Claim: Donald Trump's net worth was estimated at over $1 billion.

Donald John Trump -LRB- born June 14 , 1946 -RRB- is the 45th and current President of the United States . Before entering politics , he was a businessman and television personality .   Trump was born and raised in Queens , New York City , and earned an economics degree from the Wharton School . He then took charge of The Trump Organization , the real estate and construction firm founded by his paternal grandmother , which he ran for 45 years until 2016 . During his real estate career , Trump built , renovated , and managed numerous office towers , hotels , casinos , and golf courses . Besides real estate , he started several side ventures and has licensed the use of his name for the branding of various products and properties , including Trump Entertainment Resorts , Trump Steaks , and Trump Vodka . He was the founder of Trump University . He owned the Miss USA and Miss Universe pageants from 1996 to 2015 , and he produced and hosted The Apprentice , a reality television series on NBC , from 2004 to 2015 . His net worth was estimated to be $ 3.5 billion , making him the 544th richest person in the world .   Trump first publicly expressed interest in running for political office in 1987 . He won two Reform Party presidential primaries in 2000 , but withdrew his candidacy early on . In June 2015 , he launched his campaign for the 2016 presidential election and quickly emerged as the front-runner among seventeen candidates in the Republican primaries . His remaining opponents all suspended their campaigns by the end of May 2016 , and in July he was formally nominated at the Republican National Convention along with Indiana governor Mike Pence as his running mate . Many of his campaign statements were controversial or false , generating much free media coverage .   Trump won the general election on November 8 , 2016 , in a surprise victory against Democratic opponent Hillary Clinton and commenced his presidency on January 20 , 2017 . He became the oldest and wealthiest person ever to assume the presidency , the first without prior military or government service , and the fifth to have won the election while losing the popular vote . His political positions have been described by scholars and commentators as populist , protectionist , and nationalist .