Politics

Trump Appointees Worth $8.1 Billion — 4x Obama’s Cabinet

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Michael Bastasch DCNF Managing Editor
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President-elect Donald Trump’s appointees to head four cabinet posts have a net worth of at least $8.1 billion — that’s more than four times the net worth of President Barack Obama’s cabinet members in those posts.

Obama’s 2013 appointees for the treasury, commerce, education and transportation departments had a net worth of $1.85 billion, according to data compiled by The Wall Street Journal. Former President George W. Bush’s 2005 cabinet appointees only had an estimated net worth of $344.5 million.

Media outlets argue Trump’s wealthy cabinet picks run counter to his populist message during the campaign, then again, his supporters didn’t care about his billionaire status when he ran against former Secretary of State Hillary Clinton.

Trump’s also relying on advice from ultra-wealthy business-types, like Carl Icahn, according to WSJ.

Here’s the breakdown of net worth of four of Trump’s cabinet nominees:

  • Private-equity investor Wilbur Ross — Appointed commerce secretary and has a net worth of $2.5 billion, according to Forbes Magazine.
  • Wall Street banker Steve Mnuchin — Trump’s treasury secretary nominee is worth hundreds of millions of dollars.
  • Philanthropist Betsy DeVos — Her family has a net worth of $5.1 billion. Trump wants her to head the Department of Education.
  • Elaine Chao — Senate Majority Leader Mitch McConnell’s wife has a net worth as high as $36.5 million. She could head the Department of Transportation.

Trump still has several more cabinet positions to fill, which means there’s still room to drastically grow the total net worth of his administration’s top officials.

Should Trump appoint former Massachusetts Gov. Mitt Romney as secretary of state, his cabinet’s net worth would shoot up another $250 million.

Trump is also considering ExxonMobil CEO Rex Tillerson to head the Department of State. Tillerson’s net worth is more than $150 million.

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