Key facts
- Donald Trump has appointed 57 officials worth at least $100 million to his administration.
- This figure is more than four times the combined total of the three previous presidents.
- Eight of the 23 Cabinet members are worth at least $100 million.
- Seventeen ambassadors are among the wealthy appointees.
- George W. Bush and Joe Biden each had five administration members worth $100 million or more.
- Barack Obama's administration had three such members.
Donald Trump's second presidency has seen an unprecedented number of individuals worth at least $100 million appointed to administration roles, according to a report released by the consumer advocacy group Public Citizen. The report indicates that 57 such officials have been appointed, a figure more than four times the combined total under the three previous presidents: George W. Bush, Joe Biden, and Barack Obama.
Among the notable appointments are Treasury Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires. The report also identifies Deputy Secretary of Defense Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler as billionaires, alongside Treasury Secretary Scott Bessent and special envoy Steve Witkoff, who are worth hundreds of millions. In comparison, the Bush and Biden administrations each appointed five members with net worths of $100 million or more, while Obama's administration had three.
Public Citizen's co-president, Lisa Gilbert, expressed concerns that a government populated by the economic elite could lead to misplaced incentives and corruption, questioning whose interests these officials truly serve. The report does not include Trump himself, whose net worth is estimated at over $6 billion, nor Elon Musk, the world's wealthiest person, who has advised Trump.
Trump has previously stated that financial success is a sign of executive mastery and competence, citing business leaders' advice as valuable. He has also suggested that investments by wealthy individuals signal future economic growth. His administration has pursued policies such as tax cuts and reduced regulatory burdens, which could benefit wealthy individuals and large-scale investments.
Despite these appointments and policies, public approval of Trump's handling of the economy has declined, with only 32% of U.S. adults approving last month, down from 40% at the start of his second term.