U.S. President-elect Donald Trump has assembled the wealthiest presidential administration in modern history, with at least 13 billionaires set to take office, ABC News reports.
The combined net worth of the wealthiest members of his incoming administration could top USD 460 billion, including Department of Government Efficiency co-head Elon Musk, whose net worth is more than USD 400 billion more than the GDP of the average-sized country.
Even without Musk, Trump's cabinet is expected to be the wealthiest in history: billionaires Howard Lutnick has been nominated for Commerce Secretary, Linda McMahon has been nominated for Education Secretary, and Scott Bessant has been nominated for Treasury Secretary. Together, Trump's expected cabinet is worth at least USD 7 billion.
Trump’s ambassadors also include several billionaires, including financier Warren Stephens, who the President-elect has tapped to serve as ambassador to the United Kingdom; Conair executive Leandro Rizzuto Jr., who has been named ambassador to the Organization of American States; Charles Kushner, who has been named ambassador to France; and Tom Barrack, who has been named ambassador to Türkiye.
“It’s not a surprise that [Trump] surrounds himself with people who come from the same world that he does. The billionaire class of businessmen is who he is and who he wants to be seen as, and who he wants to be seen with," said Jordan Libowitz, vice president of communications for the watchdog group Citizens for Responsibility and Ethics in Washington.
As previously reported, Time magazine named Trump its 2024 Person of the Year.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.