Billionaires in the Trump Administration
It’s no secret that Donald Trump is wealthy… and corrupt. It’s also common knowledge that he is obsessed with wealth and power. He has been open about his desire to be in the same social circles as the super-wealthy in this country. That fact alone should give anyone pause about a President who will do anything to get into the same “club” as the “cool kids” he admires. Why wouldn’t he be willing to make shady deals in exchange for access to the exclusive group of the richest people?
That’s why it wasn’t a surprise to see him appointing billionaires to cabinet positions in his administration. Elon Musk is the richest man in the world and spent a lot of money to help get Donald Trump elected. Perhaps the fact that he’s been acting as if he’s going to be the next president is because he paid for the ability to do so. One thing’s for sure, though—With the memes and opinion pieces coming out talking about President Musk and Vice President Trump, it has got to be getting under Trump’s skin. He’s going to have a meltdown soon.
There are already articles on this site discussing the wealth, power, and corruption aspect of the second Trump administration. This post is about who these billionaires are and what their net worth is that makes this the wealthiest administration in history.
Meet the Billionaires
Here are the billionaires, their appointed positions, and their net worth according to Forbes.
Some of this section includes reporting from U.S. News & World Report.
President -Elect Donald Trump, $6.1 billion
His original fortune comes from real estate like the Trump hotels, apartment buildings, golf courses, and of course, don’t forget the resort in Mar-a-Lago.
Trump also has money in his social media platform, Truth Social, with $3.5 billion invested in Trump media and Technology.
According to Forbes, his net worth jumped up this year when Truth Social went public. In 2023 Forbes had his net worth at $2.5 billion.
Elon Musk (Co-President-Elect?), $363.3 billion
Musk is the richest man in the world with a net worth of $363.3 billion according to Forbes.
Warren Stephens: Envoy to Britain, $3.4 billion
Warren Stephens is an investment banker and the owner, President, and CEO of his own investment firm, Stephens, Inc., which he inherited from his father.
“Warren has always dreamed of serving the United States full time. I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies,” Trump said on social media.
Linda McMahon: Education Secretary, $3 billion (with her husband)
Trump turned to McMahon, co-founder of World Wrestling Entertainment, as his choice to lead the Department of Education – possibly hoping for a pro wrestling-style takedown of the department. On the campaign trail, Trump repeatedly spoke about dissolving the federal education department and instead leaving education decisions up to the individual states.
McMahon, who donated $6 million to Trump’s first presidential campaign, served as leader of the Small Business Association in the former president’s first administration and currently works as co-chair of Trump’s transition team.
Prior to that, McMahon served for a year on the Connecticut Board of Education, and served on the board of trustees for Sacred Heart University in Connecticut. McMahon, along with her husband Vincent McMahon, founded WWE in the early 1980s.
Jared Isaacman: Leading NASA,
Trump appointed Isaacman, CEO and founder of a credit card processing company, to lead NASA. Isaacman has collaborated with Musk since he bought a series of spaceflights from Musk’s SpaceX and in September Isaacman conducted the first private spacewalk, popping out his orbiting SpaceX capsule. He also co-founded Draken International, a defense aerospace company.
“Jared will drive NASA’s mission of discovery and inspiration, paving the way for groundbreaking achievements in Space science, technology, and exploration,” Trump said in a statement.
“Jared’s passion for Space, astronaut experience, and dedication to pushing the boundaries of exploration, unlocking the mysteries of the universe, and advancing the new Space economy, make him ideally suited to lead NASA into a bold new Era.”
Howard Lutnick: Secretary of Commerce, $1.5 billion
Trump nominated Lutnick, head of brokerage and investment bank Cantor Fitzgerald, to be his Secretary of Commerce. Lutnick, who currently serves as co-chair of the Trump transition team, would be in charge of promoting and building American industries.
While campaigning, Trump proposed tariffs on imported goods as a way to drive sales for American-made products. Among his proposals were a 60% tariff on goods from China and a 20% tariff on all other imports.
Lutnick supports the use of tariffs, and said that “balanced tariffs … make the most sense,” in a September interview with CNBC.
Vivek Ramaswamy: co-leader of DOGE, $1 billion
Trump tapped Ramaswamy to join Musk in co-leading the Department of Government Efficiency. In an opinion column they co-wrote for the Wall Street Journal, the two said they view their role is to “cut the federal government down to size.”
“We are entrepreneurs, not politicians. We will serve as outside volunteers, not federal officials or employees. Unlike government commissions or advisory committees, we won’t just write reports or cut ribbons. We’ll cut costs,” they wrote.
Ramaswamy is an entrepreneur and former pharmaceutical executive who rose to prominence as one of the Republican presidential candidates, and as a challenger to Trump. He eventually dropped out and threw his support behind the former president.
Steven Witkoff: Special Envoy to the middle east, $1 billion
Trump selected Witkoff, Florida real estate investor and Trump’s golf partner, to serve as his special envoy to the Middle East. He is chairman and chief executive officer of Witkoff Group, a real estate firm with luxury condos, office spaces and hotels around the country. Witkoff is also the co-chair of Trump’s inaugural committee along with Georgia Sen. Kelly Loeffler.
“Steve is a Highly Respected Leader in Business and Philanthropy, who has made every project and community he has been involved with stronger and more prosperous. Steve will be an unrelenting Voice for PEACE, and make us all proud,” Trump said in a statement.
Doug Burgum: head of the Department of the interior, estimated $1.1 billion
Trump picked Burgum, current Republican governor of North Dakota and former Great Plains Software executive, to head the Department of the Interior. As secretary, he would be responsible for managing federal land and natural resources. The Bureau of Land Management and the National Parks Service would fall under his leadership.
While campaigning, Trump said “drilling, drilling, drilling” was one of his Day One promises. Trump believes by increasing oil and gas drilling and rolling back clean energy regulations, inflation will come down. Burgum, whose state ranks third in oil and gas production, is likely to uphold Trump’s commitment to increase drilling.
Burgum previously ran against Trump in the Republican presidential primary, but dropped out and eventually threw his support behind the former president. His exact net worth is not listed with Forbes, but Yahoo Finance estimates it is $1.1 billion.
Scott Bessent: Treasury Secretary, Undetermined
Trump selected money manager Scott Bessent for the coveted role of Treasury Secretary, a move that will likely please Wall Street. He served as an economic advisor to Trump on the campaign trail and is the founder of hedge fund Key Square Capital Management. He also worked at Soros Fund Management, a hedge fund started by George Soros, a major Democratic donor. As treasury secretary, Bessent would be responsible for advising Trump on domestic and international financial, economic and tax policy.
While Bessent has been widely reported to be a billionaire, his exact amount of wealth is hard to pin down.
Bessent has defended Trump’s use of tariffs, writing in an op-ed earlier this month that they are a “revenue-raising tool and a way of protecting strategically important industries in the U.S.” He called warnings that tariffs will lead to higher prices for Americans “fundamentally incorrect,” despite 16 Nobel prize-winning economists saying otherwise.
If confirmed, Bessent will be the first openly gay treasury secretary, and first openly gay Senate-confirmed Cabinet member in a Republican administration, according to the Associated Press.
