"We need somebody who can take the brand of the United States and make it great again," he said. "The American Dream is dead. But if I get elected president, I will bring it back. Bigger better and stronger than before."
As part of the announcement, Trump stated that his net worth was $8.7 billion, with assets totaling more than $9 billion.
Trump: Obama is a bad negotiator:
In Trump's speech, he said that other countries have been beating the United States in many areas.
"The U.S. has become a dumping ground for everybody else's problems," he said.
In addition to foreign business policy, Trump discussed jobs, calling the unemployment number "a statistic that's full of nonsense."
Trump: 'I'm really proud of my success':
"I will be the greatest jobs president that God ever created," he said. "I'll bring back our jobs from China, from Japan from Mexico from so many places. I'll bring back our jobs and I'll bring back our money."
He also said he'd repeal the Affordable Care Act, build a "great wall" on the Mexico border and crack down on ISIS. He said he would protect the second amendment, end Common Core and rebuild the country's infrastructure.
Trump is sitting down with ABC News' George Stephanopoulos to discuss his run in an interview that will air during World News Tonight Tuesday.
Trump: My net worth:
He is expected to participate in the first Republican debate on Aug. 6. A maximum of 10 spots are given, reserved for GOP candidates with the highest approval in the polls.
Former Florida Gov. Jeb Bush announced he was running Monday, joining a Republican field of 11 major candidates that includes Rick Perry and Marco Rubio. Former Secretary of State Hillary Rodham Clinton is the early favorite in the less crowded Democratic contest that also includes Bernie Sanders and Martin O'Malley.
ABC News and the Associated Press contributed to this report.