How does President Trump make his money? Real estate, hospitality and his name

President Trump reported income of more than $630 million last year, including $57 million from cryptocurrency sales and more than $8 million licensing his name for products like watches, guitars and Bibles.

According to a 234-page financial disclosure released earlier this month on June 13, the billionaire president has assets of more than $1.6 billion across his business empire that includes real estate, hotels and golf courses, plus investment accounts and newer Trump-branded ventures touted on the campaign trail.

About three quarters of the income reported is revenue from Trump hotels and golf courses, like his Mar-a-Lago Club in Florida. Then there’s millions in merchandise and retail sales, plus licensing deals, like $2.8 million for “Trump Watches,” $2.5 million for Trump Sneakers and Perfumes and more than $1.3 million from the “God Bless the USA Bible,” which features the chorus of Lee Greenwood’s eponymous song, plus the Constitution, Declaration of Independence and Pledge of Allegiance.

Prior to his time in politics, Trump’s fortune largely derived from the deals and holdings of his Trump Organization, but in recent years he has sought new forms of business, raising conflict of interest concerns and allegations from ethics watchdogs that he may be profiting from the presidency.

That’s reflected in the disclosure of more than $57 million in income from selling cryptocurrency tokens through the World Liberty Financial crypto venture founded last year – and does not account for the estimated hundreds of millions of dollars earned this year through the launch of a Trump “memecoin.”

Democrats and ethics experts have questioned the president’s involvement in crypto at a time when Congress is working on legislation to regulate the burgeoning industry. The White House has repeatedly pointed out the president’s assets are in a revocable trust and said the president follows all ethics laws.

Last month, White House Press Secretary Karoline Leavitt said it was “absurd for anyone to insinuate that this president is profiting off of the presidency.”

Trump’s financial disclosure shows a diverse stream of income sources, ranging from a few hundred dollars in residual checks from appearances in movies and TV shows like The Little Rascals and Fresh Prince of Bel Air to a few million dollars from selling a Cessna airplane last March.

Across three trusts and four investment accounts, Trump has more than $236 million in investments that earned more than $13 million in interest and dividends.

The latest drop: Trump Mobile

The ethics report is a snapshot of a moment in time and does not include new ventures and income since Trump returned to office in January, including the new “Trump Mobile” phone company announced by the Trump Organization last week.

Launched on the 10-year anniversary of his presidential campaign announcement, it’s another example of Trump’s brand on full display. The phone plan will reportedly offer service through the three major cell providers, and its “The 47 plan” will be available for $47.45 – a nod to Trump being the 47th and 45th president.

There’s also the option to pre-order a golden “T1” phone for $499 that says it is “brought to life right here in the USA.”

Like many of Trump-named things through the years, the Trump Organization is licensing the president’s name rather than taking part in the creation or distribution of the actual product.

The fine print on the website notes: “TrumpSM Mobile, its products and services are not designed, developed, manufactured, distributed or sold by The TrumpSM Organization or any of their respective affiliates or principals. T1 Mobile LLC uses the TRUMPSM name and trademark pursuant to the terms of a limited license agreement which may be terminated or revoked according to its terms.”

There’s a Trump company — DTTM Operations — designed to handle the trademarks and licensing of the Trump name.

Trump as a brand

Long before entering politics, Donald Trump was a name synonymous with “brand.” The filing provides insight into how that brand has changed over time.

Robert Passikoff, founder and president of Brand Keys, has tracked the value and impact of Trump’s brand since the 1980s, said Trump started out as one of a small number of people that you could call a “human brand.”

“If you took a brand new building that you were going to now rent out and you could get $350 a square foot, if you put the Trump name on it, you could get $500 a square foot,” Passikoff said. “What the products and services were absorbing were the values that at that time he stood for.”

That’s still true now that Trump’s in politics, but it’s for a much different, primarily conservative audience.

“To borrow from another human brand, he’s become the Martha Stewart of the conservative right,” Passikoff said. “And what the purchases are more resonant as is political allegiance rather than a desire for a new guitar, or running shoes.”

He said that Trump-branded memorabilia and retail stemming from his political career works because it gives people something tangible to demonstrate their personal values.

“They see these things as being symbols that they can own, that they can show their friends, their family and the world: ‘This is who I am and what I stand for,'” he said.