Zohran Mamdani has less than $2,000 in bank, zero US investments: disclosure

Socialist New York City mayoral candidate Zohran Mamdani has reported having less than $2,000 in his latest state disclosures for retirement and zero in US investments, despite earning a $131,000 annual salary and coming from a wealthy family background.

Mamdani, who has served as a state lawmaker for five years, made the disclosure in his most recent filings with the state Legislative Ethics Commission. The amount, listed as being part of a retirement plan from his 2019 work with the social justice nonprofit Chhaya, has remained unchanged in his filings for five consecutive years, according to the New York Post.

The 33-year-old candidate also reported owning four acres of land in Uganda, valued between $150,000 and $250,000, which he acquired roughly a decade ago.

State lawmakers are required to report investments and retirement plans, but are not required to disclose how much they have in regular savings or checking accounts. They also do not have to disclose trust funds created by relatives. Because of this, Mamdani’s disclosures have sparked debate from critics who argue the claims are disingenuous and are an attempt to downplay his family wealth.

“More drama from a guy who grew up with three silver spoons in his mouth,” political strategist Hank Sheinkopf told the Post. “If anybody believes that Mamdani is a poor person, they need to see a psychiatrist. This is a complete lie. He’s trying to sell people this nonsense that he’s this poor kid.”

Mamdani has referred to himself as a “nepo baby.” His mother is an Academy Award-nominated filmmaker who has worked for Disney and Netflix and once owned a luxury loft in Manhattan’s West Chelsea neighborhood, which she sold in 2019 for $1.45 million. His father is a chaired professor at Columbia University.

The couple currently lives in a lavish taxpayer-subsidized, three-bedroom, three-bath apartment on Riverside Drive that receives weekly maid service. Mamdani grew up in that apartment and attended the $66,000-per-year Bank Street School.

“This is all nonsense and an attempt to show that he’s a man of the people when he’s about as close to the people as Nelson Rockefeller was,” added Sheinkopf.