil judgment against him for defaming and sexually abusing E Jean Carroll, and his executive order to end birthright citizenship. And the war with Iran keeps rumbling on. And yet, after Trump’s mandatory financial disclosure report was released on Tuesday, headlines drew attention to the fact the president made more than $2.2bn in revenue in 2025 – more than three times what he pulled in the year before his inauguration. Contrary to appearances, perhaps everything is going exactly to plan.
It is always a question with Trump as to how much the wealth he has accrued in his second term in office is the spoils of strategy rather than the lucky result of his scattergun but industrial-scale hustle. Looking at the numbers in his financial report, one is reminded that before he became president, Trump piloted a series of failed businesses – six of which declared bankruptcy – and gave every indication of being a lousy businessman. It’s often pointed out that if Trump had simply invested the vast inheritance left to him by Fred Trump, his father, in a standard tracker fund, he would’ve made more money than through his lacklustre business career, and there’s nothing to suggest this was likely to change.
