Billionaire bros pack Trump’s team
WASHINGTON – When Donald Trump assumes the presidency on January 20, at the age of 78 years and seven months, he will not only hold the title of the oldest American to take the oath of office but will also be the wealthiest.
His net worth is estimated to be between US$5.5 billion and US$6 billion. The incoming administration features an unprecedented lineup of billionaires, highlighting a unique facet of modern American politics.
In total, there are nearly a dozen billionaires expected to serve in Trump’s Cabinet. According to estimates by a recent report, the combined wealth of Trump, his vice-president J.D. Vance, a cadre of affluent nominees, and the presidential transition team exceeds US$313 billion. Notably, the net worth of Mr. Musk has reportedly surged to around US$345 billion.
The previous Trump Cabinet also boasted impressive wealth figures, with a combined net worth of $6.2 billion. In stark contrast, when President Joe Biden took office in 2021, his team was primarily composed of “mere” millionaires, aggregating to a total net worth of merely $118 million.
President Biden’s own net worth, estimated at US$8 million, largely stemmed from lucrative book deals and speeches. Vice-President Kamala Harris, with an estimated worth of about US$7 million, accumulated her wealth primarily through her successful career as a lawyer.
The wealth disparity between Trump and the average American voter is striking. As of October 2023, the average American household net worth stood at US$1.06 million, while the median wealth, a figure that better represents typical family finances, was recorded at US$192,700.
This disparity raises questions about the relevance of wealth in political representation. The Democratic Party has voiced concerns regarding this issue, asserting that Trump is surrounding himself with out-of-touch billionaires. Their December 9 statement suggested that Trump and his appointees are more concerned with their financial interests than with the needs of working families.
Trump’s agenda upon taking office in January 2025 is likely to prioritize issues aligned with the interests of the wealthy. Two significant points on his list include the continuation of the 2017 tax cuts, which favor corporations and high earners, and the push for deregulation, a priority for virtually all major businesses in America.
Surprisingly, such policies do not seem to deter Trump’s supporters. To many of his base, his billionaire status is a symbol of success, one they aspire to mirror. They expect that under Trump’s administration, pro-business policies will create economic opportunities, hoping some of the wealth will “trickle down” to them.
However, the implications of having a billionaire-laden Cabinet extend beyond mere optics. The potential for conflicts of interest is a genuine concern, particularly regarding nominees with extensive business holdings as they navigate government affairs. For instance, awarding government contracts or managing tariff exemptions could lead to ethical dilemmas.
Ethics experts indicate that addressing these challenges can prove complex, even if appointed business figures divest their stakes or transition their wealth into blind trusts to avoid possible conflicts of interest.
