US President-elect Donald Trump greets Elon Musk before watching the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, US, November 19, 2024.
Brandon Bell | Via Reuters
Donald TrumpThe first US administration was full of super-rich people who amassed their fortune Exceeded $5 billionWhich represents an unprecedented marriage between money and executive power.
A second Trump term could make that seem like little change.
More than half a dozen of the Republican president-elect's picks for his next administration are either confirmed billionaires or widely expected to be. Many others are millionaires or millionaires.
The richest yet he is Elon Muskwhom Trump appointed to co-lead an ad hoc advisory group charged with cutting back on so-called government waste.
Musk, CEO of Tesla SpaceX is the richest person in the world, with estimates indicating that his net worth is even higher $346 billion And as high as $362 billion.
Vivek Ramaswamy, the businessman and former presidential candidate who works with Musk in the so-called Government Efficiency Administration, is worth $1 billion, according to Forbes.
Non-profit Americans for Tax Fairness Last month, it was estimated that the average net worth between Trump and Vice President-elect J.D. Vance His top appointees are $616 million.
For comparison, Forbes estimated the president's total net worth Joe BidenThe entire cabinet is in $118 million. The tax pool analysis is likely an underestimate, because it came before Trump announced a slew of other high-net-worth picks.
Last week, he chose the billionaire financial services CEO Warren Stevens As his ambassador to the UK, the billionaire investor Steven Feinberg As Deputy Secretary of Defense, venture capitalist David Sachs Crypto tsar.
Trump also chose Kelly Loefflera former US Senator who was said to have been the likely candidate The richest person On Capitol Hill while in office to lead the Small Business Administration.
On the same day, he chose the billionaire CEO Jared Isaacman To head NASA.
Over the weekend, choose Charles KushnerTrump's father-in-law Jared Kushneras his choice for the position of US Ambassador to France.
The new arrivals join a group of other wealthy ministers, including a billionaire Howard Lutnick Minister of Commerce, co-founder of WWE Linda McMahon To the Minister of Education and Scott Besant To the Secretary of the Treasury.
Trump also chose the billionaire Massad Boulosfather-in-law of Trump's daughter Tiffany, as a senior Middle East advisor.
And Trump chose Dr. Mehmet Oz To lead Centers for Medicare and Medicaid Services. Oz, as of 2022, is worth up to $300 million, according to a New York Times Analysis of the financial disclosures Oz made during his failed bid for a US Senate seat in Pennsylvania.
He lost that campaign to Sen. John Fetterman, Democrat of Pennsylvania, who worked to portray Oz as out of touch — a task made easier when Oz posted a viral video complaining about the cost of Assemble the Crudités dish.
Musk and Ramaswamy will not need Senate approval for their appointments: their group will operate outside the government and work closely with the Office of Management and Budget.
But other wealthy Trump picks would need to publicly go through the Senate's confirmation process, highlighting the myriad of potential financial and ethical conflicts they might bring.
The parade of the wealthy could also risk weakening Trump's populist slogan, which has gained support among the people Working class voters In the 2024 elections.
Being rich has certainly not been a handicap for Trump so far. His billionaire status has long been a key feature of his public persona, and is part of his appeal to many of his supporters. He is by far the richest person ever to serve as president, currently worth over $6 billion per Forbes.
But as the administration prepares to usher in a level of wealth beyond any that has preceded it, the personal fortunes of the candidates could become a greater priority issue.
