On November 19, 2024, US President-elect Donald Trump greeted Elon Musk before attending the launch ceremony of the sixth test flight of the SpaceX Starship rocket in Brownsville, Texas, the United States.
Brandon Bell | Reuters
Donald TrumpThe first government was filled with the super-rich, their combined wealth Over $5 billionmarking an unprecedented combination of money and administrative power.
A second Trump term could make that total look insignificant.
More than half a dozen of the Republican president-elect’s picks for the incoming administration are either confirmed or widely speculated to be billionaires. There are also many people who are multi-millionaires or millionaires.
The richest by far is MuskTrump tapped him to co-lead a customized advisory group tasked with cutting so-called government waste.
Musk, CEO Tesla and SpaceX, is the richest man in the world, with an estimated net worth of more than $346 billion and Gundam $362 billion.
Entrepreneur and former presidential candidate Vivek Ramaswamy, reportedly worth $1 billion, works with Musk in the so-called Ministry of Government Effectiveness. Forbes.
The non-profit organization Americans for Tax Fairness Estimated average net worth of Vice President-elect Trump last month JD Vance His highest appointment value is $616 million.
For comparison, Forbes estimates the president’s total net worth Joe BidenThe entire cabinet is $118 million. The tax group’s analysis is likely a low estimate because it was made before Trump announced a slew of other highly wealthy picks.
Over the past week, he picked billionaire financial services CEO Warren Stephens As his ambassador to the UK, billionaire investor Stephen Feinberg As deputy secretary of defense, venture capitalist David Sacks serves as his crypto czar.
Trump also chose Kelly LoefflerA former U.S. senator is reportedly considered a possible richest person Leading the Small Business Administration on Capitol Hill during his tenure.
On the same day, he chose Billionaire CEO Jared Isaacman Leads NASA.
On the weekend he chose Charles KushnerTrump’s son-in-law’s father Jared Kushneras his chosen U.S. ambassador to France.
The newcomers join a string of other super-rich cabinet choices, including billionaire Howard Lutnick Secretary of Commerce, Co-Founder of WWE Linda McMahon minister of education and Scott Bessant Minister of Finance.
Trump also picked billionaires Massad BulosThe father-in-law of Trump’s daughter Tiffany serves as a senior adviser on the Middle East.
And Trump chose Dr. Muhammad Oz lead Centers for Medicare and Medicaid Services. According to one company, Ozzy is worth as much as $300 million as of 2022. new york times An analysis of the financial disclosures Oz filed during his unsuccessful campaign for a U.S. Senate seat in Pennsylvania.
He lost the race to Pennsylvania Democratic Sen. John Fetterman, who had devoted himself to portraying Oz as out of touch — and when Oz posted a viral video complaining This task becomes easier when the cost of Oz. Assemble the lettuce platter.
Musk and Ramaswamy do not need Senate confirmation: Their teams will operate outside the government and work closely with the Office of Management and Budget.
But Trump’s other wealthy picks will need to go through a public confirmation process by the Senate, putting a spotlight on the myriad potential financial and ethical conflicts they could pose.
The parade of wealthy people could also undermine Trump’s brand of populism, which has already gained popular support. working class voters in the 2024 elections.
To be sure, being rich is not yet Trump’s burden. His billionaire status has long been a key feature of his public image and part of what attracts many of his supporters. He is by far the richest person to ever serve as president, currently worth over $6 billion each Forbes.
But as this administration prepares to usher in levels of wealth that dwarf those of its predecessors, nominees’ personal wealth may become a more important issue.
