Vladimir Putin has faced claims that he is the richest man in Europe, presiding over a mafia state and with a personal fortune of more than $40bn (£25.5bn). But Russia's central election commission has said his bank balance was rather more modest – a mere $179,612.

The prime minister's income from the past four years was $557,744, it added. Putin was also said to own two modest apartments, in Moscow and St Petersburg, and a plot of land.

The politician, who usually travels in an armoured state-owned Mercedes, owns several cars, including two vintage Volgas – a 1960 GAZ M21 and a 1965 GAZ M-21P – as well as a 2009 Lada. He also has a car trailer made in 1987.

The declaration comes ahead of Russia's presidential election in March, which Putin is certain to win to claim a second term as head of state. It is likely to be received with weary scepticism by ordinary Russians, familiar with rampant bureaucratic corruption.

Top Russian officials have, in theory, had to disclose their earnings since 2008. But the reform is widely flouted.

Putin's spokesman has dismissed as "stupid" speculation by American diplomats about Putin's personal wealth, including his alleged links to the lucrative oil export trade and the Swiss-based trading company Gunvor in particular.

Gunvor said at the time that the US diplomatic documents, published on WikiLeaks, repeated old rumours and that its ownership was a matter of public record.