The Bloomberg Billionaires Index estimates the real estate mogul’s value at $2.9 billion, a valuation that leaves Trump off the site’s top 200 billionaires list. Instead, with a $2.9 billion net worth, Trump is in leagues with lesser-known billionaires, like pet food mogul Clayton Mathile or Panda Express founders Andrew and Peggy Cherng.

According to the Bloomberg finding, which leaned on the financial disclosure form Trump filed as a requirement tied to his presidential run, most of Trump’s wealth comes from real estate holdings. Those assets include golf courses and resort properties, as well as a handful of Manhattan skyscrapers.

The report estimated wealth conservatively, valuing the real estate only on the income it produces. “It doesn’t value Trump’s brand beyond accounting for cash held in accounts for his licensing deals and business partnerships,” Bloomberg noted.

For now, Trump’s big-money claims seem to be helping him stay atop GOP presidential polls despite his often controversial claims about immigrants, fellow Republicans and other targets.