Despite Trump's harsh rhetoric toward Chicago, he's held significant private investments in the region

Critics of President Donald Trump say there’s too often filth in his rhetoric, whether on social media or otherwise.

Records show Trump has also invested money in a local governmental agency tasked with cleaning up filth — the Metropolitan Water Reclamation District of Greater Chicago, which treats sewage and combats flooding in much of the Chicago region.

Governed by an elected board and spanning Cook County, the agency borrows money through the bond market for capital improvements and sometimes to refinance existing debt.

Trump had money in two bond issues from the sanitary district in 2025, according to economic disclosure statements released this summer that show one of the investments was valued at between $500,001 and $1 million, while the other was between $1,000,001 and $5 million.

There are few other details provided in the disclosure statements, except there’s a 5% interest rate on both bonds, one maturing in 2028 and the other in 2032.

There are several different MRWD bonds maturing in each of those years, and the disclosure records don’t make clear which series Trump is invested in.

But this much is known: Four bonds are coming due in 2028 ranging from $880,000 to $6.9 million in borrowing, officials said. There are three bonds maturing in 2032 ranging from $10 million to more than $48 million.

Neither the White House nor Trump’s business entity, the Trump Organization, would comment. But Trump and his aides have said that any trading in securities is done by third-party institutions to avoid any potential for a conflict of interest.

A spokesman for the reclamation district said recently: “We just got our credit ratings, and they look strong, and I think that speaks to our stable condition.”

“As to who invests in them, we’d have no clue.”

The agency’s board includes nine elected members, all Democrats, though several Republicans are running for seats in the upcoming general election. Reformers have asked throughout the years why a separate agency is needed at all for this kind of work, especially one overseen by a large elected body — whose bureaucracy also includes its own police force.

Pat Nabong / Sun-Times

Before Trump became president on the Republican ticket, one obvious illustration of his vast wealth included a jetliner bearing his last name that he used to travel. He also once owned an airline called the Trump Shuttle.

He still has an interest in aviation, or at least did as of 2025, according to the disclosure reports that show he invested in at least five bonds tied to the Chicago Department of Aviation, an arm of City Hall that oversees O’Hare and Midway airports.

Three bonds are for O’Hare, two are for Midway. Trump’s disclosure statements say the value of his investments in those bonds, in total, are somewhere between $250,001 and $5 million.

“Based on what you provided, the Midway bonds could have been issued in 2023 or 2025, while the O’Hare bonds could correspond to several issuances dating from 2017 through 2025,” a city official told the Chicago Sun-Times.

“In general, these are airport revenue bonds that either financed capital improvements at O'Hare or Midway, including runway and terminal projects, refinanced earlier airport debt, or did a combination of both.”

Adam Gray / AP Photos

“At O'Hare, the underlying work includes projects associated with the current capital program ... as well as earlier modernization efforts, such as the O'Hare Modernization Program, which revamped the airport's runway system.”

“At Midway, the bonds relate to the airport's ongoing capital improvement program and refinancing of prior debt.”

The airport bonds all carry a return of at least 5%, with maturity dates between 2036 to 2053, records show.

While the disclosure records again don’t make clear which series Trump is invested in, the bonds could range from about $2 million to more than $146 million in total borrowing, the city official said.

With Trump’s wealth now believed to be in the billions of dollars, the Chicago area investments appear to represent just a small piece of a massive, diverse portfolio that spans multiple economic sectors, from financial and Big Pharma to defense and energy, entertainment and health care.

Anthony Vazquez / Sun-Times

Chicago has been a favorite punching bag for Trump, who infamously dispatched immigration agents here in 2025 to track down immigrants without legal status in sometimes aggressive fashion, and he’s railed against crime in the city even as crime rates have improved somewhat.

Trump still derives significant income from the Trump Tower along the Chicago River, which includes condo units, a hotel and retail space, disclosure records show.

Beyond that and the bonds, records show he also has invested in numerous companies either based in Chicago or elsewhere in Illinois, presumably at least partly through stocks.

While the exact dollar value isn’t clear, Trump has multiple investments in the following businesses:

• AbbVie Inc., a North Chicago-based pharmaceutical company. One Trump account lists an investment in the firm that’s valued between $1,000,001 and $5 million.
• ADM, a Loop-based agribusiness. One Trump account lists an investment in the company of between $15,001 and $50,000.
• Conagra Brands, a Chicago-based food giant. One Trump account includes an investment in the company of between $50,001 and $100,000.
• Deere & Co., a downstate-based farm machinery maker. One Trump account includes an investment valued between $500,001 and $1 million.
• Exelon Corp., parent company of the Chicago-based electric utility ComEd. One Trump account includes an investment valued between $100,001 and $250,000.
• Illinois Tool Works, a Glenview-based industrial manufacturer. One Trump account includes an investment somewhere between $500,001 and $1 million.

Trump also reported investments in food conglomerate Kraft Heinz Co., which has a significant presence in Chicago; the fast-food chain McDonald’s Corp., based in the West Loop; the financial services firm Northern Trust, based downtown; and United Airlines, based in Chicago.

Records show Trump also reported an investment of between $15,001 and $50,000 in a loan benefiting a community that serves as a draw for many Chicago-area families: the Wisconsin Dells.

Read President Trump’s economic interest filing below