By Daily Mail (U.S.) | Created at 2024-12-25 18:41:55 | Updated at 2024-12-26 07:35:52
12 hours ago
The president-elect who vowed during the campaign 'make America wealthy again' is stocking his administration with billionaires and officials who know what it's like to be comfortable.
It's estimated that the over one dozen billionaires tapped for Trump's incoming Cabinet have a combined net worth of nearly $500 billion.
That's a staggering number compared to the net worth of Joe Biden's current administration leads, which combined are estimated at just over $100 million.
Donald Trump's most prominent bromance has been with the world's richest man, Elon Musk, although Musk's role co-running a 'Department of Governmental Efficiency' sits outside government and has no formal rule.
But he is just one of the astonishingly wealthy people joining Trump during his second term.
Trump, whose own net worth estimated at around $5 billion has ballooned through share value in his media company, has plucked advisors from business, real estate and finance.
Now, they will all have his ear as he contemplates permanent extension of his tax cuts, plus plans to fire a raft of government employees, streamline government regulations, and 'drill, baby, drill' to boost U.S. energy production above current highs.
Here is a look at just some of the most affluent officials serving Trump's administration, excluding mere millionaires in the low single digits:
World's Richest Man Elon Musk
The advisor with the biggest checkbook is also the one with the most sway, at least in the early going. SpaceX founder Elon Musk, who used his X platform to help power Trump's win and to torpedo a government funding bill, is worth more than $400 billion, according to Forbes.
He spent more than $250 million supporting Trump while campaigning for him in Pennsylvania and handing out $1 million lottery prizes to people who signed petitions.
His wealth skyrocketed since the election, with much of the growth coming from SpaceX, which gets big government contracts.
Howard Lutnick
Trump's choice to run the Commerce Department, Howard Lutnick, is the CEO of financial services firm Cantor Fitzgerald.
Elon Musk's wealth reportedly topped $400 billion. But world's richest man is one of a number of billionaires advising trump, himself a billionaire
The president-elect who vowed during the campaign 'make America wealthy again' is stocking his administration with billionaires
He is worth at least $1.5 billion, according to Forbes, and has been a top advisor to Trump's transition.
Tiffany's father in law Massad Boulos
Massad Boulos, who Trump tapped as a Senior Adviser on Arab and Middle Eastern Affairs, is just one of the members of his extended family that he is bringing into government.
Boulos, who has been called a billionaire but whose precise wealth is not known, is the father-in-law of Trump's daughter Tiffany Trump.
WWE CEO Linda McMahon
Another financial heavy hitter, World Wrestling Entertainment CEO Linda McMahon, has an estimated net worth of $3 billion, according to Forbes. Her lawyer last month confirmed her separation from Vince McMahon.
The former Small Business Administration head is set to be Trump's Education Secretary.
Former appointed Sen. Kelly Loeffler, whose wealth is estimated at over $1 billion, is Trump's choice to lead the Small Business Administration
WWE President and CEO Linda McMahon is set to serve in the second Trump administration as Secretary of Education
Trump's choice for Secretary of Commerce, Cantor Fitzgerald Chairman and CEO Howard Lutnick, is worth at least $1.5 billion
Jared's father and Trump pardon recipient Charles Kushner
Charles Kushner, the father of Trump son in law Jared Kushner, is a billionaire who Trump nominated to be U.S. ambassador to France.
Trump pardoned Charles Kushner in the last days of his first term. The real estate billionaire served time in prison over tax evasion and witness tampering, over an incident where he hired a prostitute to sleep with his brother-in-law in order to record it and send a tape to his sister.
Forbes but his family's net worth at more than $7 billion, with a $580 million stake in Kushner Companies, according to New York Magazine.
According to the magazine's count, the combined wealth of Trump's announced nominees is easily more than $14 billion, and could top $20 billion, compared to the roughly $120 million net worth of President Biden's cabinet.
Soros fund manager Scott Bessent
Trump's pick for Treasury Secretary, Scott Bessent, raked in his billions advising George Soros' management company Soros Fund Management.
He was part of the team that helped make $1 billion by shorting the British pound.
Now the hedge funder's net worth is estimated in the billions, but exact figures are hard to find. The answer will be revealed soon, as he must complete financial disclosure forms to take the powerful post.
Former WNBA team owner Kelly Loeffler
Among the other uber wealthy people joining Trump are former Sen. Kelly Loeffler, whose wealth is estimated at over $1 billion. She previously co-owned the Women's National Basketball Association Atlanta Dream but sold it in 2021 after clashing with players over the Black Lives Matter Movement. Trump picked her to run the Small Business Administration.
Software exec and North Dakota Gov. Doug Burgum
Trump's choice to run the Interior Department is North Dakota Gov. Doug Burgum, who ran for president, then vigorously defended Trump after dropping out.
He is estimated to be worth above $100 million, after founding a software company and selling to Microsoft.
Elon's DOGE partner Vivek Ramaswamy
Musk's partner at the DOGE is another former Trump primary challenger, Vivek Ramaswamy. His net worth also tops $1 billion, according to Forbes, after making prescription drug and biotech deals.
Dr. Oz
With Republicans holding narrow majorities in Congress, Trump has drawn several picks from among defeated candidates. Among them are Loeffler, Ramaswamy, Burgum, and Mehmet Oz, who ran for Senate against John Fetterman two years ago.
He is worth more than $100 million, perhaps three times as much, after getting his big break on 'Oprah' and pitching dietary supplements.
Ambassador to UK pick Warren Stephens
Trump has offered one of the most desirable ambassadorships, U.S. ambassador to the United Kingdom, to billionaire Warren Stephens, and Arkansas investor who is estimated to be worth more than $3 billion.
Leandro Rizzuto Jr.
That isn't even all the billionaires, with Trump's NASA pick tech entrepreneur Jared Isaacman worth an estimated $1.7 billion, and Leandro Rizzuto Jr., who made a fortune running cosmetics company Conair, as ambassador to the Organization of American States.
Trump nominated Rizzuto to serve as ambassador to Barbados, but it stalled over his past campaign tweets about former Trump appointments, including Sen. Ted Cruz (R-Texas).
He accused Cruz of having an affair, and another accused Cruz's wife Heidi of pushing a plan to combine the governments of the U.S., Canada, and Mexico. (Trump himself has been posting during the transition about Canada becoming a U.S. state).
Tom Barrack
Tom Barrack, a real estate investor and private equity exec who oversaw Trump's 2016 inauguration, as ambassador to Turkey.
He was charged with acting as an agent for the United Arab Emirates without disclosing it in 2022, but was acquitted. Forbes put his net wealth at $1 billion.
