Forbes estimated Kristi Noem’s net worth at about $5 million in an article published May 31, 2025, based on its analysis of property records and financial filings. ProPublica, meanwhile, summarizes her nominee financial disclosure as reporting asset values of $520,000 to $1.2 million-plus. Those figures measure different things: Forbes’s is an outside net-worth estimate, while the disclosure summary gives assets in reported value ranges.
What the two public figures represent
| Source and date | Figure | What it measures |
|---|---|---|
| Forbes, May 31, 2025 | About $5 million | Forbes’s estimate of Noem’s net worth, based on its analysis of property records and financial filings. It is an outside estimate, not an official or audited total. |
| ProPublica disclosure summary | $520,000 to $1.2 million-plus | Reported asset values in the nominee financial disclosure summary. This range is not a net-worth estimate. |
Net worth generally means assets minus liabilities. An asset-value range, by contrast, is not itself a calculation of net worth: it does not establish one precise total or show, in a directly comparable way, how all liabilities affect that total. The public figures therefore are not competing measurements of the same number.
What Forbes included in its estimate
Forbes identified a range of assets and interests relevant to its estimate: the family home and land, a car wash co-owned by Noem’s husband, Noem’s pensions, cash and investment accounts, livestock and farming equipment, and a loan to their daughter’s yoga studio. Forbes estimated the husband’s share of the car wash at around $300,000 after debt.
Those descriptions and valuations reflect Forbes’s reporting and estimate; they should not be read as a current, independently verified balance sheet. Asset values and debts can change, and the article’s estimate is dated May 31, 2025.
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What the disclosure summary shows
ProPublica’s summary of Noem’s nominee filing covers reportable financial holdings, positions outside government, a spouse’s holdings, liabilities, and transactions during the filing’s specified reporting period. It gives an overall reported asset-value range of $520,000 to $1.2 million-plus.
As one filing-period example, the summary lists an interest in Granite Falls Energy, LLC valued at $15,001 to $50,000, with $1,233 in distributions identified as the net distributive share in 2023. That is a reported disclosure detail for the stated period, not a current valuation.
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Why a filing does not settle her precise net worth
Public financial disclosures are designed to report information required by law, not necessarily to provide a precise, real-time net-worth calculation. The U.S. Office of Government Ethics’ Public Financial Disclosure Guide, updated in November 2024, explains: “The OGE Form 278e and the OGE Form 278-T are financial disclosure reports that request only as much information as the Act requires a filer to disclose.” Many holdings are reported in value bands, which limits the precision of totals that can be derived from them.
The available public records do not establish a definitive current or audited net-worth figure for Noem. The most direct answer is therefore to attribute the approximately $5 million figure to Forbes, while treating the ProPublica range as reported disclosure assets rather than as a second net-worth total.
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