President Donald Trump’s net worth increased by an estimated $1.4 billion over the course of his second presidency so far.
His increased wealth is mainly due to his profits from cryptocurrency and his roughly $500 million civil fraud judgment in New York being thrown out.
The president is now worth about $6.5 billion, according to a new Forbes list of billionaires worldwide. He is now estimated to be the 645th richest person in the world, up from 700th a year ago.
Trump’s crypto earnings stem from the industry’s boom, largely due to his administration’s own crypto-friendly policies.
The president has several crypto ventures, including digital trading cards featuring an image of Trump wearing a superhero cape, memecoins which have a value based on speculation, stablecoins tied to the value of the U.S. dollar, and a decentralized finance platform co-founded by his two sons, Don. Jr. and Eric, called World Liberty Financial.
As of October of last year, the $TRUMP meme coin brought in $362 million, the $MELANIA coin earned $65 million, and the WLFI token had raked in $550 million. The stablecoin brought in the lowest amount at $42 million.
Investments in these ventures are largely from foreign billionaires and funds from nation-states.
Since Trump returned to the White House last year, his family has also enriched itself by slapping their name on various business ventures overseas. These ventures include several yet-to-be-opened properties in Saudi Arabia, a new hotel in Dubai, and a new golf club in Doha.
The Trump family also pocketed $28 million from Amazon for its documentary on first lady Melania Trump, Melania.
Trump has insisted that his children run his business and that he has “nothing to do” with it.
“I have nothing to do with the family business,” Trump said in November. “What my family does is fine. They do business all over.”
The Daily Beast reached out to the White House for comment.
Other billionaires who notably increased their net worth in the last year include Trump’s friend-turned-foe Elon Musk, whose net worth increased by a whopping $497 billion. Forbes reported that Musk is $54 billion richer than Jeff Bezos, Mark Zuckerberg, Larry Ellison, and Warren Buffett, combined.
There are also new billionaires across the globe, including Swiss tennis star Roger Federer, music icon Beyoncé Knowles Carter, and Kimbal Musk, Elon’s younger brother.
