According to Forbes, Donald Trump had roughly $93 million in cash during the final year of his administration, which is far less than the amount he claimed to have in the bank in prior years.
Forbes based the estimate on data published last week by New York Attorney General Letitia James as part of a civil probe into suspected Trump Organization fraud schemes. The magazine contrasted it to Trump’s prior, more extraordinary statements about his wealth, most notably in a 2015 interview in which he claimed to have $793 million in cash.
Trump’s exact wealth has long been elusive due to his business connections’ complexities and refusal to reveal impartial proof. Moreover, given Trump’s real estate and commercial holdings, cash is only one component of the story, according to the outlet.
Nonetheless, the cash number was substantially different from a slew of other estimates, including one Trump supplied directly to Forbes in the hopes of convincing it to raise him to the top of its annual wealthy list.
His Past Remarks
When Trump launched his candidacy for president in 2015, his campaign said he had $302 million in liquid funds – cash and other readily available funds — as of June 2014. In mid-2015, he was compelled to publish a financial declaration as part of his presidential campaign, which estimated the figure at $78 million and $232 million.
According to Forbes, Trump increased the sum even more in a sit-down interview with the magazine at his Trump Tower office in 2015. “As of now, I’m at $793 million,” he told the newspaper, giving a sum that was far greater than prior estimates.
According to Forbes, Trump stated that the rise occurred “because I sell stuff,” citing the acquisition of the Miss Universe event for about $30 million. “‘Here’s your cash number—or market value: 793,” Trump said, according to Forbes. As his only proof, he is reported to have held out a blank sheet of paper with the number “793” scribbled in Sharpie.
Forbes assessed his cash holdings for that year at $300 million, a sum it now considers may have been too high. According to data disclosed by the New York AG and examined by Forbes, Trump’s cash and liquid holdings were reported at $114 million in 2016.
They were worth $76 million in 2018, $87 million in 2019, and $93 million in 2020. In addition, it was stated that a recent refinancing arrangement for two New York City buildings he owns in part increased his financial value to almost $280 million.
Trump’s financial holdings may vary legally due to his business activity. However, Trump’s lack of thorough disclosures in the past, as well as his efforts to exaggerate his wealth, have attracted considerable scrutiny.
The investigation James is conducting against the Trump Organization also focuses on the likelihood that he misrepresented his financial situation. James’ office claims that the corporation overstated the worth of its assets over several years to the point where it amounted to fraud.
The Manhattan district attorney is conducting a parallel criminal investigation into the company’s financial concerns. Insider reached out to a Trump official for comment on the allegations. The Trump Organization has rejected any misconduct and claims that the inquiries are political.