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.
It’s the numbers for the Trump administration, in the context of previous
administrations, that stand out in Public Citizen’s report, published on Monday. In all, 57 Trump officials are worth at least $100 million, including 17 ambassadors and the remaining 40 in senior posts across the executive branch.
Look no further than Trump's Cabinet. Eight of its 23 members fit the category, notably Treasury Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires.
The president, himself a billionaire, has described his inclination toward appointing the ultrawealthy as deference to financial success. And yet, Trump, who owes his White House comeback to support from middle-income, working Americans drawn to his pledge to lower everyday costs, now faces a midterm election electorate decidedly less keen on his handling of the economy.
Presidents have long sought counsel from the nation’s wealthiest people and tapped some for high-profile administrative leadership roles. Likewise, presidents routinely reward wealthy and influential supporters with ambassadorships.
Among the most notable examples is Andrew Mellon, the aluminum, oil and banking tycoon who was among the handful of 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, who are also billionaires, and 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 each included five members worth $100 million or more. Democrat Barack Obama’s included three, the report states.
A government populated by so many of the economic elite presents potential problems, the report's authors said.
"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. Nor does it include space and social media giant Elon Musk, who advised Trump last year on an effort to reduce the federal government's size, scope and workforce and is the world's wealthiest person, with a net worth Forbes estimates at about $860 billion.
Trump's views are well established: Financial success is evidence of executive mastery and negotiating strength.
“They have great competence, those people. Incredible competence. Some of the smartest business leaders,” Trump said last year in explaining why he put considerable weight on advice from business executives.
He has also pointed to investments by wealthy people as a signal of future economic growth. To encourage billionaires to deliver, Trump, in his first year back in the White House, pursued policies on artificial intelligence and financial regulation 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 beginning of his second term and as his Republican Party faces headwinds in its attempt to hold both majorities in Congress in November.
