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donald trump fortune

Donald Trump has just announced he will “business in total” to focus on presidency and avoid perceived conflicts of interest.

The president-elect said he would be expanding on his plans at a press conference with his children next month.

Donald Trump previously dismissed concerns over potential conflicts between his businesses and the presidency.

Meanwhile, former Goldman Sachs executive Steven Mnuchin confirmed he had been picked as treasury secretary.

Steve Mnuchin, who was Donald Trump’s former campaign finance director, also said billionaire investor Wilbur Ross had been chosen for commerce secretary.

Donald Trump and his transition team have yet to confirm the appointments.

Image source Flickr

Image source Flickr

Instead, the president-elect chose to focus on his plans to distance himself from his business in a series of four tweets released over 20 minutes.

The tweets read: “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN!

“While I am not mandated to do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.

“Hence, legal documents are being crafted which take me completely out of business operations. The Presidency is a far more important task!”

There is no legal requirement to liquidate assets but past presidents have set aside their business dealings. Donald Trump’s rivals have raised repeated concerns this may cause problems in the coming months.

Donald Trump, who takes office on January 20, had previously indicated to the New York Times that he was considering separating his two areas of responsibility but was confident he could run both “perfectly”.

The billionaire’s three eldest children already hold roles within the Trump empire which boasts golf clubs, office towers and other properties in several countries.

However, Reince Priebus, Donald Trump’s incoming White House chief of staff, refused to say on MSNBC’s Morning Joe whether he was handing the business to his children or putting it into a blind trust, which would place the management of his assets in the hands of other experts.

Donald Trump has revealed he got his start in business with a “small loan” of $1 million  from his father.

Speaking at a town hall meeting in New Hampshire, voters asked the tycoon to show some humility and common ground with average Americans.

The Republican presidential candidate said he “often drives himself” and recently ate at McDonald’s.

Donald Trump’s father, Fred Trump, was a successful real estate developer who gave him seed money to begin investments.

“It has not been easy for me,” the GOP front-runner said.

Photo AP

Photo AP

“And I started off in Brooklyn, my father gave me a small loan of $1 million. I came into Manhattan and I had to pay him back, and I had to pay him back with interest.”

The town hall’s host, NBC’s Matt Lauer, said most people would not consider that a small amount.

One woman at the town hall said some would only vote for Donald Trump if he would “eat a piece of humble pie once in a while”, to which he responded that doing so would expose weaknesses to foes like Russian President Vladimir Putin.

Opponent Ben Carson, a former neurosurgeon, has been gaining on Donald Trump in some polls.

In the last few days, he has been on the receiving end of attacks from the billionaire businessman, who says Ben Carson is “low energy”.

Voting in the party primary contests begins in February and the presidential election is in November 2016.