"So the answer is I don't know, maybe one day. You know, that calling is there. I'll always be very active in terms of being a vocal proponent of these things. I think my father has truly changed the Republican Party," he said, speaking at the Qatar Economic Forum.

When asked by the panel moderator if he would run and "pick up the reins" after his father leaves office, his initial reaction was: "Here we go. Well... oh boy," to faint applause from the audience, adding, "it's an honor to be asked and an honor to see that some people are okay with it."

Speaking alongside 1789 Capital founder Omeed Malik, Trump, 47, joked that the people clapping were "the couple of people we know."