Donald Trump Promised Not to Take a Salary as President

November 11, 2016 Updated: November 11, 2016

Donald Trump, the president-elect, has said he would refuse to take a salary if he was elected.

Last September, Trump said he would forego a salary if elected—and he wouldn’t seek outside contributions.

“I won’t take even one dollar. I’m totally giving up my salary if I become president,” Trump said in a Twitter video last year from the New York headquarters of the social media site.

The annual salary for a president is about $400,000 per year. Trump can afford to not be paid that amount, as he’s worth several billion dollars, according to Forbes magazine, meaning that he’s now the wealthiest president-elect in history.

“The President shall receive in full for his services during the term for which he shall have been elected compensation in the aggregate amount of $400,000 a year, to be paid monthly, and in addition an expense allowance of $50,000 to assist in defraying expenses,” says the United States Code on the matter, adding that the president is entitled to use White House furniture and other effects.

Trump will officially be sworn in as president on Friday, January 20, on Inauguration Day.

The Associated Press declared Trump president-elect at 2:30 a.m. on Nov. 9.