The real estate market has boomed in recent years, with buyers and sellers rushing to secure deals, speculators betting on the market and investors pouring money into the industry.
But it was not always that way.
As recently as the 1990s, home values were on the decline, and real estate developers were trying to sell out.
In 1993, the stock market collapsed, triggering a run on real estate and a sharp decline in the value of the dollar.
Real estate was a scarce commodity and the dollar was weak, making it difficult for buyers and developers to earn enough money to pay for renovations and repairs.
Then the stock crash of 1987 wiped out $400 billion in value, wiping out a good chunk of the value in homes, according to one estimate.
In the years that followed, real estate prices spiked.
The market soared.
The stock market surged.
The dollar fell.
The price of real estate skyrocketed.
And then it crashed.
Today, realty is once again booming.
But the value is not always as it once was, experts say.
Trump has built a sprawling, complex empire that, as of last year, he said has more than doubled in value.
His real estate company has generated more than half of the total value of all real estate in the country, according a 2015 report from Forbes.
And, while Trump’s net worth is not much more than that of his two adult children, he and his siblings are worth more as a percentage of his overall wealth than at any time since World War II, the study found.
This is how Trump’s wealth stacks up to his peers in other industries.
He has built the largest privately held company in America, with $10.5 trillion in assets.
He has the third largest private bank in the world, with a $4.2 trillion balance, and he owns the third-largest airline, the fourth-largest hotel chain, the fifth-largest media conglomerate and the biggest insurance company in the United States.
And he is the second-richest man in America with $7.3 billion.
But for a man who has built such a powerful brand and empire, he has to contend with the reality that he is also making millions of dollars every year, according for the first time to Recode.
In 2016, he made $3.9 million in royalties for a book he wrote and co-wrote with Michael Wolff, the co-founder of the entertainment company Comedy Central.
And in 2018, Trump’s company paid $3 million for a song he wrote with Mark Burnett, the host of “The Apprentice.”
In 2018, he recorded $1 million in ads for a brand of toothpaste.
And last year he made a $1.5 million deal to produce and star in a reality TV show based on the life of his late father, Fred Trump, who was the chief executive of the New York Stock Exchange.
“There’s been an explosion of activity in the real estate industry,” said Matthew Lehner, an economist at George Washington University and a leading authority on the financial industry.
“But there’s been a slowdown in the growth in real estate activity.”
Trump’s networth has increased by about $3 billion since he first became president, and that includes a significant chunk of his empire’s recent value.
In 2018 and 2019, he was worth more money than the combined assets of the CEOs of Comcast, General Electric and JPMorgan Chase, according the Bloomberg Billionaires Index, which ranks companies based on their stock prices and net worth.
The rise in real-estate prices and stock price growth has made it easier for him to earn millions, even as he struggles to pay his bills.
That’s because Trump has amassed vast cash reserves that are largely locked away in his various companies, including a trust with a combined $100 million that he controls through his children and a trust that holds $1 billion in investments that he doesn’t have to share with the public.
He uses the money to make deals that benefit his companies and to pay off debts that his family members have racked up over the years, according on the Bloomberg list of billionaires.
And that cash has made him a rich man.
Trump earned $8.4 million in salary and bonuses from the Trump Organization in 2016, according, to financial disclosure forms.
Trump is also entitled to $20 million in cash from the company.
And his businesses have received a combined total of more than a billion dollars in government loans and grants since he became president.
But even with his massive wealth, Trump has made his life difficult, his family said.
He is the only major party nominee in the last four presidential elections to face a public scrutiny inquiry over his finances, the family said in a statement.
His sons, Eric and Donald Jr., were among the first to say that they did not know the extent of the financial interest in their father’s companies.