Donald Trump is assembling the wealthiest administration in history—collectively worth over $330 billion and counting—while targeting massive cuts in public spending.
Wealthy MAGA loyalists and backers dominate the president-elect’s nascent Cabinet, and more billionaires are being earmarked for top positions.
The head boy in Trump’s Class of ’24 is Elon Musk with his estimated $300 billion fortune. If their leader gets his way, at least 13 more billionaires will also be heading to work in the administration following the January inauguration.
Trump’s billionaires and millionaires are jointly worth more than the gross domestic product of hundreds of countries, including Chile, New Zealand, and Finland, according to Axios.
By contrast, the total net worth of Joe Biden’s Cabinet amounted to just $118 million, according to Forbes.
Ultra-high-net-worth individuals joining Trump 2.0 include:
- WWE cofounder Linda McMahon (education secretary), worth $2.6 billion
- Warren Stephens (ambassador to the U.K.) $3.3 billion
- Charles Kushner (ambassador to France) $2.9 billion
- Jared Isaacman (NASA administrator) $1.9 billion
- Kelly Loeffler (small business administrator) $1.1 billion
- Stephen Feinberg (deputy defense secretary) $5 billion
- Howard Lutnick (commerce secretary) $2 billion
- Doug Burgum (interior secretary) $1.1 billion
Other Trump picks including David Sacks (AI and crypto czar), Massad Boulos (Middle East adviser), and Scott Bessent (Treasury secretary) are all also reported billionaires.
Mere millionaires include:
- Frank Bisignano (social security commissioner) $900 million
- Steven Witkoff (Middle East envoy), $500 million
- Chris Wright (energy secretary) $171 million
- Mehmet Oz (CMS administrator) $100 million
Then there’s the president-elect himself, estimated to be worth around $5.4 billion.
Trump’s Cabinet picks alone are worth $10.7 billion, according to The Guardian, about double that of his first Cabinet.
The vast riches in his administration appear to fly in the face of Trump’s populist appeal.
But his core message continues to focus on cuts in public spending with Musk and fellow billionaire Vivek Ramaswamy leading the newly named Department of Government Efficiency (DOGE).
“We have to reduce spending to live within our means,” Musk told supporters shortly before the election.
While Musk and Ramaswamy won’t need Senate backing as they will not be working for an official government agency, wealth may be an issue for the others as they seek confirmation on Capitol Hill.
