U.S. President-elect Donald Trump greets Elon Musk before attending a launch visit for the sixth test flight of the SpaceX Starship rocket, November 19, 2024, in Brownsville, Texas, USA.
Brandon Bell | via Reuters
Donald Trump’s first administration was filled with the ultra-wealthy. exceeded $5 billiondemonstrating an unprecedented marriage of money and executive power.
That total could look like a huge change in President Trump’s second term.
At least six of the Republican president-elect’s picks for the next administration are confirmed billionaires or widely speculated to be billionaires. There are many other millionaires and billionaires.
The richest so far is Elon Musk, who Trump named co-leader of a custom advisory group tasked with cutting what he calls government waste.
Musk CEO is tesla And SpaceX is the richest person in the world, with his net worth estimated to exceed that $346 billion and just as high $362 billion.
Vivek Ramaswamy, an entrepreneur and former presidential candidate who works with Musk in the so-called Ministry of Government Efficiency, is said to be worth $1 billion. forbes.
non-profit organization Americans seeking tax fairness Last month, estimates put Trump, Vice President-elect J.D. Vance and his top appointees at an average net worth of $616 million.
For comparison, Forbes estimated the total net worth of President Joe Biden’s entire cabinet as follows: $118 million. And the tax group’s analysis was done before President Trump announced a number of other high-net-worth candidates, so it’s likely a low estimate.
Last week, he selected billionaire financial services CEO warren stevens As Ambassador to the UK and as a Billionaire Investor Steven Feinberg As deputy secretary of defense, venture capitalist David Sachs was installed as crypto czar.
Trump also nominated former Sen. Kelly Loeffler, who was considered a likely candidate. the richest person During his tenure, he led the Small and Medium Enterprise Agency at the National Diet Building.
On the same day, he selected billionaire CEO Jared Isaacman to be NASA administrator.
Over the weekend, he chose charles kushnerthe father of President Trump’s son-in-law Jared Kushner has been selected as U.S. ambassador to France.
The newcomers join other ultra-wealthy Cabinet nominees, including billionaire Howard Lutnick for Commerce Secretary, WWE co-founder Linda McMahon for Education Secretary and Scott Bessent for Treasury Secretary. It turns out.
Trump also chose a billionaire. Massad Boulosfather-in-law of President Trump’s daughter Tiffany, has been appointed as his top advisor on the Middle East.
And Trump chose Dr. Mehmet Oz to be its leader. Centers for Medicare and Medicaid Services. According to some sources, Oz’s value could reach as much as $300 million in 2022. new york times An analysis of the financial disclosures Oz filed in his unsuccessful bid for a Pennsylvania Senate seat.
He lost his campaign to Pennsylvania Sen. John Fetterman, who had tried to portray Oz as an outcast. That task was made easier after Oz posted a viral video complaining about the cost of assembling a platter of valuables.
Musk and Ramaswamy do not need Senate confirmation. Their group operates outside of government and works closely with the Office of Management and Budget.
But other wealthy people elected by President Trump are navigating the process of being publicly confirmed through the Senate, highlighting the myriad potential financial and ethical conflicts they could pose. Need to gate.
The parade of plutocrats also risks undermining President Trump’s populist brand, which had gained support among the public. working class voters In the 2024 election.
To be sure, being rich has not yet become a liability for President Trump. His billionaire status has long been a key feature of his public persona, making it part of his appeal to many supporters. He is by far the richest person to have ever served as president, currently worth more than $6 billion. forbes.
But candidates’ personal wealth could become a more paramount issue as the administration prepares to bring in levels of wealth that dwarf previous wealth.
