Why is Donald Trump's fortune increasing
Donald Trump: The Truth About The Rise Of The Self-Made Billionaire
Donald Trump's election success is due in large part to the fact that millions of Americans consider him a brilliant business leader - not least because he repeatedly calls himself a "world-class businessman" during the election campaign. Now, however, not only America is wondering how successful Trump has actually operated his companies - and what his entrepreneurial biography could mean for the economic well-being of the country.
Much of what Trump is spreading about his own business is either wrong or only half the story. For example his claim that he is a self-made man. In fact, he comes from a wealthy New York real estate family who made most of their wealth from other taxpayers' money.
His father, Fred Trump, used lavish subsidies to build affordable housing for soldiers returning home from World War II in the New York boroughs of Brooklyn, Queens, and Staten Island.
Unlike many of the offspring of the company, who initially gained work experience outside of their parents' company, Donald chose the easy path and joined his father's business immediately after graduating at the end of the 1960s. He later proudly declared that he was only able to close many of his best deals thanks to his son.
But the suburban barracks were soon too pie for the son. He wanted to see his name on the Manhattan skyscrapers. With one million dollars in start-up capital from Papa, he went into business for himself in the 1970s. It was not an easy time: New York was over-indebted, public money was scarce, the city was considered so dangerous that many banks and other companies moved away. The southern tip of Manhattan threatened to turn from a business district into a problem district.
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