January 20, 2025
Trump appoints 13 billionaires worth $460 billion to administration
Unprecedented wealth concentration in administration raises influence questions
đź“‹Public Policyđź’°Economy
On Jan. 20, 2025, President Donald J. Trump’s second-term cabinet included 13 billionaire appointees, the largest number in modern U.S. history (ABC News)
The combined net worth of those 13 appointees exceeds $450 billion—surpassing the GDP of 175 countries—and Elon Musk alone is worth over $400 billion (U.S. News)
Trump’s 2025 cabinet is over 1,000 times wealthier than President Biden’s 2021 cabinet, which had a total net worth of $118 million (Americans for Tax Fairness)
Commerce Secretary Howard Lutnick owns about 60% of financial services firm Cantor Fitzgerald while serving in the Cabinet, creating a direct conflict of interest (ABC News)
Education Secretary Linda McMahon, former CEO of WWE, retains extensive financial interests in sports entertainment and related media businesses (ABC News)
Public Citizen reports that Trump’s billionaire appointees represent the top 0.0001% of Americans, while the other 99.9999% earn an average yearly income of $61,000 (Public Citizen)
Seven of the 21 Cabinet members reported holding at least $10 million in assets, according to CNN’s analysis of financial disclosures
All 13 billionaire appointees support extending the 2017 Tax Cuts and Jobs Act, a proposal projected to cost $5 trillion (Americans for Tax Fairness)
đź“‹Public Policyđź’°Economy
Test Your Knowledge
10
Q1
How many billionaires did Trump appoint to his second-term administration?
Q2
Previous American presidents have regularly appointed significant numbers of billionaires to cabinet positions.
Q3
Name the world's richest person who co-heads Trump's "Department of Government Efficiency."
Q4
Which Trump cabinet member is the world's richest person?
Q5
Trump's billionaire cabinet members are required to completely divest from all business interests.
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Start QuizPeople, bills, and sources
Donald J. Trump (President)
appointed an unprecedented 13 billionaires to his second-term Cabinet on Jan. 20, 2025
Elon Musk (Co-head, Department of Government Efficiency)
world’s richest person at over $400 billion and major financial backer of Trump’s return campaign
Howard Lutnick (Secretary of Commerce)
CEO and 60% owner of Cantor Fitzgerald while overseeing Commerce Department policies
Linda McMahon (Secretary of Education)
former WWE CEO maintaining significant financial stakes in sports entertainment and youth programming