Fact Check: Is Markwayne Mullin’s claim that Trump lost money by being president true?
WASHINGTON, DC: Homeland Security Secretary Markwayne Mullin recently claimed that the presidency has cost President Donald Trump money. The claim has raised eyebrows and called for a fact-check.
Claim: Trump did not make money as president
Mullin made the remarks during a rally in Durant, Oklahoma, on October 1, before Trump addressed the crowd. The former senator argued that Trump did not need the presidency for financial gain.
“He doesn’t have to do this,” Mullin said. “There’s no financial gain like the past presidents have had. It’s cost him to be in office.”
Fact Check: False; Trump reportedly generated $2.2 billion in 2025
Mullin’s claim that the presidency has cost Trump money is contradicted by available financial evidence. Trump reportedly generated at least $2.2 billion in revenue in 2025, while Forbes estimated his net worth at $7 billion in 2026.
Although Trump’s wealth declined during his first term, his subsequent financial gains have been substantial. The available evidence does not support Mullin’s claim that serving as president has cost Trump money overall.
Trump’s 927-page financial disclosure for 2025 reported at least $1.4 billion in cryptocurrency revenue alone.
A New York Times analysis estimated that Trump generated at least $2.2 billion overall in 2025. That compared with $622 million in 2024, before he began his second term.
Cryptocurrency accounted for most of the reported revenue. Other sources included real estate, legal settlements, overseas licensing agreements and branded merchandise, including watches and footwear.
Robert Maguire, vice president of research and data at Citizens for Responsibility and Ethics in Washington, described 2025 as the most lucrative year of Trump’s life.
“There is essentially no scenario, based on public information, where the presidency hasn’t made Donald Trump far richer than he’s ever been,” Maguire said.
A Forbes analysis published in September estimated that Trump was $2.7 billion wealthier than when he won the 2024 election.
Trump’s net worth has increased
The White House defended Mullin’s remarks by citing Forbes estimates showing Trump’s net worth fell from $3.7 billion in 2016 to $2.5 billion in 2021. That represented a decline of approximately 32% during his first presidential term.
However, Trump’s financial position has since changed considerably. Forbes estimated his net worth at $7 billion in 2026, nearly double Trump's wealth before his first presidency.
The White House also said Trump had declined his presidential salary. Even if accurate, the $400,000 annual salary represents a small amount compared with his reported business revenue.
Could presidential expenses offset the gains?
Experts said additional expenses associated with the presidency were unlikely to cancel out Trump’s financial gains.
Danielle Caputo, senior legal counsel for ethics at the Campaign Legal Center, noted that taxpayers have covered increased security costs at Trump’s private properties.
Maguire also pointed out that cryptocurrency and licensing agreements can generate substantial revenue without the overhead associated with many traditional businesses.
