President-elect Donald Trump is going to form a cabinet that will not only break records but also set a new benchmark in American political history. The cumulative net worth of this administration will reach almost $9 billion, making it the wealthiest administration in history. The previous record was set in 2016 when Trump’s first cabinet boasted a total net worth of $6 billion.
A Cabinet Packed with Billionaires
The list includes some giants from industry and the most prominent billionaires. Here are the richest appointees:
Scott Bessent – Secretary of the Treasury
It remains unclear just how much wealth Scott Bessent amasses, but his experience, like so much of his investment past, marks him one of the most influential picks among them, he is a well-experienced businessman. Bessent’s notoriety came in the 1990s for being part of a team from George Soros that generated profits greater than $1 billion by betting against the British pound. The experienced Wall Street trader will also lead some important economic roles.
Howard Lutnick – Secretary of Commerce
A long-time friend of Trump and CEO of Cantor Fitzgerald LP, Howard Lutnick’s net worth is estimated at $2.2 billion, with some projections reaching up to $4 billion. Lutnick’s experience in the financial world positions him to steer commerce policies that reflect his vast knowledge.
Linda McMahon – Secretary of Education
The founder of WWE, Linda McMahon, former Trump Administration Administrator of the Small Business Administration, returns to government as secretary of education. Her estimated wealth, shared with her husband Vince McMahon, is $3 billion, a reflection of just how good they are at business.
Doug Burgum – Secretary of the Interior
As North Dakota’s Governor, Burgum has significant power and wealth acquired from his technology business, Great Plains Software, which he sold to Microsoft for $1.1 billion in 2001. According to Forbes, Burgum’s net worth is estimated at $100 million and may be even higher.
Dr. Mehmet Oz – Medicare and Medicaid Administrator
Dr. Mehmet Oz, renowned TV doctor, has an estimated net worth between $100 million and $315 million. With his years of career success in television, as well as other health-related ventures, he has had a significant say in healthcare policy.
Unofficial Appointments and More Records
Elon Musk, the Tesla CEO and entrepreneur, has been named as part of Trump’s administration, though not requiring Senate approval because of his unofficial role focused on cutting government waste. If included, Musk would drive the cabinet’s combined wealth above $340 billion, solidifying a record in both individual and collective wealth.
While the unprecedented wealth of the incoming cabinet is historic, some critics raise concerns. The potential influence of billionaires in power has sparked debate over the balance of economic interests and public welfare. Nonetheless, Trump’s choices reflect a strategic move to surround himself with influential figures whose wealth and experience align with his administration’s goals.
Prominent Voices on the Administration
Swati Singh Sambyal, Waste and Circular Economy Expert, GRID-Arendal, summed it all: “Too many brackets, too many options. We have really gone from the previous draft to this that could be the final treaty text. But we must pole vault, not leapfrog, to finalize and agree and achieve consensus on key areas. The treaty needs to go beyond waste management to address the whole life cycle of plastics.”
In a word, President-elect Trump’s cabinet, soon to become the richest in history, is a combination of billionaire financiers, media moguls, and political veterans. One can only wonder whether this financial powerhouse will bring change or will be burdened with problems.
ALSO READ: Belgium Becomes First Nation To Grant Maternity Leave And Employment Protection To Sex Workers
