Trump's ultra-rich appointees outnumber previous White Houses by fourfold
Public Citizen finds 57 Trump officials worth $100M+, four times the combined total of the last three presidents.
A new analysis from the advocacy group Public Citizen shows that President Donald Trump's second administration includes a record number of ultra-wealthy appointees. The report, released Monday, counts 57 officials with a net worth of at least $100 million — more than four times the combined total of such officials under the previous three presidents.
Of those 57, 17 serve as ambassadors, while the remaining 40 hold senior positions across the executive branch. The Cabinet itself features eight members who meet the threshold, including Treasury Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires.
Other notable billionaires in the administration include Deputy Secretary of Defense Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler. Treasury Secretary Scott Bessent and special envoy Steve Witkoff are each worth hundreds of millions of dollars.
By comparison, the administrations of George W. Bush and Joe Biden each had five officials worth $100 million or more, while Barack Obama's had three.
The report's authors warn that a government dominated by the economic elite raises concerns about incentives and accountability. "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 excludes Trump himself, whose net worth Forbes estimates at over $6 billion, and Elon Musk, the world's wealthiest person, who advised the president on government efficiency efforts.
Trump has defended his preference for wealthy appointees, describing financial success as evidence of competence and negotiating strength. "They have great competence, those people. Incredible competence. Some of the smartest business leaders," he said last year.
His administration has pursued policies on artificial intelligence, financial regulation, and tax cuts that could benefit large-scale investors. However, public sentiment on his economic stewardship has slipped: last month, only 32% of U.S. adults approved of his handling of the economy, down from 40% at the start of his term, as Republicans face a challenging midterm landscape.