President Donald Trump filed a voluntary financial disclosure form which offered vague estimates of his debts, holdings, and net worth, as we reported. While the 98-page document doesn’t tell us as much as his tax returns would, it does suggest pretty clearly that he’s not worth what he claims he is, despite improvements in the financial performance of some of his holdings.
Forbes magazine routinely evaluates the net worth of most of America and the world’s top one percent. They estimate that President Trump’s net worth is $3.5 billion as of February, which is much less than $9- to $10 billion he claims it is.
From a 2016 report published by Think Progress:
Financial media outlets have estimated what they think the mogul is worth, but none have ever come close to backing Trump’s claim of $10 billion. When Bloomberg ran a tally this week of all of his major assets, including stock holdings and the value of properties like golf courses and luxury towers, it came up with $3 billion. Forbes, after interviews with 80 sources and a piece by piece look at Trump’s empire, concluded $4.5 billion.
The Bloomberg analysis, however, relies at least in part on statements Trump himself made in financial disclosure forms, while Forbes has always had to rely on information given by the Trump Organization — and Forbes has admitted that Trump consistently pushes for a higher valuation. Fortune also caught him conflating revenue and income in his campaign filing reports and thereby significantly inflating how much income he says he has.
There is some overlap between this disclosure and the last one he filed in May 2016, at least one Trump-owned property has shown marked improvement in its earnings. The “revenue at Trump’s Palm Beach club, Mar-a-Lago, climbed to $37.2 million during the 15½ month period covered by the report,” more than double the “$15.6 million [earned] from the property” in the 18-month period before July 2015, according to The Washington Post.
He also appears to be low-balling his debt liability. The disclosure reveals he has at least $310 million in debt, but The Post says other documents reveal that number to be at least $500 million.
The president’s next financial disclosure will be sometime next year.
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