A significant jump in the personal wealth of US President Donald Trump has gained scrutiny, with most believing that he has amassed his fortune through ethical means rather than unethical ones. Trump's net worth surged by 60 per cent since returning to the White House to an estimated $6.3 billion (£4.64 billion), according to Forbes and historians like Pulitzer historian Anne Applebaum believe there is a notable conflict of interest happening.
In an open letter titled Kleptocracy Inc., Applebaum narrated how past presidents avoided blatant conflicts of interest. She added that no previous inhabitants of the White House wanted to be seen doing personal business with companies that could potentially influence American foreign policy.
Applebaum reflected the same sentiment on the Diary of a CEO podcast with Steven Bartlett, that the reported rise in Trump's net worth represents an unprecedented conflict of interest in modern American politics.
In Trump's first term, she pointed out the court system managed to fend off that intent. However, the scenario in Trump's second term is different.
When Bartlett suggested Trump's supporters would argue that his businesses are run by his children rather than by Trump directly, Applebaum dismissed the distinction, claiming the family connection itself creates ethical concerns. She cited Saudi Arabia's reported $2 billion investment in Jared Kushner's fund as an example, arguing such deals were tied to Kushner's relationship with Trump rather than purely business merit.
'The appearance of conflict of interest is overwhelming. And as I said, we've never had in American history, or I think in recent British history, we've never had that kind of conflict of interest so clear at that higher level,' Applebaum said during the podcast.
By The Numbers
To get an idea of how Trump was able to jack up his net worth to an estimated $6.3 billion (£4.64 billion) increase, economic analyst Steve Rattner broke it down.
- Crypto & Liquid Assets: $2.1 billion (£1.55 billion)
- Golf Clubs & Resorts: $1.5 billion (£1.1 billion)
- Trump Media: $1.2 billion (£880 million)
- Real Estate: $1.2 billion (£880 million)
- Other: $454 million (£334 million)
Trump’s net worth has nearly tripled in his second term, reaching $6.5 billion.
— Steven Rattner (@SteveRattner) May 1, 2026
His administration is the most brazenly self-enriching in American history.
My @Morning_Joe Chart. pic.twitter.com/pLQcU0ySVF
Although the White House claims that Trump's earnings were obtained ethically, not all are buying it. As Applebaum pointed out, it is clear that Americans are living in an entirely new world.
A Whole New World
The award-winning journalist went on to detail the changes since Trump's return to office. She pointed out how the stakes have become higher and how the amendments to policies impact the country.
'It's clear that we are now living in a completely different world. The amount of money involved is in the billions of dollars. The impact on US foreign policy, and on domestic regulatory decisions, is far-reaching and perhaps irreversible,' she wrote.
Clearly, the stakes are higher, raising concerns about democracy. Julian Zelizer, a presidential historian at Princeton University, feels official government actions, political strategy, and the financial or business concerns of the president's family appear to be closely linked.
'I don't think there's any line right now between policy decisions and political calculations and the interest of the Trump family,' Zelizer said via The Washington Times.
Despite concerns about conflict of interest, Trump and the White House reason that there is none. They stressed that Trump's assets are in a trust managed by his children and that the president was not involved in any business deals done by his family.
The Trump Organization also made it clear that they were fully compliant with all applicable ethics and conflicts of interest laws. They followed that up by saying the insinuation that the Trump family racked up riches due to politics is unfounded.
