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Home International

Trump Assembles America’s ‘richest Cabinet’

December 2, 2016
in International
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US President-elect Donald Trump took a populist tone on the campaign trail, pledging to stand for a beleaguered working class abandoned by the elite.

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Yet, as he selects his cabinet, observers are already pointing out that he is putting together the richest administration in US history.

So far, his choices include a billionaire investor, a woman who married into a retail dynasty and a multi-millionaire banker.

Democrats have been quick to the attack. “Donald Trump’s administration: of, by and for the millionaires and billionaires,” tweeted Bernie Sanders, a Vermont senator who ran for the Democratic presidential nomination.

Mr Trump, of course, brings immense wealth to his new role. The property tycoon’s worth is estimated at $3.7bn (£3bn) by Forbes magazine, with more than 500 businesses in his empire.

But he might not be the richest member of his team. His nominee for education secretary, Betsy Devos, is the daughter-in-law of Richard DeVos, who founded the Amway retail giant. Forbes puts their family wealth at $5.1bn.

Next up is Wilbur Ross, the president-elect’s pick for commerce secretary. Forbes puts the wealth of Mr Ross, who headed Rothschild Inc’s bankruptcy practice before starting an investment firm, at $2.5bn.

Mr Ross’s deputy will be Todd Ricketts, co-owner of the Chicago Cubs baseball team and the son of Joe Ricketts, a businessman who has an estimated wealth of $1.75bn.

In any other company, Mr Trump’s choice for treasury secretary, Steven Mnuchin, might have been expected to be the richest person in the room.

After 17 years at Goldman Sachs, he founded a hedge fund and later bought a bank that became known for seizing the homes of borrowers who fell behind on mortgage payments. Reports put his wealth at over $40m.

Elaine Chao, who will take on the transport secretary role and is married to Senate Majority Leader Mitch McConnell, is the daughter of a shipping magnate.

Ben Carson, frontrunner for the housing portfolio, and Tom Price, who will head health and human services, are also reported to be multi-millionaires.

Mr Trump’s moneyed line-up has not gone unnoticed.

Last month, the Politico news website speculated that the combined wealth of the cabinet could top $35bn – though this depended on the inclusion of oil mogul Harold Hamm as energy secretary and includes a claim by Mr Trump that his wealth exceeds $10bn.

The Democrats disagree – particularly in the case of Steven Mnuchin, who Democrat Senators Bernie Sanders and Elizabeth Warren called “just another Wall Street insider”.

“That is not the type of change that Donald Trump promised to bring to Washington – that is hypocrisy at its worst,” they said in a joint statement.

“This pick makes clear that Donald Trump wants to cater to the same Wall Street executives that have hurt working families time and again.”

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Tags: American people of German descentbankbankerBen CarsonBernie SandersBetsy DeVosbusinessbusinessmanChicago Cubscommerce secretarydaughter-in-lawDonald TrumpDonald Trump presidential campaignDonald Trumps AdministrationeconomyEducation SecretaryElaine ChaoElizabeth Warrenenergyenergy secretaryForbesGoldman SachsHarold Hammhuman servicesInvestment Banking & Brokerage Services - NECInvestment Banking & Investment ServicesJoe RickettsMitch McConnelloil mogulpoliticspresidentretail dynastyretail giantRichard DeVosRothschild IncSenate Majority LeaderSenatorSteven MnuchinThe ApprenticeTodd RickettsTom PriceTransport secretaryTreasury SecretaryUnited StatesVermontwashingtonWilbur RossWWE Hall of Fame

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