Trump’s net worth down by $800mn: Forbes
US Republican presidential nominee Donald Trump’s net worth has shrunk by $800 million, a new report suggests.
The real-estate mogul’s wealth now stands somewhere around $3.7 billion, Forbes magazine reported on Wednesday.
The magazine, which said it has "been scouring Trump's fortune for 34 years," noted that the billionaire businessman’s fortune has taken a hit due to the falling real estate valuations in New York.
Of Trump’s 28 assets or asset classes, 18 have lost some of their value. The list includes Trump Tower on Fifth Avenue in midtown Manhattan and 40 Wall Street in downtown New York City.
Mar-a-Lago, the Republican nominee’s private beachfront club in Palm Beach, Florida, has also declined in value, the report said.
Trump himself claims that he is worth at least $10 billion, nearly double the estimates by Fortune magazine and Bloomberg.
In his Federal Election Commission filings, Trump has claimed that his assets are worth at least $1.5 billion but that is expected as the FEC forms only ask candidates list assets and debts in ranges rather than precise numbers.
Those ranges top out at $50 million, allowing Trump to hide the true extent of his debt by simply saying it surpasses $50 million.
In late August, the New York Times reported that businesses owned by Trump are carrying a debt of at least $650 million, raising doubts about the New York businessman’s claims of running a successful enterprise.
Throughout this year’s election cycle, Trump has been accused of lacking transparency for refusing to release his tax returns.
The issue came up during his first presidential debate with Democratic nominee Hillary Clinton on Monday.
Clinton accused Trump of tax avoidance during the debate and said it was the only reason that the former reality TV star was hiding his tax record.
Trump said in response that he was being audited by the Internal Revenue Service (IRS) and would release his records once the audit is over.
The IRS, however, has made it clear that an audit does not keep the billionaire from releasing his tax returns.
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