NEW YORK (AP) — Forbes reported Tuesday that Commerce Secretary Wilbur Ross exaggerated his net worth to the magazine by $2 billion.

The publication cited years of internal reporting notes and conversations with Ross, an investor who has been described as "the king of bankruptcy" for buying beaten-down companies with the potential to deliver profits.

Forbes estimated Ross to be worth $2.9 billion in its 2016 list of the 400 richest people in the U.S. The magazine says it decided to remove Ross from the list after financial disclosure forms filed after his Cabinet nomination showed less than $7...