Donald Trump is putting together the richest administration ever, with a combined wealth surpassing $330 billion and still growing, while aiming for significant reductions in government expenditure.
Affluent MAGA supporters and executives are at the forefront of the president-elect’s fledgling Cabinet, and additional billionaires are being slated for key roles.
Leading the pack in Trump’s Class of ’24 is Elon Musk, boasting an estimated $300 billion in assets. If his vision prevails, at least 13 other billionaires will alsodona assume roles in the administration following the inauguration in January.
The wealth accumulated by Trump’s billionaires and millionaires exceeds the gross domestic product of numerous nations, including Chile, New Zealand, and Finland, as reported by Axios.
In comparison, the total net worth of Joe Biden’s Cabinet is only about $118 million, based on data from Forbes.
Additional selections by Trump include David Sacks (AI and cryptocurrency advisor), Massad Boulos (Middle Eastern counsel), and Scott Bessent (Treasury secretary), all of whom are also noted billionaires.
And then you have the president-elect himself, with an estimated fortune around $5.4 billion.
The combined worth of Trump’s Cabinet picks alone reaches $10.7 billion, according to The Guardian, roughly double that of his initial Cabinet.
The immense wealth within his administration seems to contradict Trump’s populist message.
Nonetheless, his fundamental message remains centered on reducing public spending, with Musk and fellow billionaire Vivek Ramaswamy at the helm of the newly established Department of Government Efficiency (DOGE).
“We have to decrease spending to live within our means,” Musk announced to supporters shortly prior to the election.
While Musk and Ramaswamy won’t require Senate confirmation as they will not be part of an official government entity, the wealth of the others might pose challenges as they seek approval on Capitol Hill.
