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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.

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“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
How did Donald Trump Become a Billionaire ? 33

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
How did Donald Trump Become a Billionaire ? 34

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

Teodoro Obiang Nguema Mbasogo Net Worth

Teodoro Obiang Nguema Mbasogo net worth

what is Teodoro Obiang Nguema Mbasogo net worth?

Net worth$600 million
Occupation president of Equatorial Guinea
Date of Birth5 June 1942
NationalityEquatoguinean

Teodoro Obiang Nguema Mbasogo net worth 2021: Teodoro Obiang Nguema Mbasogo  is an Equatoguinean politician who has been the 2nd president of Equatorial Guinea since August 1979. He currently has a net worth of $600 million makin g him one of the richest presidents in the Africa and the world at large.

Early years

From a family of the Esangui ethnic clan, he was born in the town of Acoacán  belonging to the colony of Spanish Guinea, on the current border with Gabon, within the Continental Equatorial Guinea. Son of the Gabonese Santiago Nguema Eneme Obama and María Mbasogo Ngui, Obiang was the third of ten brothers, among whom are also the National Security Delegate Armengol Ondo Nguema and former National Defense Minister Antonio Mba Nguema.

Obiang’s parents emigrated from Gabon to avoid paying capitation taxes and take advantage of the good economic situation in Spanish Guinea. After the death of María Mbasogo Ngui, Obiang and his brothers were raised by his father and his new wife Carmen Mikue Mbira.

Education

Obiang completed his first studies at the Cardenal Cisneros School Group in Ebebiyin and at the La Salle Center in Bata where he obtained a degree in labor administration.

Obiang joined the military during Equatorial Guinea’s colonial period and attended the General Military Academy in Zaragoza, Spain. He achieved the rank of lieutenant after his uncle, Francisco Macías Nguema, was elected the country’s first president.

Under Macías, Obiang held various positions, including governor of Bioko and leader of the National Guard.  He was also head of Black Beach Prison, notorious for severely torturing its inmates.

Presidency

After Macías ordered the murders of several members of the family they shared, including Obiang’s brother, Obiang and others in Macías’ inner circle feared the president had become insane. Obiang overthrew his uncle on 3 August 1979 in a bloody coup d’état, and placed him on trial for his actions, including the genocide of the Bubi people, over the previous decade.

Macías was sentenced to death and executed by firing squad on 29 September 1979. A new Moroccan presidential guard was required to form the firing squad, because local soldiers feared his alleged magical powers.

Obiang declared that the new government would make a fresh start from Macías’ brutal and repressive régime. He granted amnesty to political prisoners, and ended the previous régime’s system of forced labor. However, he made virtually no mention of his own role in the atrocities committed under his uncle’s rule.

The country nominally returned to civilian rule in 1982, with the enactment of a slightly less authoritarian constitution. At the same time, Obiang was elected to a seven-year term as president; he was the only candidate. He was reelected in 1989, again as the only candidate.

After other parties were nominally allowed to organize in 1992, he was reelected in 1996 and 2002 with 98 percent of the vote in elections condemned as fraudulent by international observers.

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 In 2002, for instance, at least one voting district was recorded as giving Obiang 103 percent of the vote.

He was reelected for a fourth term in 2009 with 97% of the vote, again amid accusations of voter fraud and intimidation, beating opposition leader Plácido Micó Abogo.

Teodoro Obiang Nguema Mbasogo Net Worth

Teodoro Obiang Nguema Mbasogo net worth is $600 million according to Forbes. However, his wealth has not been without questions.

In 2003, Obiang told his citizenry that he felt compelled to take full control of the national treasury in order to prevent civil servants from being tempted to engage in corrupt practices.

Obiang then deposited more than half a billion dollars into more than sixty accounts controlled by himself and his family at Riggs Bank in Washington, D.C., leading a U.S. federal court to fine the bank $16 million for allowing him to do so. A United States Senate investigation in 2004 found that the Washington-based Riggs Bank had taken $300 million in payments on behalf of Obiang from Exxon Mobil and Hess Corporation.

Read Richest President in Africa

Beginning in 2007, Obiang and several other African state leaders came under investigation for corruption and fraudulent use of funds. He was suspected of using public funds to finance private mansions and other luxuries for both himself and his family.

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He and his son, in particular, owned several properties and supercars in France. Several complaints were also filed in US courts against Obiang’s son. Attorneys stressed that the funds appropriated by the Obiangs were taken quite legally under Equatoguinean laws, even though those laws might not agree with international standards.

Obiang, his cabinet and his family allegedly have received billions in undisclosed oil revenue each year from the nation’s oil production. Marathon Oil purchased land from Abayak, Obiang’s personal investment vehicle, for more than $2 million; in June 2004 the sale was pending but Marathon had already made a $611,000 first payment with a check made out to Obiang. Marathon also was involved in a joint venture to operate two gas plants with GEOGAM, a quasi-state firm in which Abayak controlled a 75% stake.

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Mavado Net Worth

Mavado net worth

What is Mavado net worth?

Net worth$2 million
Source of wealthProfessional Singer
Date of Birth30 November 1980
NationalityJamaican

Mavado net worth 2021: David Constantine Brooks better known by his stage name Mavado, is a Jamaican dancehall singer who has a net worth of $2 million. He is signed to We the Best Music Group and formerly to Cash Money Records.

Biography

David Constantine Brooks was raised in Kingston, Jamaica’s Cassava Piece community. He cites the music of Bounty Killer as an early influence. Bounty took him under his wing to show him the ropes of the music industry and introduced him to his manager, Julian Jones-Griffith. He decided to name himself “Mavado” after the Swiss watch company Movado, with his manager altering the spelling.

In 2005, Mavado had his breakthrough with his first single, “Real McKoy”. He further established himself with the follow-up record “Weh Dem a Do”, on the Red Bull & Guinness riddim, that had the distinction of hitting Billboard.

After a string of hits in 2005 and 2006, Mavado released the album Gangsta for Life: The Symphony of David Brooks 10 July 2007 on VP Records.

 The single “Dying” from the album was featured heavily on New York’s WQHT (Hot 97) R&B/hip-hop radio station.

In March 2008, Mavado was featured performing a rendition of his song “Real McKoy” for Grand Theft Auto IV Trailer #4 “Everyone’s a Rat”. “Real McKoy”, along with “Last Night” were also featured in the game on the radio station “Massive B Radio”.

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 Mavado was also featured on the G-Unit track ‘Let It Go’ along with Tony Yayo and Lloyd Banks for the album: T·O·S  in 2008. He was the only non-G-Unit feature on the album. In 2008 Mavado was given the UK MOBO Award for Best Reggae Act.

 Mavado’s song “Progress” on the Mineral Boss Records produced “Money Boss Riddim” was featured in DJ Khaled’s Major Key album. The album was nominated for the 2017 Grammy Awards on the “best rap” album category.

In 2017, Mavado, Alkaline and Jahmiel formed a camp known as MVP, which Mavado claimed to be the “biggest thing” in dancehall at that time.

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He collaborated with Sean Paul for an inspirational song called “I’m Sanctify”. In 2019, Mavado released a song called “Top Shotta Is Back” On a Riddim called The Aircraft Riddim produced by Chimney Records.

In 2020, Mavado recorded and released a Drake diss song called “Enemy Line”.

Mavado Net Worth

Mavado net worth is currently purged at $2 million. He is among the richest Jamaican artistes. Mavado’s main source of his wealth is through music. He has released several songs which includes;

  • “Weh Dem Ah Do” (2007)
  • “Real McKoy” (2007)
  • “Lost Dem” (2011)
  • “Do Road” (2011)
  • “Take It” featuring Karian Sang (2012)
  • “Give It All to Me” featuring Nicki Minaj (2013)
  • “Million Dollar Man” (2013)
  • “Tie Yuh” (2014)
  • “Ben Ova” (2014)
  • “My Pan ” (2014)
  • “Ain’t Going Back Broke” featuring Future and Ace Hood (2015)
  • “Ghetto Bible” (2015)
  • “My League” (2015)
  • “Big League” (2016)
  • “Progress” (2016)
  • “Mama” (2017)

Crime

In 2005, Mavado was detained by Jamaican police.  While in police custody, the singer claims he was thrown through a glass window, slicing three fingers in the process, which were reattached at a local hospital. Police claimed Mavado escaped from custody while at the hospital.

 He was later arrested and charged with shooting with intent and illegal possession of firearm in relation to an event occurring 27 July 2007. Mavado was released two days later on a $3000 bail and was subsequently refused entry into the United States.

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NET WORTH

Ricky Martin Net Worth

Ricky Martin net worth

What is Ricky Martin net worth?

Net worth$120 million
Source of wealthsinger, songwriter, actor, author, record producer
Date of BirthDecember 24, 1971
NationalityPuerto Rican 
Years active1984–present

Ricky Martin net worth 2021: Enrique Martín Morales  better known as Ricky Martin, is a Puerto Rican singer, songwriter, actor, author, record producer and humanitarian who has a net worth of $120 million.  is known as the “King of Latin Pop” and the “Latin Music King”.

Early life

Martin was born on December 24, 1971 in San Juan, Puerto Rico, the son of Nereida Morales, an accountant, and Enrique Martín Negroni a psychologist.

His parents divorced when he was two years old, and Martin spent much of his childhood shifting between his father’s home in the suburbs of University Gardens, a suburban middle-class neighborhood of San Juan, and his paternal grandmother’s house nearby.

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Martin grew up in a Roman Catholic home and was an altar boy throughout his childhood. He began singing at age 6, using wooden kitchen spoons as pretended microphones; he often interpreted songs by Menudo as well as English-language rock groups such as Led Zeppelin, Journey, and REO Speedwagon.

Career

After discovering, with his father, a newspaper advertisement about auditions for commercials, 9-year-old Martin began appearing in Puerto Rican television commercials for products such as soft drinks, toothpaste, and restaurants. In a year and a half, he starred in 11 commercials.

He began his career at age 12 with the all-boy pop group Menudo. After five years with the group, he released several Spanish-language solo albums throughout the 1990s.

Since the beginning of his solo career in 1991, Ricky Martin has become one of the best-selling Latin music artists of all time with over 70 million records worldwide. He also ranks among the most influential Latin artists of all time and the greatest music video artists of all time.

Read Richest Rock stars in the world

In early 1999, after releasing several albums in Spanish, Martin performed “The Cup of Life” at the 41st Annual Grammy Awards show, which became a catalyst in bringing Latin pop to the forefront of the U.S. music scene.

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 Following its success, Martin released “Livin’ la Vida Loca”, which helped him attain success worldwide. It is generally seen as the song that began the Latin pop explosion of 1999 and made the transition easier for other Spanish-speaking artists to move into the English-speaking market.

His first English-language album (titled Ricky Martin), sold 15 million copies and is his best selling album to date. His other studio albums include: Ricky Martin (1991), Me Amaras (1993), A Medio Vivir (1995), Vuelve (1998), Sound Loaded (2000), Almas del Silencio (2003), Life (2005), Música + Alma + Sexo (2011), and A Quien Quiera Escuchar (2015).

He also acted on stage and TV in Mexico, where he achieved modest fame in the early 1990s. In 1994, he appeared on the US TV soap opera General Hospital as a Puerto Rican singer.

In 2018, he portrayed Antonio D’Amico in the miniseries The Assassination of Gianni Versace: American Crime Story, which earned him a nomination for the Primetime Emmy Award for Outstanding Supporting Actor in a Limited Series or Movie.

Ricky Martin Net Worth

Ricky Martin net worth is $120 million. He is one of the richest Latin Musicians in the world. Martin is the founder of Fundación Ricky Martin (Ricky Martin Foundation), a non-profit organization. Among the events promoted by the foundation was a summer camp, which included Martin’s personal participation.

Read Shakira net worth

Martin has been honored with accolades including: Leadership in the Arts Award, Billboard’s Spirit of Hope Award, ALMA Award, Vanguard Award, International Humanitarian Award by the International Centre for Missing & Exploited Children, Hispanic Heritage Award for his humanitarian work through the Sabera Foundation in rescuing three orphan girls from the streets of Kolkata.

Recognition

In December 2003, Martin was appointed a UNICEF Goodwill Ambassador. In his role as UNICEF Goodwill Ambassador, Ricky Martin has supported UNICEF’s efforts in fighting for children’s rights, especially in the area of child trafficking.

Music Highlights

  • Ricky Martin (1991)
  • Me Amaras (1993)
  • A Medio Vivir (1995)
  • Vuelve (1998)
  • Ricky Martin (1999)
  • Sound Loaded (2000)
  • Almas del Silencio (2003)
  • Life (2005)
  • Música + Alma + Sexo (2011)
  • A Quien Quiera Escuchar (2015)
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