Economic analysis reports from sources like Bloomberg or The Wall Street Journal

Trump's Administration to Feature 14 Billionaires with $360 Billion Net Worth, Average Over $9 Billion, Contrasting Biden's $118 Million

Dec 6, 2024, 03:25 PM

President-elect Donald Trump is forming an administration characterized by unprecedented wealth, as at least 14 billionaires are set to hold key positions. This new cabinet is on track to surpass the record set by Trump's first administration for the wealthiest cabinet in U.S. history. The combined net worth of these billionaires is estimated at $360 billion, with an average net worth exceeding $9 billion. This starkly contrasts with the Biden administration, which has a combined net worth of approximately $118 million. The inclusion of prominent figures such as Elon Musk and Vivek Ramaswamy, both associated with the cryptocurrency DOGE, has garnered significant attention. Critics have raised concerns about potential ethical conflicts arising from such a wealthy cabinet, which may challenge Trump's populist image and appeal to working-class voters.