Commerce Secretary Wilbur Ross transferred more than $2 billion of his assets into trusts for family members in the months between President Trump's election and his inauguration, according to a report published Monday by Forbes.

Forbes said it learned of the trusts after questioning Ross about his financial disclosure form.

The form showed that Ross had far fewer assets than he had described to the magazine three months ahead of the election.

Ross told Forbes that he had transferred the assets into trusts for family members. It's not clear who precisely in Ross's family could benefit from the trust. Ross said it included his children and some "third parties" that could include children from his and his wife's previous marriages.

As part of Forbes's reporting for its list of the wealthiest people in the United States and the world, Ross's assistant had told the magazine earlier that Ross had a portfolio of an estimated value of $3.7 billion. After Ross never sent proof of the assets, Forbes estimated his value to be at about $2.9 billion.

"My personal financial affairs have been complex for a number of years, not just one," Ross told Forbes. "The rough estimates used by Forbes for many years were based on a broad definition of family assets."

Without the $2 billion, his portfolio is valued at about $700 million - knocking him off The Forbes 400 list of the richest Americans.

"I don't care if I'm on the list or not," Ross told Forbes. "That frankly doesn't matter. But what I don't want is for people to suddenly think that I've lost a lot of money when it's not true."

Ross said he followed all tax laws in setting up the trusts.

Under federal law, Ross is required to disclose assets he currently owns, but also has to reveal any that provided him income during the current and previous calendar years, even if they are no longer in his possession.

If Ross had transferred the $2 billion in one go, he would be subject to gift taxes that could total more than $800 million, Forbes reported. But the magazine noted that Ross could have transferred some of the assets years before the election.