| Donald Trump’s incoming Cabinet is already set to be the wealthiest in American history, and he’s stacking his administration with even more out-of-touch billionaires by the day. Instead of looking out for the American people, Trump and his billionaire backers will focus on Wall Street — not Main Street.
FACT: Donald Trump’s incoming Cabinet is set to be the wealthiest in American history — topping the net worth of his last Cabinet — with a net worth that’s more than the GDP of 169 different countries.
Axios: “Trump’s billionaires set to take government by storm”
“President-elect Trump has assembled an administration of unprecedented, mind-boggling wealth — smashing his own first-term record by billions of dollars.
“That’s even without counting the ballooning fortunes of his prized outside adviser and the world’s richest man: Elon Musk.
“Why it matters: It’s not hyperbole to call this a government of billionaires. Whether it acts as a government for billionaires — as Democrats argue is inevitable — could test and potentially tarnish Trump’s populist legacy.
“The big picture: Besides Trump, Musk and his fellow Department of Government Efficiency (DOGE) head Vivek Ramaswamy, at least 11 billionaires will be serving key roles in the administration.”
U.S. News & World Report: “Is 1600 Pennsylvania Ave. the new Billionaires’ Row?
“The total net worth of the billionaires in the Trump administration, as of the morning of Nov. 25, equals at least $344.4 billion – which is more than the GDP of 169 different countries. Since Musk and Ramaswamy won’t be part of Trump’s Cabinet, excluding them brings the net worth of Trump’s Cabinet to at least $10.7 billion, assuming all nominees are approved in the Senate.
“The figures are most likely significantly higher, but finding the net worth of Bessent, a known billionaire, is tricky, and therefore he’s been left out of the above calculations.”
FACT: Kelly Loeffler, Trump’s pick to head the Small Business Administration, has a net worth of $1 billion.
Forbes: “The former Georgia GOP senator, chosen by Trump to lead the Small Business Administration, is married to billionaire Intercontinental Exchange founder Jeff Sprecher (Forbes valuation: $1.1billion).”
FACT: Trump chose defense contractor Jared Isaacman, with a net worth of $3 billion, to serve as the NASA administrator.
Forbes: “The latest billionaire tapped by Trump on Wednesday as administrator of the National Aeronautics and Space Administration, Isaacman is the founder and CEO of the Pennsylvania-based processing firm Shift4 Payments who founded the defense firm Draken International in 2011 and sold it to Blackstone in 2019 for a reported nine-figure sum (Forbes valuation: $3 billion).”
FACT: Trump reportedly offered the number two position at the Pentagon to Stephen Feinberg, whose net worth is $5 billion.
Washington Post: “President-elect Donald Trump offered billionaire investor Stephen Feinberg the job of deputy defense secretary, said people familiar with the matter, a decision that could elevate a longtime political supporter with investments in defense companies that maintain lucrative Pentagon contracts.”
FACT: Trump rewarded top donor Warren Stephens, whose net worth is around $3.4 billion, with the role of ambassador to the United Kingdom.
Forbes: “Trump’s choice for UK ambassador, a role that requires Senate confirmation, Stephens is a major Trump donor who heads the Arkansas-based investment bank Stephens Inc., which was founded by his uncle nearly a century ago and is known for its role in Walmart’s 1970 initial public offering (Forbes valuation: $3.4 billion).”
FACT: Trump’s nomination for envoy to the Middle East, real estate investor Steve Witkoff, is part of his own “web of conflicts” and has a net worth of at least $1 billion.
Newsweek: “Steve Witkoff, real estate investor who is serving as co-chair for Trump’s inaugural committee, is set to serve as Trump’s envoy to the Middle East, a key position at a time when tensions in the region continue to escalate. He is a longtime friend of Trump, with the two becoming acquainted in the 1990s.
“Forbes estimates he is worth at least $1 billion. He owns 51 properties, including the Woolworth Building in Manhattan.”
FACT: Trump’s Wall Street pick to lead the Commerce Department, Howard Lutnick, has a net worth of more than $1.5 billion.
U.S. News & World Report: “Trump nominated Lutnick, head of brokerage and investment bank Cantor Fitzgerald, to be his Secretary of Commerce. Lutnick, who currently serves as co-chair of the Trump transition team, would be in charge of promoting and building American industries.
“Lutnick’s net worth is $1.5 billion, according to Bloomberg.”
FACT: Trump’s pick for secretary of the Department of Education, mega-donor Linda McMahon, has a net worth over more than $3 billion.
U.S. News & World Report: “McMahon, who donated $6 million to Trump’s first presidential campaign, served as leader of the Small Business Association in the former president’s first administration and currently works as co-chair of Trump’s transition team. …
“McMahon shares a $3 billion net worth with her husband, Vincent McMahon, according to Forbes.”
FACT: Trump’s billionaire choices Elon Musk and Vivek Ramaswamy, set to lead his so-called Department of Government Efficiency, have net worths estimated at $344.6 billion and $1 billion respectively.
U.S. News & World Report: “Trump tapped Musk to lead the Department of Government Efficiency, an outside of government advisory group Trump plans to establish once he takes office. …
“Musk’s net worth is $ $344.6 billion, according to Forbes.
“Trump tapped Ramaswamy to join Musk in co-leading the Department of Government Efficiency. In an opinion column they co-wrote for the Wall Street Journal, the two said they view their role is to ‘cut the federal government down to size.’
“Ramaswamy’s net worth is $1 billion, according to Forbes.”
FACT: Trump’s pick to lead the Department of Interior, Big Oil shill Doug Burgum, has an estimated net worth of $1.1 billion.
U.S. News & World Report: “Trump picked Burgum, current Republican governor of North Dakota and former Great Plains Software executive, to head the Department of the Interior.
“His exact net worth is not listed with Forbes, but Yahoo Finance estimates it is $1.1 billion.”
FACT: Trump also chose “widely reported” hedge fund billionaire Scott Bessent to run his Treasury Department.
U.S. News & World Report: “Trump selected money manager Scott Bessent for the coveted role of Treasury Secretary, a move that will likely please Wall Street. … While Bessent has been widely reported to be a billionaire, his exact amount of wealth is hard to pin down.” |
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