Forbes’ latest estimate that Trump’s net worth has reached $6.5 billion is making headlines, but the background is quite fascinating. It seems his net worth increased by $1.4 billion over the past year, and most of that increase is being driven by crypto assets.

The crypto business, which had been stagnant before the election, expanded rapidly after his election victory, bringing in about $1.8 billion in assets. That includes $393 million in memecoins, $175 million in tokens from World Liberty Financial, and $242 million in stablecoin business. In particular, WLFI appears to have accelerated further after nearly half was acquired by members of the royal family of the United Arab Emirates.

But here’s the interesting part: when you look at Trump’s total net worth, there are major negative factors large enough to offset the rapid growth in crypto assets. The stock price of Trump Media & Technology Group—the parent company of Truth Social—has fallen by more than 80%, reducing the value of his holdings by $1.3 billion. The company’s 2025 revenue is only $3.7 million, and its net loss is $712 million. It’s desperately searching for a viable business model, trying one change of direction after another—such as shifting toward Bitcoin-related ventures and merging with nuclear fusion energy companies.

The real estate sector is relatively stable, with $1.5 billion from golf clubs and resorts and $1.2 billion from real estate investments. Mar-a-Lago has recorded its best performance since Trump resumed political activities, and the entire golf business has seen operating profit rise from $19 million in 2020 to $66 million in 2024.

Looking at the composition of Trump’s net worth, it becomes clear just how important his entry into this new area—crypto assets—has become. In a sense, the failure of his media businesses is being offset by success in crypto. Depending on how things develop going forward, Forbes suggests that further increases of several billion dollars in assets may be possible.