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Dude is either a broke Republican, he's hiding his money in offshore accounts, or he's donating so much money to his church that he's effectively broke.
Either way, he's doing it wrong.
If there is a plausible scenario that involves him straight-up lying, not giving a single fuck and telling anyone who is asking that they can go fuck themselves - well, that's the explanation I would go with.
Simplest answer something something
He has to be able to afford those suits. He's hiding his money.
Or he is "buried gold" level unhinged.
And if that's true, that's an asset and would constitute an ethics violation. I sincerely hope it's that one, and we can start calling him "Pirate Mike."
Whatever the reason, it's probably not good.
There's zero chance he's a broke Republican.