Here's your Forbes Daily Briefing for Monday, August 19th.

Today on Forbes, here's where Trump made the most money overseas as president.

When Donald Trump took office in 2017, he refused to divest his businesses, even the foreign ones,

bringing overseas entanglements with him into the White House.

From an ethical perspective, it was a disaster. From a

financial perspective, however, it made some sense, at least for a businessman who

obsesses over pennies and refuses to admit defeat.

Forbes analyzed thousands of pages of tax returns, financial disclosures,

regulatory filings, and Trump organization documents

to determine how much President Trump earned and lost through his overseas

empire.

His best deals were his brand licensing and property management agreements, which allowed

him to gather payments from foreign business partners

without taking on much risk of his own. That dynamic played out, for instance, in the

Philippines and India, where Trump earned an estimated $8 million over four years.

Much less successful, however, were his wholly owned properties,

such as Gulf Resorts in Scotland and Ireland.

The real estate tycoon had invested more than $100 million into those assets before taking

office, but they were still struggling to turn a profit at the time he became president.

By hanging on to them,

Trump gave them time to transform into moneymakers.

Here are a few of the top countries in our tour

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