NewsMacroPublic Citizen says 57 Trump officials are worth $100 million or more

Public Citizen says 57 Trump officials are worth $100 million or more

Author: Fortune Crypto·

Key Takeaways

  • Public Citizen said 57 Trump administration officials are worth at least $100 million, including 17 ambassadors and 40 senior executive branch appointees.
  • Eight of Trump’s 23 Cabinet members are in that wealth bracket, including Commerce Secretary Howard Lutnick and Education Secretary Linda McMahon.
  • The report says George W. Bush and Joe Biden each had five officials worth at least $100 million, while Barack Obama had three.
  • Public Citizen warned that a government dominated by ultrawealthy officials could affect priorities in taxes, regulation and federal spending.
  • Trump’s approval on handling the economy has fallen to 32%, down from 40% at the start of his second term.
Public Citizen says 57 Trump officials are worth $100 million or more

Wealth, perhaps second only to loyalty, has been a prized attribute for Donald Trump during his second presidency.

The number of people worth at least $100 million whom the Republican president has appointed to his administration is more than four times the combined total under the three previous presidents, according to a report from the consumer advocacy group Public Citizen.

Those figures, set against the record of prior administrations, are the focus of Public Citizen’s report, which was published Monday. In all, 57 Trump officials are worth at least $100 million, including 17 ambassadors and 40 others in senior posts across the executive branch.

Trump’s Cabinet alone includes eight of its 23 members in that category, notably Commerce Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires.

Trump, himself a billionaire, has described his preference for appointing ultrawealthy officials as a sign of respect for financial success. At the same time, he — who returned to the White House with strong support from middle-income and working Americans attracted by his promise to lower everyday costs — now faces a midterm electorate that is much less supportive of his handling of the economy.

Presidents have long sought advice from wealthy Americans and have sometimes placed them in prominent government roles. They also routinely reward wealthy and influential supporters with ambassadorships.

One historical example is Andrew Mellon, the aluminum, oil and banking tycoon who was among the nation’s wealthiest people in the 1920s and served as treasury secretary for three presidents.

The Trump officials worth at least $100 million include Deputy Secretary of Defense Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler, both billionaires, as well as Treasury Secretary Scott Bessent and special envoy Steve Witkoff, both worth hundreds of millions of dollars.

By comparison, Republican George W. Bush’s administration and Democrat Joe Biden’s administration each included five members worth $100 million or more. Democrat Barack Obama’s administration included three, according to the report.

Public Citizen said a government filled with so many members of the economic elite raises concerns about representation and accountability, particularly in areas such as taxes, regulation and federal spending where officials’ backgrounds can shape priorities.

“When the people holding the reins of government are drawn overwhelmingly from the ranks of the ultra-rich, it leads to misplaced incentives and corruption, and begs the question, ‘Whose interests they are truly serving?” said Lisa Gilbert, Public Citizen’s co-president.

The list does not include Trump, whose net worth Forbes estimates at more than $6 billion. It also does not include Elon Musk, the world’s wealthiest person, whom Forbes estimates has a net worth of about $860 billion and who advised Trump last year on an effort to reduce the size, scope and workforce of the federal government.

Trump’s views on wealth are well established. He has said financial success is evidence of executive skill and negotiating strength.

“They have great competence, those people. Incredible competence. Some of the smartest business leaders,” Trump said last year when explaining why he placed significant weight on advice from business executives.

He has also pointed to investments by wealthy people as a sign of future economic growth. In his first year back in the White House, Trump pursued artificial intelligence and financial regulation policies that could benefit wealthy people, along with tax cuts and reduced regulatory burdens for large-scale investments.

Still, last month, only 32% of U.S. adults approved of Trump’s handling of the economy, down from 40% at the start of his second term, as his Republican Party faces headwinds in its effort to hold both majorities in Congress in November.


This story has been corrected to show Lutnick is commerce secretary, not treasury secretary.

This story was originally featured on Fortune.com