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By Hugh Cameron
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Donald Trump's next administration is already shaping up to be one of the richest in recent memory, even with over a dozen nominees yet to be announced.
The president-elect himself saw his net worth surge further into the multi-billions thanks to his ownership of Trump Media, shares of which skyrocketed following his victory over Kamala Harris.
So far comprising longtime political allies, media figures representing his brand of Republicanism and those who stumped for him on the campaign trail, Trump's cabinet so far contains only a few business moguls.
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Nevertheless, the president-elect's inner circle already seems wealthy enough to blow Biden's administration out the water.
There are several positions yet to be filled, any one of which could tip the scales further into the green.
How Wealthy is Donald Trump's Cabinet?
Trump has announced 15 nominees for his administration, with 9 positions still open.
Doug Burgum: Secretary of the Interior
The richest nominee so far is Doug Burgum, who Trump tapped to lead the Department of the Interior on Thursday. Burgum made his millions primarily through his work in the tech industry, including Microsoft's $1.1 billion acquisition of his company Great Plains in 2001.
While Forbes admitted that his exact fortune is "difficult to pin down," it estimated the North Dakota Governor's net worth at "at least $100 million."
The remainder of his current picks are not nearly as affluent, but many still possess significant sums of wealth.
JD Vance: Vice President
On November 4, Forbes looked into the wealth of the next vice president, who prior to joining Trump on the campaign trail achieved publicity with his bestselling 2016 memoir, Hillbilly Elegy.
With over three million copies reportedly sold, combined with his brief career as a venture capitalist, JD Vance has propelled himself from a humble, Midwestern beginning to boasting an estimated net worth of around $10 million.
Marco Rubio: Secretary of State
Trump's pick for Secretary of State, Florida Senator Marco Rubio is "likely over $1 million," according to Forbes. The outlet said much of his wealth stemmed from a West Miami property purchased by Rubio in 2021, which has since "shot up in value."
Matt Gaetz: Attorney General
Matt Gaetz was selected by Trump to head up the Department of Justice. If approved by the Senate, Gaetz, 42, would become one of the youngest Attorney Generals in U.S. history.
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According to OpenSecrets, Gaetz had a net worth of $310,006 in 2018, though a 2020 financial disclosure report valued his total assets at up to $1.2 million. A Forbes report also revealed that he has a healthy family fortune to rely on, his father Don Gaetz being worth around $35 million.
Pete Hegseth: Secretary of Defense
Having never held a political post, establishing Pete Hegseth's net worth relies on a degree of inference. According to Celebrity Net Worth, Hegseth is currently worth around $6 million, though Newsweek was unable to confirm this figure. The figure is based on his real estate holdings, which include a $3.4 million home in Tennessee, as well as his salary as a Fox News contributor.
Kristi Noem: Homeland Security Secretary
The South Dakota governor was worth an estimated $2.3 million in 2017, according to OpenSecrets, primarily stemming from her investments and her insurance business, Noem Insurance.
John Ratcliffe: CIA Director
Former Texas Representative and director of national intelligence John Ratcliffe had an estimated worth of $6.8 million in 2018, according to OpenSecrets. Ratcliffe's 2019 financial disclosure report revealed assets whose combined worth exceeded $11 million, alongside liabilities of up to $1.2 million.
Tulsi Gabbard: Director of National Intelligence
While OpenSecrets lists Tulsi Gabbard's 2018 net worth at only $36,003, a 2020 Forbes investigation into the then-Democratic presidential hopeful estimated that her net worth was around $500,000.
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Lee Zeldin: Environmental Protection Agency Administrator
Lee Zeldin, Trump's pick to head up the EPA, had an estimated net worth of $175,000 in 2017. According to his 2021 financial disclosure report, Zeldin, then a congressman for New York's 1st congressional district, had assets worth between $136,000 and $440,000, with no liabilities disclosed.
Elise Stefanik:United Nations Ambassador
Elise Stefanik, who will represent the U.S. at the U.N. if confirmed next year, was worth $282,007 in 2018, according to OpenSecrets, with up to $796,000 in assets and four liabilities totaling between $410,003 and $865,000.
Robert F. Kennedy Jr: Secretary of Health and Human Services
An environmental lawyer by trade, and a scion of the storied political family, Forbes estimates Robert F. Kennedy Jr.'s net worth at around $15 million. Forbes said that this stems from his own personal earnings as a lawyer, the "Kennedy Trusts," assets inherited from his relatives, investments in stocks and hedge funds, as well as the assets of his spouse, Cheryl Hines.
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Doug Collins: Veterans Affairs Secretary
Doug Collins was worth an estimated $435,005 in 2015, according to OpenSecrets. Their 2018 profile of the former congressman listed him as owing around $246,495 due to liabilities. A 2021 financial disclosure report listed his scheduled liabilities at between $525,000 and $1,065,000.
Susie Wiles: Chief of Staff
Susie Wiles' net worth has not been made public, but her late father's storied career as a player and then broadcaster for the NFL led Celebrity Net Worth to estimate his estate as worth over $10 million dollars, likely shared between Wiles and her two siblings.
Newsweek was unable to source information on the incoming Chief of Staff.
Michael Waltz: National Security Adviser
The Florida congressman and former defense policy director in the George W. Bush administration was worth $1.7 million in 2018, according to OpenSecrets, based on a 2019 financial filing with the House of Representatives. However, finance outlet Finbold estimated, based on a more recent disclosure report, that his wealth could range from $2.2 million to $10.5 million.
Sean Duffy: Transportation Secretary
Former Wisconsin Representative and Fox Business contributor Sean Duffy was named Trump's pick to head up the Department of Transportation on Monday. Based on his 2018 financial disclosure report, filed during his congressional tenure, OpenSecrets estimated his net worth at $39,504, with Duffy in possession of nine assets totaling between $259,010 and $635,000, and liabilities ranging from $515,003 to $1,050,000.
Chris Wright: Energy Secretary
Chris Wright, who was announced as Trump's nominee to lead the Department of Energy on Saturday. Currently the CEO of Denver, Colorado-based hydrofracking firm Liberty Energy, Wright has amassed an estimated net worth of $171 million, according to fastest financial news and market data website Benzinga*.* This is thanks to his shares in Liberty Energy, as well as investments in Accretion Acquisition Corp., Carbo Ceramics Inc. and Oklo Inc.
Howard Lutnick: Commerce Secretary
Howard Lutnick will, if confirmed, work to promote economic growth, foster innovation, and support businesses and industries in the U.S., while also leading Trump's "Tariff and Trade agenda," the president-elect announced on Tuesday. Lutnick, who co-chairs the Trump transition team, is the chair and CEO of Cantor Fitzgerald, a financial services firm. His lengthy career in the financial sector has seen Lutnick amass a net worth of some $2 billion, according to Celebrity Net Worth, which did not cite sources for its estimate. In 2018, Bloomberg reported that Lutnick's majority stake in Cantor Fitzgerald resulted in a net worth of "at least $1.5 billion," placing him on the outlet's Billionaires Index.
Linda McMahon: Education Secretary
On Tuesday, Trump announced Linda McMahon, a business executive, former professional wrestler and World Wrestling Entertainment co-founder, as his pick to lead the Department of Education. McMahon and her husband, Vince McMahon, turned WWE into the world's premier professional wrestling promotion, today worth $9.6 billion. The couple has a combined net worth of $3.2 billion, according to Celebrity Net Worth, based on their holdings in TKO, WWE's parent company. Other outlets have estimated the incoming education secretary's wealth at $1.6 billion, though Newsweek was unable to confirm either of the figures.
What Will Be the Wealth of Trump's Full Cabinet?
Biden's total cabinet was worth just over $118 million, according to a Forbes report in 2021, which followed their respective Senate confirmation hearings.
Even one nomination by Trump could send his cabinet's wealth to a multiple of Biden's, and if Trump's last administration is any indication, it could easily surpass the billion-dollar mark.
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According to Forbes in August 2021, the president-elect's previous cabinet had a combined net worth of some $6.2 billion, which was raised by such figures as Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin, both centimillionaire business moguls prior to joining the Trump team. The figure was further boosted by Betsy Devos, who amassed a net worth of some $2 billion before becoming Trump's Education Secretary.
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Update 11/19/24, 04:10 a.m. ET: This article was updated to include information on the nominees Sean Duffy and Chris Wright.
Update 11/20/24, 9:49 a.m. ET: This article was updated to include information on the nominees Howard Lutnick and Linda McMahon.
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