Donald Trump is the first billionaire President of the United States and one of the biggest campaign promises he made was to “drain the swamp in Washington”. In other words, the President was looking to get rid of the political elites that were holding government jobs and bring in the “unconventional Joe”. But a few months into his presidency and alas, there are more billionaires than ever. We can’t say we are surprised, though. In fact, during a campaign rally in Iowa, the President was on record saying that he loved both rich and poor people, but in these particular cabinet positions, he wouldn’t want a poor guy.
Well, I guess we can call this one a kept promise. Trump’s cabinet is the richest in US modern era with an aggregate net worth of $4.3 billion. It is also full of Trump’s biggest donors during the campaign and of course his old pals from back in the day.
So, how much do the individual cabinet members worth?
Wilbur Ross is valued at $2.5 billion and his fortune came through his first bankruptcy advisory business as well as a private equity firm that he started in 2000. Although the firm was sold to INVESCO six years later for $375 million, he still remained a key figure there.
The controversial Secretary of Education had to face a tough Senate confirmation after she was nominated by the President. However, she is a rich woman with a net worth of $1 billion. Betsy is also the daughter-in-law of Richard DeVos, the co-founder of Amway. Also, her father was the founder of Prince Automotive that was sold for over a billion dollars. DeVos’ wealth comes from her family.
The Secretary of Treasury is valued at $385 million and the former partner at Goldman Sachs was part of a team of billionaires that purchased mortgage lender IndyMac back in 2009 for $1.6 billion. The mortgage lender was later sold for $3.4 billion in 2015.
As soon as Rex Tillerson was named as the Secretary of State, speculation about his wealth surfaced. Well, the guy is rich and his net worth of $300 million has largely come from his time with ExxonMobil, including a decade as the CEO.
The Secretary of Housing and Urban Development is a renowned neurosurgeon and his $22 million was largely accumulated during his stint with Kellogg and Costco where he served as a board member and a shareholder. He is also the author of a few bestsellers that have earned him millions.
Elaine Chao is the Secretary of Transportation and she is valued at $22 million too. Her wealth comes from her family. She is the daughter of a shipping magnate but she has also sat on the boards of four companies.
The Secretary of Veteran Affairs, David Shulkin, is valued at $17 million and the former physician is a stockholder in a number of medical companies. He has also sat on the boards of other firms and was the undersecretary of health under Barack Obama.
The Secretary of Health and Human Services has a net worth of $10 million and as a former orthopedic surgeon, he owns a medical office building back in his home state and apartments in South Carolina, North Carolina, and Virginia.
Well, these are the few who cracked the $10 million mark in net worth and while the other cabinet secretaries are quite rich, they are not as wealthy as the ones above.