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How did Donald Trump Become a Billionaire ?

Donald Trump Biography

US President and billionaire businessman Donald Trump loves to talk about his money.

He has told supporters “I am really rich” and “I’ve always been good at making money”.

Mr Trump values his net worth at more than $10bn (£7bn) though this has been disputed. However, exactly how much he is worth is unclear.

Those organisations that have looked at his finances have come up with widely differing figures.

According to Forbes his net worth is $4.5bn, Wealth-X says it is $4.4bn, while Bloomberg Billionaire’s index says it is just $2.9bn.

Mr Trump dismisses all these lower figures, saying he’s “worth much more”. The main reason for these widely differing numbers is that so much of his business holdings are private.

legacy

In October, the front-runner told voters that his father gave him a “small loan” of $1m to get started.

Trump not only got his financing but his business style from his father.

Fred Trump started a million dollar residential real estate business in Brooklyn and Queens. He was known for building quality – many of his buildings are still standing – and pinching every penny possible.

He typically came under-budget on government funded projects and pocketed the difference as a profit – a practice that though legal, got him called before Congress.

“Fred Trump never saw a tax [break] he didn’t take advantage of and Donald was at his elbow learning,” says Gwenda Blair, author of The Trumps.

While Donald Trump claims it was his decision to switch from building low-income housing in New York’s outer-boroughs to luxury towers in Manhattan, Ms Blair says the candidate’s father was the likely force behind the move.

Read Richest President bin the world

“Donald Trump relied on his father’s resources. He needed his father to co-sign his loans and relied on his banking and political connections,” says Ms Blair.

Donald trump Real estate

Mr Trump’s first big project was the Commodore Hotel, which he partnered with the Hyatt Organization to buy in 1976 for an undisclosed price, and renamed the Grand Hyatt.

Donald trump

At the time many buildings in Manhattan were facing foreclosure; the Commodore itself owed $1.5m in debt and New York was not seen as the luxury vacation spot it is today. The investment was a big risk for the young developer.

Using the negotiating skills he talks about so shamelessly on the campaign trail, Mr Trump convinced New York City to give the hotel a 40-year tax break that saved $160m. In 1996 he sold his half of the hotel to Hyatt for $142m.

He would continue to invest in and develop grand New York buildings, including buying the Plaza Hotel and and the former Bank of Manhattan building.

The company’s crown jewel is the 58-floor Trump Tower on Fifth Avenue, completed in 1983. The building is still the headquarters for the Trump Organization and Mr Trump and his family live on the building’s top floors.

Barbra Res, who served as the head of Trump Tower construction, recalls in an article for the New York Daily News, how Mr Trump was once “totally approachable and accessible”.

Over time though, she says he increasingly needed “to be coddled and agreed with”.

Building a brand

Donald Trump may claim to be a real estate mogul, but the bulk of his net worth comes from his brand value, which he began building in the 1980s.

The young businessman did regular TV interviews and was vocal during the 1988 Republican primaries.

In the 1980s the Trump Organization began to licence the Trump name to other companies, accelerating its prominence globally.

Today, many Trump brands pay licensing fees to use the name and are not owned by Trump Organization – including the Trump Ocean Club and Trump Fine Foods.

In 1987, when he published The Art of the Deal his celebrity climbed even higher.

Mr Trump solidified his reputation as a straight-talking negotiator with his decade-long run as the host of The Apprentice, where his crass remarks and public firing of potential employees, often on an apparent whim, earned him legions of fans.

Donald Trump Business Attitude

Like his father, Mr Trump has a reputation for saving every penny possible.

He has called it a smart business move to withhold payments on contracts when he does not like the work, forcing the other side to negotiate a lower rate. He told Reuters he renegotiates contracts 10% to 15% of the time.

“I fight like hell to pay as little as possible,” he said.

donald trump

Mr Trump’s “fight like hell” style has led to several well publicised legal battles. He is facing a lawsuit over Trump University and has been sued in the past by a former employee and union pension funds.

He has also used lawsuits as a tool. He sued a former Miss USA contestant for criticising the pageant he owned. He sued Deutsche Bank for refusing to give him a loan extension on a building project in Chicago.

Despite these battles he is often praised for his business sense.

Speaking on BBC Radio 4 Piers Morgan called Mr Trump a “smart guy”.

“I think from a business perspective he runs pretty good businesses and he tends to put very smart people in charge in of them,” says Mr Morgan.

Activist investor Carl Icahn – who Mr Trump has suggested would make a good treasury secretary – has said the front-runner is “a very open-mined guy”.

“He’s got a strong ego, he believes in himself and he’s willing to listen,” says Mr Icahn.

Mr Icahn took over Trump Entertainment in 2009 when the company filed for bankruptcy, forcing Mr Trump to give up all of his investment in his Atlantic City casinos.

Corporate law

Mr Trump is no stranger to the legal system.

“I used the law four times and made a tremendous thing,” he said during a debate.

By the 1990s, Mr Trump and his companies had clocked up close to $3.5bn in debt. His organization has forced lenders to cut its debt on four occasions over the last three decades.

Often the biggest concession was that Mr Trump give up part or all of his ownership, while the properties kept the Trump name – preserving the brand.

The only time Mr Trump has been personally on the line was in 1991 with the bankruptcy of the Trump Taj Mahal casino in Atlantic City.

He was responsible for $900m of the nearly $3bn debt owned by the casino and was forced to give up half his ownership in the company, and sell his airline and yacht.

Donald Trump Foreign ownership

Mr Trump’s dealings outside the US can be as controversial as his campaign rhetoric. He has called the Chinese cheats but brought in Chinese investors to help finance his project on New York’s west side rail yards. Mr Trump and his investors eventually sold that land for $1.8bn.

He says he loves Scotland – where his mother was born and where he owns several golf courses – but criticised the Scottish government and UK courts for allowing a wind farm to be build within view of his Balmedie golf course in Aberdeenshire.

The Trump Ocean Resort Baja Mexico was forced to settle a lawsuit with investors who spent out millions to buy condos or apartments that were never built.

As the controversy around the failed resort rose, Donald Trump pointed out the developers licensed his name and he was not responsible for the resort, despite appearing in advertising material.

Mr Trump has also been criticised for allowing the clothing brand that licenses his name to import products from Mexico, while railing against other companies that import goods to the US.

Donald trump Success

Part of what has made the Trump Organization so successful is Mr Trump’s willingness to stick his name on anything from buildings to steaks to ties.

Forbes awarded Donald Trump five out of 10 on its self-made scale, a number the publication says indicates that he “inherited a small or medium-size business and made it into a ten-digit fortune”.

Provided Mr Trump can keep his name synonymous with wealth and winning many of his business lines should do fine, but it is unclear what his bid for president will do to that image.

NET WORTH

Taiwo Odukoya Net Worth

Taiwo Odukoya net worth

We bring to you Taiwo Odukoya net worth

Taiwo Odukoya is a Nigerian pastor. He is the senior pastor of The Fountain of Life Church, Ilupeju, Lagos.

Read on to find more information about Taiwo Odukoya net worth

Taiwo Odukoya Profile

Taiwo Odukoya was born on 15 June 1956 in the city of Kaduna, Kaduna State, Nigeria, where he was also raised.

Taiwo Odukoya net worth

Taiwo Odukoya net worth

He had his primary and secondary education at Baptist Primary School, Kigo Road, Kaduna and St. Paul’s College Zaria respectively, before proceeding to the University of Ibadan in 1976 where he obtained a degree in petroleum engineering in 1981.

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As a petroleum engineer, he started work at the Nigerian National Petroleum Corporation (NNPC) in April 1982 after the compulsory one-year National Youth Service Corp (NYSC) scheme, and served there until his voluntary retirement in January 1994 after his call to the ministry.

The Fountain of Life Church

Taiwo and Bimbo Odukoya co-founded The Fountain of Life Church in 1992 with a stated vision “to teach men and women the art of building successful relationships and the principles of leadership so they can be all they are created to be. ”

The Church has several missions in South Africa, the United Kingdom, United States of America, Switzerland, Kenya, Central Africa Republic, Republic of Benin, Côte d’Ivoire, Republic of Benin and Togo.

Read Richest Pastors in Ghana

Odukoya proclaims a firm belief in the role of the church in the community and expresses it through several outreach projects including a hospital, an orphanage, a school for destitute children, a farm, a water project which provides boreholes at strategic locations for people who have no access to clean and portable water and a skill acquisition and entrepreneurial institute for the less privileged.

On April 19, 1997, Taiwo Odukoya set up Discovery for Men and Discovery for Women, non-denominational outreaches to men and women designed to help them maximize their potential.

 These outreaches reach out to hundreds of thousands of men and women annually through quarterly rallies, mentorship programs and a vocational center to equip them with technical and practical life skills.

Taiwo Odukoya Net Worth

Taiwo Odukoya is one of the wealthiest pastors in Nigeria. He has a membership of over 10,000 in Lagos city alone.

Taiwo Odukoya Awards

Pastor Taiwo has received numerous awards in recognition of his leadership role in the society and his concern for the less privileged.

  • In 2006, he was voted one of the 12 most inspiring leaders in Nigeria in a survey conducted by Leadership and Lifestyle (a London-based magazine).
  • He is also a Life Fellow and Grand Patron of the Institute of Corporate Management, and Fellow of the Certified Directors’ Institute.
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Peter Mutharika Net Worth

Peter Mutharika Net Worth

Glusea brings to you Peter Mutharika net worth

Arthur Peter Mutharika  is a Malawian politician and lawyer who was President of Malawi from May 2014 to June 2020.

Peter is one of the most influential people in Malawi. He has worked in the field of international justice, specializing in international economic law, international law and comparative constitutional law. He informally served as an adviser to his older brother, President Bingu wa Mutharika, on issues of foreign and domestic policy from the onset of his election campaign until the President’s death on 5 April 2012

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According to various online sources, Peter Mutharika Net Worth is $60 million making him one of the richest men in Malawi

Peter Mutharika Net Worth

Peter Mutharika Net Worth

Peter Mutharika Biography

Peter has held positions as Minister of Justice and later as Minister for Education, Science and Technology.  Mutharika also served as Minister of Foreign Affairs from 2011 to 2012.

Read Also Lazarus Chakwera net worth

He was charged to help bridge relations between Malawi and the United Kingdom due to the deterioration of public diplomacy between the two nations after the Cochrane-Dyet controversy.

Standing as the candidate of the Democratic Progressive Party (DPP), Peter Mutharika was elected as President of Malawi in the 2014 election

Educational Background

Mutharika received his law degree from the University of London in 1965. He then received his LL.M and JSD/PhD degrees from Yale University in 1966 and 1969 respectively.

As a professor, he has taught at University of Dar es Salaam (Tanzania), Haile Selassie University (Ethiopia), Rutgers University (USA), the United Nations Institute for Training and Research Program for Foreign Service Officers from Africa and Asia at Makerere University (Uganda), and for 37 years at Washington University (USA), and has served as an Academic Visitor at the London School of Economics.

Career

Prof. Peter has served as advisor to the American Bar Association’s Rule of Law initiative for Africa

Mutharika was part of a three-man tribunal that was arbitrating international cases. In August 2011, Mutharika decided to resign from two international court cases with the International Center for Settlement of Investment Disputes that he was arbitrating on Zimbabwe where foreign investors sued the Zimbabwean government for breaches of bilateral investment treaties. This was due to concerns about his impartiality because of Bingu Mutharika’s close associations with the Mugabe government.

Peter Mutharika Net Worth

Peter Mutharika net worth is $60 million. He has held several international positions.

  • President, International Third-World Legal Studies Association, 1986-1993
  • Global Fund Replenishment Champion, 2018-2019
  • Member, Committee of Ten African Heads of State Championing the Advancement of Education, Science and Technology, appointed by the African Union 2018
  • Champion, Global Partnership for Education
  • African Development Bank, Youth Champion
  • Co-convenor, Global Commission on Financing Education
  • Champion, Trade Related Aspects of Property Rights (TRIPS)
  • UN Women “HeForShe” Champion
  • UNFPA Global Youth Champion
  • Advisor in Council of the Economic and Trade Cooperation of African Youth (ETCAY)
  • Board Chairperson for United Nations Economic and Trade Commission of Africa

Read Saulos Chilima net worth

Among the accolades he has received includes;

  • international Jurist Award, 2008
  • The African Leadership Award, 2016 and Medal of Honour, 2016
  • Doctors of Human Letters, University of Addis Ababa, Ethiopia in 2016
  • State of Georgia Senate Citation of Merit, 2016
  • Honorary Professor, University of International Business and Economics, Beijing, China, 2018
  • Nelson Mandela Leadership Award, National Baptist Convention, 2018
  • Doctor of Human Letters, Washington University, 2018
  • Senior Of Politics Debate, Indonesian Jakarta Collage, 2019
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NET WORTH

Mariah Carey Net Worth

Mariah Carey net worth

what is Mariah Carey net worth

Mariah Carey  is an American singer-songwriter and actress. Known for her five-octave vocal range, melismatic singing style, and signature use of the whistle register, she is referred to as the “Songbird Supreme” by Guinness World Records. She rose to fame in 1990 with her eponymous debut album, released under the guidance of Columbia Records executive Tommy Mottola, who married her three years later.

As of 2020, Mariah Carey net worth anywhere between $300 million and $520 million.

She achieved worldwide success with follow-up albums Music Box (1993), Merry Christmas (1994), and Daydream (1995).

Mariah Carey net worth
LAS VEGAS, NEVADA – MAY 01: Honoree Mariah Carey performs onstage during the 2019 Billboard Music Awards at MGM Grand Garden Arena on May 01, 2019 in Las Vegas, Nevada. (Photo by Kevin Winter/Getty Images for dcp)

These albums spawned some of Carey’s most successful singles, including “Hero”, “Without You”, “All I Want for Christmas Is You”, “Fantasy”, “Always Be My Baby”, as well as “One Sweet Day”, which topped the US Billboard Hot 100 decade-end chart (1990s).

After separating from Mottola, Carey adopted a new image and incorporated more elements of hip hop into her music with the release of Butterfly (1997). 

Billboard named her the country’s most successful artist of the 1990s, while the World Music Awards honored her as the world’s best-selling music artist of the 1990s, and the best-selling female artist of the millennium.

After eleven consecutive years charting a US number-one single, Carey parted ways with Columbia in 2001 and signed a $80 million recording contract with Virgin Records in April of that year.

However, following her highly publicized physical and emotional breakdown, as well as the critical and commercial failure of her film Glitter (2001) and its accompanying soundtrack, her contract was bought out for $28 million by Virgin and she signed with Island Records the following year.

After a relatively unsuccessful period, she returned to the top of music charts with The Emancipation of Mimi (2005), the world’s second-best-selling album of 2005.

Its second single, “We Belong Together”, topped the US Billboard Hot 100 decade-end chart (2000s). Her performance the 2009 film Precious won her the Breakthrough Actress Performance Award at the Palm Springs International Film Festival.

Mariah Carey Net Worth

With sales of over 200 million records worldwide, Carey is one of the best-selling music artists of all time. She has amassed an extensive catalog, with nineteen of her songs topping the Billboard Hot 100; Carey holds the record for the most number-one singles by a solo artist, a female songwriter, and a female producer, According to the Recording Industry Association of America (RIAA), she is the second-highest-certified female artist in the United States, with 66.5 million certifiedalbum units.

 In 2012, she was ranked second on VH1’s list of the 100 Greatest Women in Music. In 2019, Billboard named her the all-time top female artist in the United States, based on both album and song chart performances.

Aside from her commercial accomplishments, Carey has won five Grammy Awards, nineteen World Music Awards, ten American Music Awards, and fifteen Billboard Music Awards.

 An inductee of the Songwriters Hall of Fame, she is noted for inspiring other artists in pop and contemporary R&B music.

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