US President Donald Trump's global real estate and licensing operations remained a major source of earnings in 2025, with India featuring among the most significant international markets, according to his latest annual financial disclosure.
The 927-page filing submitted to the US Office of Government Ethics shows Trump's total income crossed $2 billion in 2025. Cryptocurrency ventures, licensing agreements, investments, real estate holdings and other traditional businesses accounted for the bulk of the earnings.
His longstanding businesses—including hotels, golf resorts, clubs, commercial real estate and international real estate licensing agreements—generated nearly $500 million during the year, highlighting the continued importance of property assets within the Trump Organization's portfolio.
India contributed about $8.5 million in licensing income from Trump-branded residential projects developed by local partners. The revenue was derived from licensing arrangements rather than direct ownership of real estate assets in the country.
The largest share of that income came from Trump-branded developments in Gurugram being built by M3M Group through joint ventures with Tribeca Developers. Licence fees from the two entities—DT Marks Gurgaon 69 LLC and DT Marks Gurgaon LLC—brought in more than $5.4 million for Trump-linked entities.
A Trump-branded residential project in Noida, also being developed by M3M Group, generated around $1.5 million in licensing fees. Additional licence income came from the Trump-branded office project in Pune, which is being developed by Tribeca Developers and Kundan Spaces.
The Trump Organisation, which oversees the first family's real estate business, is led by Donald Trump's sons Donald Jr and Eric. In India, the company works with Kalpesh Mehta's Tribeca, the exclusive licensor of the Trump brand in the country.
Mehta, a close friend, has independently developed Trump-branded projects through Tribeca in India after previously licensing the brand to developers including Lodha and Panchshil Realty over the past decade.
The disclosure shows Trump also continued to receive licence fees from the partnership with Lodha in 2025, earning more than $180,000. Lodha developed the Trump Tower luxury residential project within its Lodha Park township in Mumbai's Worli.
Alongside the UAE, Saudi Arabia, Qatar and Romania, India ranked among Trump's leading international real estate licensing markets, reflecting the sustained commercial appeal of the Trump brand in luxury residential developments overseas.
The filing also pointed to strong returns from Trump's domestic property portfolio. Trump National Doral in Florida remained one of the organisation's highest-earning assets, while Mar-a-Lago and multiple golf clubs across Florida, New Jersey and Washington also generated substantial revenue.
The financial disclosure comes as the Trump administration continues to pursue a tough tariff policy with several trading partners, including India.
Even as New Delhi and Washington negotiate an interim bilateral trade agreement, discussions remain focused on tariffs, market access and non-tariff barriers. India is seeking preferential tariff treatment over competing Asian economies, while the US is pushing for wider access for American agricultural, industrial and manufactured products.
The talks have also been complicated by ongoing US Section 301 investigations involving India and several other countries.
Despite the continuing trade negotiations and tariff-related frictions, the disclosure underscores India's importance to Trump's international real estate licensing business and highlights the country's luxury housing market as a valuable destination for global brands.
Trump's overseas commercial interests have continued to attract scrutiny from ethics experts, who argue that income from international licensing agreements and business ventures could create conflict-of-interest concerns while he serves as president. Trump has said he is not involved in managing his personal finances and that his investments are overseen through family-controlled entities.
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