What is net worth of Trumps Cabinet? The staggering wealth of his nominees revealed
Donald Trump is on course to assemble the richest cabinet in American history, with a number of billionaires sending its total net worth soaring over $9 billion - not even including Elon Musk.
Donald Trump is on course to assemble the richest cabinet in American history, with a number of billionaires sending its total net worth soaring over $9 billion - not even including Elon Musk.
While Musk will serve in an unofficial capacity focused on slashing government waste and therefore will not need Senate approval, those that will are set to break records.
The previous mark was unsurprisingly set by Trump in 2016 when his first cabinet boasted a combined net worth of $6 billion.
In comparison, the total net worth of Joe Bidens cabinet amounted to a paltry $120 million, according to Forbes.
This meant a number of Biden cabinet members had net worths that paled in comparison to their predecessors, including Treasury Secretary Janet Yellen with a net worth 20 times smaller than Steven Mnuchin.
If Trumps new cabinets net worth is to include figures like Musk, who are in the president-elects orbit but will not need senate confirmation, the value skyrockets past the $340 billion mark.
The crack team of incoming billionaires includes Howard Lutnick, nominated for Secretary of Commerce who made his fortune in the aftermath of 9/11, and Energy Secretary-nominee Chris Wright, an oil fracking magnate.
Here, DailyMail.com takes a look at how Trumps incoming cabinet made their staggering fortunes.
Donald Trump is on course to assemble the richest cabinet in American history, with a number of billionaires sending its total net worth soaring over $9 billion - not even including Elon Musk
Howard Lutnick - Secretary of Commerce
Howard Lutnick, Trumps nominee for Secretary of Commerce, has a net worth estimated between $2.2 billion and $4 billion as the CEO of Cantor Fitzgerald LP
Lutnick has been a prominent figure in Trumps orbit in the weeks since he won the election as he served as the co-chair of his administrations transition team.
Before wading into politics, Lutnick was friends with Trump for decades as both were heavyweights in the New York financial scene.
The 63-year-old has a net worth estimated at $2.2 billion, with some estimates going as high as $4 billion, built up over his decades on Wall Street as the longtime CEO of financial services firm Cantor Fitzgerald LP.
He is also the chairman of two public companies, brokerage firm BGC Group Inc. and commercial real-estate firm Newmark Group, reports NY Mag.
Lutnick shot to national attention in the wake of the 9/11 terrorist attacks as his company lost 658 employees, including his own brother, the largest loss for a company in the tragedy.
He became known for his charitable acts for the families of the victims at his firm, including donating $180 million to relatives in 2006.
As Secretary of Commerce, Lutnick will oversee 13 agencies including the Census Bureau and the Patent and Trademark Office, and Trump said he would also serve a leading role in foreign trade policy.
Linda McMahon - Secretary of Education
Linda McMahon, whose net worth stands at an estimated $1.5 billion, raised eyebrows as Education Secretary as the wrestling executive has no previous experience in the education field
Linda McMahons nomination as Secretary of Education raised eyebrows as the wrestling executive has no previous experience in the education field.
She previously served as Trumps Administrator of the Small Business Administration from 2017 to 2019, but is best known as the founder of wrestling giant WWE.
McMahon built a wrestling empire with her husband Vince McMahon, whose net worth currently stands at $3 billion.
Although it is unclear what Linda McMahons net worth exactly is, she divorced Vince in September amid a slew of allegations of sexual harassment and trafficking, and is certain to have taken a significant slice of their billion-dollar empire.
McMahons intentions as Education Secretary are also a grey area, as Trump ran on a pledge to dismantle the federal agency entirely during his second term.
Scott Bessent - Secretary of the Treasury
Former George Soros-protégé Scott Bessent is one of several billionaire hedge fund managers Trump has tapped for cabinet positions, and is in line to lead the Treasury
Bessent is one of several billionaire hedge fund managers Trump has tapped for cabinet positions, however his true net worth is not clear.
Known as a Wall Street veteran who pulled off several high risk bets in the stock market, Bessent made his name in the 1990s as part of George Soros team that made over $1 billion in a day by crashing the British pound.
The financier worked again for Soros as the left-wing billionaires chief investment officer from 2011 to 2015, and his ties to Soros has drawn scrutiny from right wing figures in the MAGA movement.
If approved by the Senate, Bessent will also become the first openly gay cabinet secretary in a Republican administration.
Doug Burgum - Secretary of Interior
North Dakota Gov. and incoming Secretary of the Interior Doug Burgum owns a net worth of over $100 million, and oversaw the sale of a software company to Microsoft for $1.1 billion in 2001
The Governor of North Dakota was a relative political unknown heading into the 2024 election season, but successfully leveraged a run for the presidency into a Trump cabinet nomination.
Burgum made his fortune in the tech software industry, and sold his company Great Plains Software to Microsoft for $1.1 billion in 2001.
He reportedly received over 1.7 million Microsoft shares in the deal, valued at roughly $100 million, and this month Forbes estimated his net worth is at least $100 million - noting that it is likely that hes worth even more.
As Secretary of the Interior, Burgum will oversee the management and conservation of most federal land across the nation, and will lead several agencies including the Bureau of Land Management and the National Parks Service.
Dr. Mehmet Oz - Medicare and Medicaid Administrator
Trumps pick to lead the nations Medicare and Medicaid services Dr. Mehmet Oz owns a net worth of $315 million
Dr. Mehmet Oz boasts a huge net worth upwards of $315 million, built up over years as one of Americas leading TV doctors.
First appearing on screens across the country in 2003 as a regular guest on the Oprah Winfrey Show, Oz went on to host his own show for 13 seasons.
His finances were revealed to the public in 2022 when he filed federal financial disclosure forms in his unsuccessful run for the Senate in Pennsylvania.
The filings showed his net worth stood between $100 million and $315 million, while Forbes reported this months that he holds millions in healthcare investments - potentially causing a conflict of interest in his new role.
Robert F. Kennedy Jr. - Secretary of Health and Human Services
Secretary of Health and Human Services nominee RFK Jr. boasts a net worth of roughly $15 million, which is tied up with his Hollywood actress wife Cheryl Hines (pictured together)
The man Dr. Oz will be reporting to, if confirmed by the Senate, is among Trumps most controversial cabinet picks - Robert F. Kennedy Jr, the nephew of JFK.
Kennedys net worth is tied up with his Hollywood actress wife Cheryl Hines, star of Curb Your Enthusiasm, which was estimated by Forbes in August 2023 to be roughly $15 million.
Around $4 million of these assets were inherited from his Kennedy family forefathers, including a large stake in a development in downtown Chicago that Joe Kennedy acquired in the 1940s.
Steve Wright - Secretary of Energy
Trump faced backlash from environmental groups for nominating oil fracking executive Steve Wright to be the next Secretary of Energy
Trump faced backlash from environmental groups for nominating oil fracking executive Steve Wright to be the next Secretary of Energy, sparking fears the administration will follow through on promises to gut regulations.
Wright is the CEO and co-founder of Liberty Energy, and has a stake in the company worth $50 million, reports NY Mag.
He earned a reported $5.6 million salary in 2023, and also rakes in millions by sitting on the board of directors for a number of companies, including mining company EMX Royalty Corp and nuclear energy firm Oklo.
But while Wright would have been among the richest members of Bidens cabinet, his net worth pales in comparison to that of his colleagues - especially the next two on the list.
Elon Musk and Vivek Ramaswamy - Department of Government Efficiency (DOGE)
Elon Musk stands as the richest person in the world with a staggering net worth of $330 billion, and has seen his net worth skyrocket over $70 billion since Trumps election victory
Vivek Ramaswamy made a fortune in the biotech industry. Before his run for the presidency his net worth was estimated at $840 million, and Forbes now lists his value at $1.1 billion
Although Musk and Ramaswamy are not technically joining Trumps official cabinet and will not require Senate confirmation, their huge net worths are worthy of inclusion on the list.
Musk stands as the richest man in the world, with a net worth at a staggering $330 billion, over $100 billion above the second placed billionaire, Oracles Larry Ellison.
He became one of Trumps biggest backers in the election and poured over $100 million into the campaign - which turned out to be a lucrative investment. Since Trumps victory, his net worth has skyrocketed by over $70 billion, reports Business Insider.
Ramaswamy made a similarly successful political bet to that of Burgum, catapulting himself from relative obscurity to Trumps orbit through his own run for the White House.
While he never gained significant traction in the primaries, Ramaswamy gained a reputation as a no-nonsense operator built off his past as a biotech business mogul.
Ramaswamy founded pharmaceutical firm Riovant Sciences in 2014, and was behind some of the largest IPOs in US biotech history.
Before his run for the presidency his net worth was estimated at $840 million, and Forbes now lists his value at $1.1 billion.
