Trump is filling his White House staff with affluent supporters.
- Billionaires and other mega-wealthy figures are being appointed by President-elect Donald Trump for his next administration.
- Elon Musk, whom Trump has appointed to lead a special advisory group, is the wealthiest of all and aims to reduce government waste.
- Some of Trump's wealthiest other nominees are Warren Stephens, Stephen Feinberg, Kelly Loeffler, Jared Isaacman, Howard Lutnick, Linda McMahon, Scott Bessent, and Dr. Mehmet Oz.
The first administration of Donald Trump was characterized by an unprecedented union of wealth and executive authority, with the combined worth of its members surpassing $5 billion.
Trump's second term could make that total look like chump change.
Over a half-dozen of the Republican president-elect's cabinet nominees are believed to be billionaires or likely to be, while many others are millionaires.
Elon Musk, whom Trump has appointed to lead a special advisory group, is the wealthiest of all and aims to reduce government waste.
As the CEO of both Tesla and SpaceX, Musk is the wealthiest person in the world, with estimates putting his net worth above $346 billion and as high as $362 billion.
According to Forbes, Vivek Ramaswamy, the entrepreneur and former presidential candidate who is working with Musk on the Department of Government Efficiency, has a net worth of $1 billion.
According to Americans for Tax Fairness, the average net worth of Trump, VP-elect JD Vance, and their top appointees is $616 million.
The tax group's analysis of President Joe Biden's Cabinet's net worth is likely an underestimate, as it was made before Trump appointed more affluent members.
In the past week, he has appointed Warren Stephens as his ambassador to the UK, Stephen Feinberg as his deputy defense secretary, and David Sacks as his crypto czar.
Trump appointed Kelly Loeffler, a former U.S. senator and reportedly the wealthiest person on Capitol Hill, to head the Small Business Administration.
The same day, he chose billionaire CEO Jared Isaacman to head NASA.
Over the weekend, he chose Charles Kushner, the father of Trump's son-in-law Jared Kushner, as his pick for U.S. ambassador to France.
The newcomers are among a group of other wealthy Cabinet appointees, including billionaire Howard Lutnick for Commerce, WWE Co-founder Linda McMahon for Education, and Scott Bessent for Treasury.
Trump has appointed Massad Boulos, the father-in-law of his daughter Tiffany, as a top advisor on Middle Eastern affairs.
Dr. Mehmet Oz, worth as much as $300 million, was chosen by Trump to lead the Centers for Medicare & Medicaid Services.
Oz lost the campaign to Sen. John Fetterman, D-Pa., who portrayed Oz as out-of-touch, aided by a viral video of Oz complaining about the cost of assembling a crudités platter.
Musk and Ramaswamy won't require Senate confirmation as their group will operate independently of government and collaborate closely with the Office of Management and Budget.
Myriad potential financial and ethical conflicts may be brought to light when other wealthy Trump picks are publicly confirmed through the Senate.
The presence of plutocrats could potentially dilute Trump's populist image, which garnered backing from working-class voters during the 2024 election.
Trump's wealth has been a significant aspect of his public image and has contributed to his popularity among his supporters. Despite his wealth, he has not been hindered in his ability to serve as president. Trump is currently worth more than $6 billion, according to Forbes.
With the administration set to bring in unprecedented wealth, the nominees' personal fortunes could become a more prominent concern.
Politics
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