In 2011, former Trump lawyer Michael Cohen told The Huffington Post that Trump’s net worth may be significantly larger than reported. Cohen said Forbes’ estimate of Trump’s net worth at $4.5 billion ignored the value of the Trump brand, “one of the most valuable marks that’s ever been created.” Cohen also said Trump had triple-A assets and little debt.
Cohen’s declaration contradicts Trump’s wealth claims, making it crucial. Trump has claimed to be a billionaire, but experts have questioned his financial claims. The New York Times revealed in 2015 that Trump had inflated his wealth by billions.
Cohen’s statement is significant to Trump’s business practices criminal probe. Trump is accused of bank and insurance fraud for misrepresenting his assets to get loans and insurance.
Cohen no longer represents Trump and has testified against him. His revelation about Trump’s net worth matches other indications that he may not be as affluent as he says.