Trump's Foreign Licensing Revenue Jumps 71% to $59.5 Million in 2025 as Ethics Questions Mount
Updated
Updated · CNBC · Aug 10
Trump's Foreign Licensing Revenue Jumps 71% to $59.5 Million in 2025 as Ethics Questions Mount
1 articles · Updated · CNBC · Aug 10
Summary
$59.5 million in foreign licensing income flowed to Donald Trump in 2025, up 71% from 2024 and nearly 10 times 2023 levels, according to his annual financial disclosure analyzed by CNBC.
Four newly disclosed Trump-affiliated licensing LLCs produced $20.25 million and five previously inactive entities added $9.64 million after the Trump Organization abandoned its first-term pledge of no new foreign deals.
More than 60% of the revenue came from Gulf projects, led by about $22 million from the UAE, $9 million from Saudi Arabia and $5 million from Qatar; Dar Al Arkan-linked projects generated $25.8 million and Damac-linked ones $11.3 million.
Ethics experts said the payments create an unprecedented overlap between presidential power and private gain because some developers were seeking U.S. permits, investment approvals or closer ties with Washington, though CNBC found no evidence any payment changed policy.
The Trump Organization said it operates separately from the presidency and follows ethics rules, but legal experts said projects involving state-linked partners in Qatar and Oman still leave unresolved Foreign Emoluments Clause questions.
What happens when modern multinational licensing models collide with centuries-old constitutional rules on foreign influence?
The $2.2 Billion Question: Trump’s Financial Gains, Foreign Influence, and the Breakdown of Executive Ethics in 2025–2026
Overview
In 2025, the Trump Organization reversed its previous ban on foreign deals, leading to a surge in foreign real-estate licensing income and a dramatic increase in Donald Trump’s total earnings. This shift enabled lucrative partnerships, especially in the Persian Gulf, and coincided with major investments from UAE royals into the Trump family’s crypto venture, World Liberty Financial. These business moves were closely followed by U.S. policy changes favoring the UAE, such as easing export controls and approving advanced technology sales. As regulatory oversight weakened and public protests faded, concerns grew about the normalization of presidential profiteering and its impact on democratic norms.