During a rally in Durant, Oklahoma, ahead of Donald Trump’s address, Homeland Security Secretary Markwayne Mullin told attendees from his home state that returning to the presidency had come at a personal financial cost to Trump.
“He doesn’t have to do this,” the former U.S. senator stated at the Oct. 1 event. “There’s no financial gain like the past presidents have had. It’s cost him to be in office.”
However, official federal documents tell a different story.
According to Trump’s extensive 2025 financial disclosure paperwork, he brought in a minimum of $1.4 billion solely from cryptocurrency ventures.
An investigation by the New York Times calculated that Trump’s total income reached at least $2.2 billion in 2025. This marked a substantial increase from the $622 million he generated in 2024, prior to the start of his second term.
Furthermore, an evaluation by Forbes—a publication that has monitored the assets of ultra-high-net-worth individuals for decades—concluded that Trump’s wealth has grown by an estimated $2.7 billion since his victory in the 2024 election, with projections extending through 2026.
“2025 was the most lucrative year of Trump’s life, by far,” noted Robert Maguire, research and data vice president at Citizens for Responsibility and Ethics in Washington. The advocacy organization has previously filed lawsuits against Trump and his administration regarding foreign emoluments and a proposed fund intended to compensate individuals affected by what the administration termed government weaponization.
Maguire added, “Based on available public records, there is virtually no scenario where the presidency hasn’t resulted in Donald Trump becoming significantly wealthier than he has ever been.”
White House Points to First-Term Trends
While Mullin’s agency did not reply to requests for comment regarding his assertions, the White House offered a response.
In a statement provided to PolitiFact, the White House highlighted Forbes figures indicating that Trump’s net worth dropped from $3.7 billion in 2016 (prior to his initial term) to $2.5 billion in 2021 (following his departure from office)—representing a 32% decrease during his first presidency. (For comparison, the median net worth for U.S. households headed by individuals aged 75 and older, which aligns closely with Trump’s age group, stands at $335,600.)
Mullin’s claim would have held validity if made in 2021, but the financial landscape looks entirely different by 2026.
Forbes currently pegs Trump’s net worth at $7 billion. This figure is nearly double the $3.7 billion he possessed prior to his initial inauguration and exceeds his previous pre-presidential peak of $4.5 billion recorded in 2015.
Additionally, the White House emphasized that Trump has declined a presidential salary. While documentation supporting this has not always been made public, foregoing the standard $400,000 annual presidential salary amounts to a negligible fraction of his $2.2 billion revenue stream from 2025.
Cryptocurrency forms the vast majority of Trump’s 2025 earnings, generating $1.4 billion. Additional income streams totaling roughly $400 million came from real estate holdings, legal payouts, international licensing deals, and branded merchandise like footwear and watches.
Could Expenses Offset These Profits?
Financial specialists suggest it is highly improbable that overhead expenses or the costs associated with the presidency could have neutralized billions in revenue.
“The sole additional expenses he might encounter as president would likely involve security or travel, but taxpayers cover the costs for upgrading security at his private properties,” explained Danielle Caputo, senior legal counsel for ethics at the Campaign Legal Center.
While MAGA Inc., a supportive super PAC, has covered certain travel expenses for Trump, those funds do not originate from his personal accounts, Caputo noted, adding, “Neither factor could realistically account for billions in expenses.”
Regarding standard business overhead, Maguire pointed out that Trump’s primary 2025 revenue channels—such as crypto and licensing agreements—operate with minimal overhead, functioning as close to pure profit as financially possible.
Comparing Past Commanders-in-Chief
Trump began both of his presidential terms with the highest net worth among recent U.S. leaders: $3.7 billion initially and $3.9 billion ahead of his second term. The closest historical comparison is John F. Kennedy, whose inherited family wealth gave him an inflation-adjusted pre-presidential net worth estimated at $100 million.
Certain modern Democratic presidents, such as Bill Clinton and Barack Obama, experienced significant wealth accumulation after leaving office—entering with roughly $1.3 million and exiting with $120 million and $70 million, respectively.
Although those represented substantial increases, they are vastly overshadowed by the scale of Trump’s financial expansion.
Evaluation
Mullin asserted that unlike past presidents, Trump experienced no financial benefit from holding office and that the position actually cost him money.
In contrast, financial disclosures reveal that Trump generated at least $2.2 billion in revenue during 2025, climbing from $622 million in 2024. Forbes assessments further indicate that he has grown $2.7 billion richer since the 2024 election cycle.
Experts agree that operational expenses could not have absorbed this massive influx of capital, and the growth of Trump’s wealth far exceeds that of any modern predecessor.
Based on the available evidence, Mullin’s assertions are contradicted by billions in documented revenue.