Trump's 2024 Income, Mapped: $354M Golf, $57M Crypto, $36M Foreign Licensing
On June 13, 2025, the Office of Government Ethics released Donald Trump's annual financial disclosure (OGE Form 278e) covering the 2024 calendar year. The filing ran 234 pages, including 145 pages of stock and bond holdings, and disclosed total income exceeding $630 million from a portfolio of more than $1.6 billion in assets. Yesterday we broke down what his accounts were doing in early 2026 from the periodic transaction reports. Today we go the other direction: where the $630 million actually came from. Eight major income streams, fully mapped, with every dollar figure pulled directly from the disclosure.DaveManuel.com Investigation
Trump's 2024 Income, Mapped: $354M Golf, $57M Crypto, $36M Foreign Licensing
The 2025 OGE Form 278e disclosed at least $630 million in 2024 income across more than 100 distinct line items. We mapped every meaningful dollar into eight income streams. Here is the full picture.
$630M+
Reported 2024 Income
$1.6B+
Disclosed Assets
234
Pages In Filing
100+
Income Line Items
Yesterday we walked through the OGE Form 278-T periodic transaction reports - 3,711 securities trades in 11 weeks. That filing showed what the Trump portfolio was doing. The annual OGE Form 278e filed on June 13, 2025 shows where the underlying cash actually comes from. The numbers below are pulled directly from the filing as reported by Reuters, CNN, NBC News, Sportico, Bloomberg, NPR, and Fortune. The disclosure reports income in dollar ranges; for individual line items we used the specific figures cited in the disclosure or the conservative low end where ranges were used.
2024 Income, Mapped to Eight Streams
Bar widths scaled to the largest disclosed stream (Golf and Resorts at $354M). Income includes all-in revenue for operating businesses, not net profit.
01
Golf Courses, Resorts & Hotels
$354M+
| Property | Location | 2024 Income |
|---|---|---|
| Trump National Doral Miami | Doral, FL | $110.4M |
| Mar-a-Lago Club | Palm Beach, FL | $50.0M |
| Trump National Bedminster | Bedminster, NJ | $33.1M |
| Trump Turnberry | Scotland (UK) | $32.9M |
| Trump International Aberdeen | Scotland (UK) | $6.0M |
| Other courses, hotels, residential (incl. Doonbeg, West Palm Beach) | Various | balance |
| Total Golf & Resort Income (2024) | $354M | |
Dave's Note
Mar-a-Lago revenue stepping down to $50M from $56.9M is notable but partially explained by the membership fee bump - initiation fees climbed from $700K to $1M in 2024 with only 4 spots available. Higher per-member price, fewer new members onboarded, less initiation cash booked in 2024. Doral remains the cash machine at $110M and probably always will be.02
Cryptocurrency Ventures
$57.4M+
| Asset / Income Stream | Entity | 2024 Income |
|---|---|---|
| World Liberty Financial token sales | WLF Holdco LLC | $57.36M |
| NFT licensing royalties | CIC Digital LLC | $1.16M |
| Ethereum holding (asset, not income) | Held via wallet | $1M to $5M |
| WLFI governance tokens (asset) | 15.75B tokens | undisclosed value |
What is NOT in this filing: The $TRUMP memecoin launched in January 2025, after the close of the 2024 reporting period. Blockchain analytics firms have estimated $320M+ in transaction fees flowing to Trump-affiliated entities (CIC Digital LLC and Fight Fight Fight LLC) through year-end 2025. None of that appears on the disclosure analyzed here. It will appear on the next OGE 278.
03
Foreign Licensing Deals
$36M+
| Project / Country | Type | Reported Income |
|---|---|---|
| Dubai project (UAE) | Licensing fees | $15.9M |
| India project | Development fees | $10.0M |
| Vietnam project | License fees | $5.0M |
| DT Marks Oman LLC | Saudi-developer project | $5.0M+ |
| Foreign Licensing Total (disclosed) | $36M+ | |
Dave's Note
The Oman deal sits inside a roughly $4 billion Trump hotel-villa-golf development with a Saudi real estate partner. The president of a country receiving licensing fees from a Saudi developer building branded property in Oman is exactly the kind of arrangement the Form 278 was originally designed to surface. It is surfaced. The form is doing its job.04
Branded Merchandise Royalties
$26M+
| Product Line | Pricing | 2024 Royalty Income |
|---|---|---|
| Trump Watches | $499 to $100,000 | $2.8M |
| Trump Sneakers + Fragrances | $199 to $399 | $2.5M |
| God Bless the USA Bible (Greenwood) | $59.99 | $1.3M |
| Trump NFT Trading Cards | $99 per pack | $1.16M |
| "45" Guitar | $399 to $10,000 | $1.0M+ |
| Melania NFT collection | Various | $216,700 |
| Other licensed merchandise | Various | balance |
| Total Merchandise Royalties (disclosed) | $26M+ | |
05
Investment Portfolio Income
$13M+
| Holding | Type | Disclosed Value |
|---|---|---|
| Schwab Government Money Fund | Money market | $50M+ |
| Invesco short-term Treasury fund | Treasury fund | up to $25M |
| Blue Owl Capital Corp | Alternative asset mgr | up to $25M |
| Corporate, municipal, US gov debt (range) | Fixed income | $5M per holding |
| Individual equity positions (max) | Common stock | $250K per name |
| Physical gold bars | Bullion | six figures |
Dave's Note
This is the portfolio of a fixed-income investor, not a stock-picker. Money funds and short-duration Treasuries dominate. Equity positions are capped at roughly $250K per name - meaning even his biggest single stock bets are diluted relative to the $236M+ portfolio total. The Form 278-T trading activity we covered yesterday makes more sense in this context: a large pool of cash being shuffled across short-dated fixed income as rates move.06
Book Royalties
$5M+
| Title | Year | Royalty Income |
|---|---|---|
| Letters to Trump | 2023 | $4.5M |
| Our Journey Together | 2021 | portion of CIC Ventures total |
| The Art of the Deal | 1987 | $100K to $1M |
| Time to Get Tough | 2011 | $15K to $50K |
| Trump 101: The Way to Success | 2006 | under $201 |
| The America We Deserve | 2000 | under $201 |
| Six other older titles | Various | under $201 each |
07
Asset Sales
$3M+
08
Entertainment Residuals & Pensions
$72K
| Source | Type | Annual Income |
|---|---|---|
| Screen Actors Guild | Union pension | ~$64,000 |
| AFTRA | Union pension | ~$6,500 |
| Universal (The Little Rascals) | Residual royalties | ~$1,000 |
| Warner Bros. (Fresh Prince) | Residual royalties | ~$1,000 |
What the Numbers Add Up To
56%
Income From Golf & Resorts
9%
Income From Crypto
6%
Foreign Licensing
4%
Merchandise Royalties
The filing does not yet include the $TRUMP memecoin (launched January 2025), Trump Mobile (announced June 16, 2025), the new Scotland golf course opened in 2025, or any 2025 World Liberty Financial activity beyond year-end 2024. All of those will appear on the next OGE Form 278, currently expected in May or June 2027 and covering calendar year 2026.
What we have for now is a 234-page snapshot of a presidential balance sheet that the original 1978 Ethics in Government Act drafters almost certainly did not have in mind - and a document that, despite its limitations, is doing exactly the job it was built to do: surfacing every income stream attached to the office, in writing, for the public record.
Filed under: General Knowledge
