Forbes business magazine has booted US commerce secretary Wilbur Ross off its list of the richest people in America for the first time in 13 years, alleging he lied to it about his net worth by more than $2bn.
Mr Ross, 79, who made his fortune in private equity and by turning round distressed businesses, disclosed a net worth of about $700m when he was nominated to President Donald Trump’s cabinet.
A year earlier, his net worth was listed at $2.9bn on the Forbes 400 list. When the magazine confronted him about the lower figure, he told them that the rest of his assets were held in trusts that he did not have to disclose. He told the magazine his net worth was actually closer to $3.7bn, according to Forbes, but would not provide them with documentation of the missing billions.