The net worth of GOP candidate Donald Trump has been a popular story in this year’s presidential election. His campaign manager has said that his net worth is $10 billion. But if you take the average of the three best outside estimates, Donald Trump's net worth is actually $3.5 billion. Here's how it breaks down:

In May, Trump released his Personal Financial Disclosure (PFD) forms with the Federal Election Commission (FEC). In true Trump fashion, he was quick to let everyone know. “I filed my PFD, which I am proud to say is the largest in the history of the FEC," Trump said.

The PFD revealed Trump had:

  • At least $1.4 billion in assets, which includes 40 Wall St, the Trump Tower, golf course resorts in Florida, NY, NJ and Scotland and an aircraft, all which are valued at over $50 million.
  • Over $300 million in income from the golf courses and resorts.
  • Over $100 million in rental income and sales from his property.
  • At least $25 million in Blackrock's Obsidian fund.
  • Liabilities, which include debt of $50 million or more on each of the following; the Trump Tower, 40 Wall Street, Trump National Doral, Trump International Hotel and Trump Old Post Office.

Forbes recently reduced its estimate of Donald Trump's net worth to $3.7 billion, down from $4.5 billion earlier this year. Forbes said the softening of the high end retail and commercial property market in New York City is to blame for the $800 million reduction. In their reassessment, Forbes looked at 28 assets of which they said 18 had declined in value since the last estimate.

Fortune magazine say Trump is worth $3.9 billion, up from $3.7 billion in 2015. Fortune states the revenue he discloses in the PFD does not fit someone with a net worth of $10 billion. However, they believe the Presidential campaign is having a positive effect on his worth. "Rather than damaging his brand, Trump’s notoriety appears to be boosting his business, and making him even wealthier. By our best calculations, Trump’s net worth has indeed grown over the 10 months since the last filing," Fortune said.

The Bloomberg Billionaires Index estimated Trump to be worth $3 billion, up from $2.9 billion in 2015. Bloomberg notes the toughest calculation is his brand. While Trump estimates his brand to be worth $3.3 billion, Bloomberg valued it at just $35 million.

Whether it's $3 billion or $10 billion, as he claims, it's safe to assume he is a billionaire, so the exact amount doesn't really matter. However, Trump is campaigning in part on the size of his wealth. "I'm really rich. I'll show you in a second. I'm not saying that in a bragging way," Trump said when announcing his Presidential bid. Any concrete estimates on his wealth would require a look at his tax returns, which he continues to withhold. (He has alternately said that his tax returns are "none of your business" and that "there's nothing to learn from them.") And it is a bit telling that the only people who think he's worth $10 billion are in his inner circle. Most others share the skepticism expressed by entrepreneur and Dallas Mavericks owner, Mark Cuban. "You know, assuming he hasn't had to keep on borrowing because he has had liquidity issues then, yeah, I would give him credit for being a billionaire," Cuban said in a CNN interview.

"But is he worth 10 billion? Nah."

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