The winning image, by Hadi Asadi from Iran, shows the US president wearing a jacket of dollar bills and with burning yellow hair.
Organisers of the Trumpism exhibition in Tehran have held similar contests in the past on themes including the Islamic State group and the Holocaust.
This year's logo is based on the Nazi emblem, with a T instead of a swastika.
It encouraged many comparisons between the US president and Nazism.
"The 'ism' in Trumpism is a reference to racism and Nazism," organiser Masuod Shojai Tabatabaei told the Associated Press.
"Many believe his remarks are similar to Hitler. He has had a bad attitude toward media [and] refugees."
The group's Holocaust-themed cartoon contest last year drew condemnation from Israeli Prime Minister Binyamin Netanyahu.
But organisers said it was designed to highlight Western double standards on free speech rather than cast doubt on the Nazi genocide.
Others depictions in this year's competition drew on Mr Trump's promises to build a wall on the US-Mexican border as well as violence against women and attacks on the media.
Entrants include several cartoonists from the US and the UK.
American Clayton Jones's artwork shows the cover of two copies of Time magazine, one with President Trump's picture and the other with Adolf Hitler.
They are both are portrayed as Time's Person of the Year with Mr Trump telling Hitler: "It is a great honor" and in return Hitler replies "Ja."

Andrew Barrett, 32, from Norfolk, worked for the East of England Ambulance Service but resigned when he was charged.
The girl was aged 14 and 15 when she was sexually assaulted in summer 2013 and May last year.
Barrett, of Rayners Way, Mattishall, who was not on duty when he committed the offences, was jailed for 16 months.
Norwich Crown Court heard the father of one met the girl while doing voluntary work and began sending her sexually explicit messages on Whats App and by text.
He also texted the girl naked photographs of himself and became "persistent in his requests" for her to do the same, the court was told.
Martin Ivory, prosecuting, said she eventually sent him five pictures.
During the first sexual assault, he hugged her when she became upset and touched her indecently.
The second took place while he was driving and she was in the passenger seat. He again touched her indecently.
In a victim impact statement read to the court, the girl said she became anxious every time she heard an ambulance siren and at the prospect of ever having to call an ambulance.
She said she had nightmares and had self-harmed.
David Wilson, defending, said Barrett had been a man of "exemplary conduct" and had worked for the ambulance service for 13 years.
Disregarding Mr Wilson's call for a suspended sentence, Judge Antony Bate said: "I would be failing in my public duty if I didn't send you to prison immediately today."

The group says it has 1.5 terabytes of the company's data and has posted episodes of Ballers and Room 104 online.
It added that more material would be released "soon".
HBO confirmed it had experienced a "cyber incident" in a statement.
In an email published by Entertainment Weekly, the hackers appeared to offer more details in exchange for favourable coverage.
"Hi to all mankind," they wrote. "The greatest leak of cyber space era is happening."
They encouraged recipients to download the material and added: "Whoever spreads well, we will have an interview with him."
Reports have said the allegedly stolen Game of Thrones script appears to be from the fourth episode of season seven, which is currently being broadcast.
The BBC has not been able to independently verify that the hackers possess the material they claim to have stolen.
HBO confirmed that a "cyber incident" had resulted in the compromise of information.
"We immediately began investigating the incident and are working with law enforcement and outside cybersecurity firms," the firm added.
"Data protection is a top priority at HBO, and we take seriously our responsibility to protect the data we hold."
The intrusion was "obviously disruptive, unsettling, and disturbing for all of us," said chairman and chief executive Richard Plepler in an email to HBO employees.
Hundreds of cartoonists from around the world have taken part in a competition in Iran attacking Donald Trump.
[NEXT_CONCEPT]
A paramedic who admitted sexually assaulting a teenager and possessing indecent images of her has been jailed.
[NEXT_CONCEPT]
A group of hackers claims to have stolen the script for a forthcoming Game of Thrones episode and other data in a breach at entertainment firm HBO.