How Trump Got Rich
It had nothing to do with brains!
Donald John Trump was born on June 14, 1946, at Jamaica Hospital in the New York City borough of Queens, the fourth child of Fred Trump and Mary Anne MacLeod Trump. …Fred Trump paid his children each about $20,000 a year, equivalent to $265,000 a year in 2024. Trump was a millionaire at age eight by contemporary standards.
…He was a difficult child and showed an early interest in his father’s business. …Trump considered a show business career but instead in 1964 enrolled at Fordham University. Two years later, he transferred to the Wharton School of the University of Pennsylvania, graduating in May 1968 with a Bachelor of Science in economics.
He was exempted from the draft during the Vietnam War due to a claim of bone spurs in his heels.
…Starting in 1968, Trump was employed at his father’s real estate company, Trump Management, which owned racially segregated middle-class rental housing in New York City’s outer boroughs.
In 1971, his father made him president of the company and he began using the Trump Organization as an umbrella brand. Roy Cohn was Trump’s fixer, lawyer, and mentor for 13 years in the 1970s and 1980s. In 1973, Cohn helped Trump countersue the U.S. government for $100 million (equivalent to $708 million in 2024) over its charges that Trump’s properties had racially discriminatory practices. Trump’s counterclaims were dismissed, and the government’s case was settled with the Trumps signing a consent decree agreeing to desegregate; four years later, Trumps again faced the courts when they were found in contempt of the decree.
…In 1992, Trump, his siblings Maryanne, Elizabeth, and Robert, and his cousin John W. Walter, each with a 20 percent share, formed All County Building Supply & Maintenance Corp. The company had no offices and is alleged to have been a shell company for paying the vendors providing services and supplies for Trump’s rental units, then billing those services and supplies to Trump Management with markups of 20–50 percent and more. …Trump has said he began his career with “a small loan of a million dollars” from his father and that he had to pay it back with interest.
He borrowed at least $60 million from his father, largely did not repay the loans, and received another $413 million (2018 equivalent, adjusted for inflation) from his father’s company.
Posing as a Trump Organization official named “John Barron,” Trump called journalist Jonathan Greenberg in 1984, trying to get a higher ranking on the Forbes 400 list of wealthy Americans. Trump self-reported his net worth over a wide range: from a low of minus $900 million in 1990, to a high of $10 billion in 2015. In 2024, Forbes estimated his net worth at $2.3 billion and ranked him the 1,438th wealthiest person in the world.
—Some excerpts from Wikipedia