You could say India has turned into one of the most profitable of Trump’s overseas markets for this kind of work. The 927-page document put before the US Office of Government Ethics tells the story: he made more than $2 billion in 2025, and about $8.5 million of that can be traced to India, trade spats or not.
It’s all about the licence, not owning the deed. That way you get the brand without the risk of putting up the capital. Then there are the hotels, the golf courses, the clubs and the rest of the traditional side of the house, which brought in some $500 million. It shows that property is still the bedrock of what he does.
India’s role in Trump’s portfolio
The filing makes it plain: India is right in the middle of his international strategy, no matter what is being said about tariffs or the Section 301 probe. He is on par with the UAE, Saudi Arabia, Qatar and Romania when it comes to the top of the list.
There is a straightforward way of doing it in India. Developers put up the money to put the Trump name on something of quality. For a global brand looking to make inroads with well-heeled buyers, it is a form of arbitrage that works in the country’s housing hotspots.
Inside the numbers
According to the paper, the agreements tied to India were worth some $8.5 million last year. Put it in context with the rest of his ledger – crypto, investments, the usual real estate and business – and you get an overall picture of an income in excess of $2 billion.
Gurugram leads revenue
If you want to see where the money is, look at Gurugram. The M3M Group has been behind the best of the Trump-branded ventures in joint-ventures with Tribeca. DT Marks Gurgaon 69 LLC alone was good for $3.64 million, with another $1.79 million coming from DT Marks Gurgaon LLC. That puts the city’s total at over $5.4 million.
But it is not just Haryana. The filing has some $1.5 million down for a project in Noida. In Pune, an office by Tribeca and Kundan Spaces is in the same ballpark. There is another $1.5 million from a link in Hyderabad, and in Mumbai, the Lodha place in Worli has chipped in over $180,000.
Here is what the filing has to say on the matter:
– India licensing: $8.5 million in 2025
– DT Marks Gurgaon 69 LLC: $3.64 million
– DT Marks Gurgaon LLC: $1.79 million
– Projects in Gurugram: in excess of $5.4 million
– Noida: some $1.5 million in fees
– Pune: roughly $1.5 million
– Hyderabad: a further $1.5 million
– Lodha in Mumbai: $180,000 and up
– On the traditional side: around $500 million
– In total: over $2 billion
How the India deals are put together
Trump doesn’t hold the assets in India; he works with partners. Kalpesh Mehta of Tribeca is the one with the exclusive on the brand here, and he has been in talks with the likes of M3M and Kundan Spaces.
Mehta has been on his own with some of these after he had let the rights to Lodha and Panchshil Realty in the past. Even in 2025, the disclosure says he is still making fees from Lodha’s tower in Worli. As for the Trump Organization, it is in the hands of his sons, Donald Jr and Eric.
Trade and ethics backdrop
This comes out at a time when the US has a firm line on tariffs, and India is in the crosshairs. New Delhi and Washington have been at the table to hash out an interim deal on market access and the like. India wants some leeway on its end; the US is after more for its ag and industrial products.
Then you have the Section 301 investigations muddying the waters. Yet the filing is an indication that the luxury side of the market in India is still open for business, as long as you are willing to do it on a licensing basis.
Some in the ethics world have been on to Trump about his foreign interests, seeing potential for a conflict of interest while he is in the Oval Office. He will have you know he is not in the weeds of his finances and that the family is on top of it.
Outlook
What you have in the disclosure is a no-nonsense read of the market: if you have the brand, you can make it in India’s luxury tier. With Gurugram and the other cities in the mix, India is too important to put aside, even with the headwinds from trade policy.
