President Donald Trump, in response to questions about whether he is personally benefiting from his presidency, recently attributed his growing wealth to broad stock-market gains, saying his profits are simply a reflection of a rising market that helps everyone. However, his newly filed 2025 financial disclosure form — which reports an estimated wealth increase of over $2 billion — shows that the majority of that income came from non-stock sources, most notably $1.4 billion from cryptocurrency ventures, along with hundreds of millions from real estate, legal settlements, overseas licensing, and branded merchandise. Analysis by media outlets suggests that stock-market gains accounted for only a small fraction of the increase, undercutting the president’s explanation and drawing scrutiny to the scale of his outside earnings while in office.