President Trump made over $2 billion last year, far exceeding his $400,000 salary. His growing fortune raises questions about allegiance to foreign investors as he shapes policy. In a podcast episode of "Interesting Times," contributing Opinion writer Christopher Caldwell and Harvard law professor Jack Goldsmith discuss how Trump amassed this wealth, whether it's legal, and if the U.S. is becoming a kleptocracy.

Goldsmith notes that presidents normally use blind trusts to separate personal finances from policy. Trump's sprawling business empire, with dealings outside the U.S., is unprecedented. Crypto has been a major source: $1.4 billion reported in 2025 disclosures. Entities in the U.A.E. invested $400-500 million in World Liberty Financial for a 49% stake. The firm was founded by Trump's sons and Steve Witkoff's sons.

Goldsmith says this level of foreign money flowing to a president's family is unprecedented. He also addresses other potential abuses, like rebuilding the White House East Wing with donor funds, calling it part of a continuum of actions that may fall within or outside democratic norms.