On November 19, 2024, US President-elect Donald Trump greeted Elon Musk before attending the launch ceremony of the sixth test flight of the SpaceX Starship rocket in Brownsville, Texas, the United States.
Brandon Bell | Reuters
Donald Trump’s first administration was filled with the super-rich, their combined wealth Over $5 billionmarking an unprecedented combination of money and administrative power.
A second Trump term could make that total look insignificant.
More than half a dozen of the Republican president-elect’s picks for the incoming administration are either confirmed or widely speculated to be billionaires. There are also many people who are multi-millionaires or millionaires.
The richest by far is Elon Musk, whom Trump tapped to co-lead a bespoke advisory group tasked with cutting so-called government waste.
Musk, CEO Tesla and SpaceX, is the richest man in the world, with an estimated net worth of more than $346 billion and Gundam $362 billion.
Entrepreneur and former presidential candidate Vivek Ramaswamy, reportedly worth $1 billion, works with Musk in the so-called Ministry of Government Effectiveness. Forbes.
The non-profit organization Americans for Tax Fairness The average net worth of Trump, Vice President-elect Vance and their top appointees was estimated last month at $616 million.
By comparison, Forbes estimates President Joe Biden’s entire cabinet’s total net worth at $118 million. The tax group’s analysis is likely a low estimate because it was made before Trump announced a slew of other highly wealthy picks.
Over the past week, he picked billionaire financial services CEO Warren Stephens As his ambassador to the UK, billionaire investor Stephen Feinberg As deputy secretary of defense, venture capitalist David Sacks serves as his cryptocurrency czar.
Trump also chose former U.S. Sen. Kelly Loeffler, who was reportedly considered the most likely choice. richest person Leading the Small Business Administration on Capitol Hill during his tenure.
That same day, he selected billionaire executive Jared Isaacman to lead NASA.
On the weekend he chose Charles KushnerThe father of Trump’s son-in-law Jared Kushner has been selected as the U.S. ambassador to France.
The newcomers join a string of other ultra-wealthy Cabinet picks, including billionaire Howard Lutnick as commerce secretary, WWE co-founder Linda McMahon as education secretary and Scott Bayer as treasury secretary. Center.
Trump also picked billionaires Massad BulosThe father-in-law of Trump’s daughter Tiffany serves as a senior adviser on the Middle East.
Trump chooses Dr. Muhammad Oz to lead Centers for Medicare and Medicaid Services. According to one company, Ozzy is worth as much as $300 million as of 2022. new york times An analysis of the financial disclosures Oz filed during his unsuccessful campaign for a U.S. Senate seat in Pennsylvania.
He lost the race to Pennsylvania Democratic Sen. John Fetterman, who had devoted himself to portraying Oz as out of touch — and when Oz posted a viral video complaining This task is made easier when the cost of assembling a vegetable platter is high.
Musk and Ramaswamy do not need Senate confirmation: Their teams will operate outside the government and work closely with the Office of Management and Budget.
But Trump’s other wealthy picks will need to go through a public confirmation process by the Senate, putting a spotlight on the myriad potential financial and ethical conflicts they could pose.
The parade of wealthy people could also undermine Trump’s brand of populism, which has gained popular support working class voters in the 2024 elections.
To be sure, being rich is not yet Trump’s burden. His billionaire status has long been a key feature of his public persona and part of his appeal to many supporters. He is by far the richest person to ever serve as president, currently worth over $6 billion each Forbes.
But as this administration prepares to usher in levels of wealth that dwarf those of its predecessors, nominees’ personal wealth may become a more important issue.
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