Because he only has 93 million in cash

Trump fails to persuade Forbes to include him on the rich list

Trump is trying to deceive Forbes about his wealth.

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Forbes magazine reported on Monday that former US President Donald Trump had about $93 million in cash during the last year of his presidency, much less than what he claimed to have in the bank in previous years.

Forbes based its assessment on documents released last week by New York Attorney General Leticia James as part of a civil investigation into possible fraud schemes at the Trump Organization, which the magazine compared to earlier allegations made by Trump about how much money he has. Especially in a 2015 interview in which he claimed to have $793 million in cash.

It has always been difficult to determine exactly Trump's wealth, given the complexity of his business dealings and his reluctance to reveal independent evidence.

Those documents suggest that liquid assets are only one part of the picture, given Trump's portfolio of real estate and businesses.

However, the number differed significantly from a series of other assessments, including one that Trump provided directly to Forbes in the hope of persuading it to put it on its annual list of the billionaires.

In 2015, when Trump announced his candidacy for the presidency, his campaign released a statement claiming that he had $302 million in liquid assets (cash and other available funds) as of June 2014. However, the financial statement, which he was asked to submit as part of his presidential campaign, revealed The amount is lower, between $78 million and $232 million in mid-2015.

According to Forbes magazine, Trump boosted the number further in an interview with the magazine in his Trump Tower office in 2015. "As of today, I own $793 million," he told the newspaper, citing a much higher figure.

Forbes later said that Trump said the increase was "because I sell things," noting that he sold the rights to the Miss Universe contest for about $30 million.

"This is the cash number - or market value: $793 million," Trump was quoted as saying by Forbes.

It is said that he raised a white paper on which he wrote “793” by hand as evidence that no one else has.

Forbes said it estimated his cash holdings at $300 million for that year, a number it now believes may have been overstated.

According to documents released by the New York Attorney General's Office and reviewed by Forbes, Trump's cash and liquid holdings were listed at $114 million in 2016, $76 million in 2018 and $87 million in 2019, rising to $93 million in 2020. The documents say its cash value may have been boosted to about $280 million by a recent refinancing of two New York City skyscrapers he partially owns.

Trump's cash holdings may quite legitimately fluctuate as a result of his business activities, but the dearth of full disclosures from Trump and his efforts to talk about his wealth in the past has led to intense scrutiny.

The New York attorney general's investigation against the Trump Organization is also focusing on the possibility that he misrepresented his finances.

James's office alleged that the company had overstated its assets over several years with a risk that amounted to fraud.

The company faces a parallel criminal investigation into its finances by a Manhattan District attorney.

The Trump Organization denies any wrongdoing and says the investigations are politically motivated.

• It has always been difficult to determine exactly Trump's wealth, given the complexity of his business dealings and his reluctance to reveal independent evidence.

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