(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.
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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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