F aith is a remarkable asset. A year ago, Donald Trump’s followers had so much of it that the president could spin billions out of thin air.

First came Trump Media, which investors valued it at $5 billion even as net losses neared $700 million. Then came World Liberty Financial, which sold more than $1 billion of tokens in 2025 on vague promises to “democratize finance.” Finally, there was the memecoin, which explicitly warned buyers that it was not intended to be an investment but nonetheless generated enough hype to leave Trump with a pile of tokens conservatively worth $710 million.

The bonanza pushed the president’s fortune to $7.3 billion by September 2025, the highest figure to ever appear next to Trump’s name since he joined the inaugural Forbes 400 list 44 years ago.

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Then the faithful began to have doubts. Canadian worship leader Chad Nedohin, for example, loved the idea of a cancel-free alternative to Twitter—so much so that he became something of an unofficial captain of Trump Media’s retail investors. But eventually, he turned on Trump, disappointed with the president’s business, war in Iran and connections to Jeffrey Epstein. “Nothing he says is true,” Nedohin scoffs. “His only concern in his life is his own wealth and status.”

As believers like Nedohin walked away, Trump Media shares dropped about 50% over the past year, knocking down the value of the president’s stake by nearly $1 billion. The memecoin fell roughly 70%, erasing another $530 million or so. World Liberty tokens plummeted about 75%, wiping out an estimated $260 million. Those declines helped cut Trump’s net worth to $7 billion, $300 million less than a year ago, dropping him 44 spots, to No. 245, on this year’s Forbes 400.

See an asset-by-asset breakdown of the president’s fortune.

He would have fallen even harder if he hadn’t braced himself. Trump Media used its inflated stock price to raise more than a billion dollars, pivoting from its money-losing app to crypto, then nuclear fusion. Most recently, it turned to something that looks uncomfortably close to selling insider information, charging high-frequency traders $60,000 to $100,000 a month for faster access to the president’s posts.

Meanwhile, World Liberty dumped nearly $2 billion of tokens and equity last year, sending nearly $800 million of proceeds to the president. The memecoin delivered another $600 million-plus, Trump’s estimated cut of trading fees and token sales. Altogether, the president boosted his liquid assets from $1.1 billion to $1.9 billion after accounting for taxes, according to Forbes calculations.

Amid a crypto crash, Trump cashed out and searched for safety, finding refuge in his empire of private clubs. Here’s a breakdown of his hits and misses from the past year.

Liquid assets $1.9B +$800M

U.S. golf courses: $705M +$200M

Licensing and management business: $655M +$155M

Trump National Doral: $365M +$110M

Trump Media and Technology Group: $1B -$980M

$TRUMP memecoins: $185M -$525M

World Liberty Financial tokens: $80M -$260M

The president’s private clubs also provided a buffer. Estimated profits at his American golf properties reached $110 million last year, up 21% in a year. Mar-a-Lago now kicks off an estimated $54 million of annual operating profits, up 63%, enough to drive the value of his most valuable asset to a record $650 million before liabilities. Altogether, the president’s golf-and-club portfolio is worth an estimated $1.8 billion today, a half-billion more than it was a year ago. Trump’s upper-class clientele, unlike the everyday traders that propelled his meme stock and crypto coins, seem unflinchingly committed to the president.

“When he comes out of his room, everybody stands,” says former Mar-a-Lago waitress Liz Fletcher. “They stand clapping until he sits down. And they just kind of fawn over him. And then the members will have their guests, so they have their phones, they’re taking pictures because they’re like, ‘Wow, we’re seeing him in real life.’”

Trump wrote the playbook for how to make billions while assuming power. But with his popularity declining and the midterms approaching, he now faces a more daunting challenge: figuring out how to hang onto all the money the presidency has provided.