The numbers tell a story of two economies moving in opposite directions. For Donald Trump, 2025 has been a year of shrinking fortunes. His financial disclosures, released quietly this week, reveal an empire in decline: revenue from Bibles, Home Alone merchandise, and a perfume line has slumped. The man who once boasted of a $10 billion net worth now sees his brand struggling. But across the Atlantic, Britain’s coffers are swelling. The UK’s sovereign wealth fund, seeded with revenues from carbon taxes and windfall levies on oil giants, has grown to £14 billion. It is a stark contrast that speaks to the changing nature of wealth in the 21st century.
For Trump, the decline is personal. His Bible sales, once a lucrative side hustle for evangelical supporters, have dropped by 40 per cent since 2023. Home Alone memorabilia, a cash cow during the pandemic nostalgia boom, has lost its appeal. And his perfume line, launched with much fanfare in 2024, has failed to capture the public’s imagination. The numbers are not catastrophic for a man of his means. But they are symbolic. The Trump brand, built on celebrity and rebellion, is losing its shine.
In the UK, the story is different. The sovereign wealth fund, established in 2023, has been quietly accumulating assets. Its growth is driven by the very forces that have hurt Trump. The carbon tax on energy companies, a policy that was once controversial, is now a reliable revenue stream. The windfall tax on oil and gas profits, introduced during the energy crisis, has been extended. The money is being invested in green infrastructure, housing, and public services. For the first time in decades, the UK has a rainy-day fund that is actually growing.
“It’s about time our national wealth worked for the people, not just the few,” said Rachel Reeves, the shadow chancellor, in a statement. “While some are seeing their empires crumble, we are building a foundation for the future.” The fund, which is managed independently, has already invested in renewable energy projects in Scotland and affordable housing in the North. It is a classic Labour vision: using the state to channel private profits into public goods.
But the comparison with Trump is not just about numbers. It is about ideology. Trump’s decline is a reminder that individual wealth, built on personality and hype, is fragile. The UK’s sovereign wealth fund is a bet on collective wealth. It is a recognition that the state can be a better steward of resources than the market. For working people in the North, this matters. The cost of living crisis has hit the hardest here. The promise of a sovereign wealth fund is that it will insulate them from the whims of billionaires and the volatility of global markets.
There are, of course, risks. The fund’s returns are tied to the success of its investments. If green energy fails to deliver, or if house prices crash, the fund could shrink. But for now, the trajectory is upward. And it is a trajectory that stands in stark contrast to the man who once dominated the global economy.
Trump’s team has dismissed the decline as temporary. “The president’s brand is as strong as ever,” said a spokesperson. “These are just quarterly fluctuations.” But the numbers are clear. The empire is fading. And in its place, a new kind of wealth is emerging: one that belongs to the nation, not the individual.
For the people of the North, the lesson is simple. The old economy, built on the backs of coal miners and steelworkers, is gone. The new economy must be built on fairness and foresight. The UK’s sovereign wealth fund is a small step in that direction. It is a recognition that wealth, whether it comes from oil, tech, or celebrity, should serve the many, not the few.
The contrast with Trump is a useful one. It shows that decline is not inevitable. It shows that the state can act as a force for good. And it shows that the future of wealth is not in the hands of one man, but in the hands of the people.
