(Bloomberg) -- Wilbur L. Ross has been inflating his net worth to Forbes, the magazine says, citing conversations with the U.S. commerce secretary and more than a decade of internal reporting notes.
The magazine's website now estimates Ross's net worth at $700 million, down from its $2.5 billion estimate in March. In response to an inquiry from Bloomberg, Forbes said the article speaks for itself.
Ross filed a federal financial disclosure in December, listing assets valued at a minimum of $316.1 million. He told Forbes in October that $2 billion in assets were being held in trust for his family and weren't disclosed on the form. “It seems clear that Ross lied to us,” the magazine said.
The Bloomberg Billionaires Index calculates Ross's net worth at $3 billion, based on the performance of his WLR Recovery funds, disclosed terms of the 2006 sale of his investment firm to Invesco for $375 million and information provided directly by the private equity investor after his nomination to serve in the Trump administration.
Emails to Ross and a public relations representative for comment weren't immediately returned Tuesday.
To contact the reporter on this story: Brendan Coffey in Boston at bcoffey10@bloomberg.net.
To contact the editors responsible for this story: Robert LaFranco at rlafranco@bloomberg.net, Alan Goldstein
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