An analysis based on Donald Trump’s 92-page personal financial disclosure form finds that he is worth $2.9 billion, not $10 billion, as he has previously claimed. The majority of the GOP presidential candidate's wealth comes from real-estate holdings, BloombergBusiness reported Tuesday.

Real-estate holdings that include a partnership with Vornado Realty Trust in Manhattan’s 1290 Sixth Ave. and 555 California St. in San Francisco and properties such as the Mar-a-Lago and Trump Doral resorts in Florida and the Trump Tower on Fifth Avenue in New York are largely responsible for Trump’s wealth, an analysis by the Bloomberg Billionaire Index found. His portfolio also includes fortunes derived from golf courses, resort properties, aircraft, cash and others assets.   

The analysis valued the real estate based on currently produced income. BloombergBusiness acknowledged that the retail space could bring higher rents if vacated and leased to new tenants at current market rates. It also did not value Trump’s brand beyond the cash held in accounts for licensing deals and partnerships.  



The personal financial disclosure form used to conduct the analysis was verified and signed by Trump and made public by the Federal Election Commission. The disclosure did not require Trump to list real estate for his own use or personal property. The form also required disclosures of value ranges, not specific sums. Trump valued his property as exceeding $50 million, which is the highest category on the form. The analysis also did not include 11 entities that were listed without value or income on the form. 

A statement released by Trump’s campaign on July 15 said that the report would not fully detail Trump’s fortune because it was "was not designed for a man of Mr. Trump's massive wealth,” Business Insider reported.

"For instance, they have boxes once a certain number is reached that simply state $50 million or more," the statement said. "Many of these boxes have been checked. As an example, if a building owned by Mr. Trump is worth $1.5 billion, the box checked is '$50,000,000 or more.’”  

Trump released a summary last month of his net worth as of June 30, 2014. He had reported that his wealth was worth $8.7 billion and also included a $3.3 billion value for his name. He also said he would be worth more than $10 billion after an unspecified “increase.”