Will Donald Trump 2.0 Cabinet’s net wealth shatter 2016 record?

President-elect Donald Trump is poised to build the wealthiest cabinet in American history, with several billionaires, including Tesla CEO Elon Musk, contributing to the cabinet’s total net worth of almost $9 billion.
Musk won’t require Senate permission since he would be serving in an unofficial role that focuses on cutting government waste, but those who do will establish records. Notably, the fortunes of Trump’s impending cabinet will soar above $340 billion if it includes Musk, Daily Mail reported.
Trump established the previous record in 2016 when his first cabinet maintained a $6 billion total net worth.
Scott Bessent – Secretary of the Treasury: While it is unclear how much Bessent’s net worth is, he is among the several billionaire hedge fund managers whom Trump has appointed to cabinet posts.
In the 1990s, Bessent, a seasoned Wall Street veteran who executed a number of high-risk stock market wagers, gained notoriety as a member of George Soros’ team that crashed the British pound and profited over $1 billion in a single day.
Robert F. Kennedy Jr. – Secretary of Health and Human Services: In August 2023, Forbes estimated Kennedy’s net worth to be approximately $15 million, which is connected to to his wife Cheryl Hines. He inherited about $4 million of these assets from his forefathers in the Kennedy family.
Also Read: RFK Jr’s wife Cheryl Hines faces backlash for sharing video featuring half-naked hubby: ‘The grift never ends’
Howard Lutnick – Secretary of Commerce: Trump and Lutnick, the two influential figures in the New York banking community, were close friends for decades.
The 63-year-old’s wealth, the longstanding CEO of financial services company Cantor Fitzgerald LP, is estimated to be $2.2 billion, with some projections reaching $4 billion.
Linda McMahon – Secretary of Education: Linda McMahon, who founded the massive wrestling organisation WWE, worked as Trump’s Administrator of the Small Business Administration from 2017 to 2019.
She created the wrestling empire with her spouse Vince McMahon, whose wealth now stands at $3 billion.
Steve Wright – Secretary of Energy: According to NY Mag, Wright, the CEO and co-founder of Liberty Energy, holds a $50 million share in the firm. He reportedly made $5.6 million salary in 2023.
He also earns millions of dollars by serving on the boards of several businesses, such as Oklo, a nuclear energy company, and EMX Royalty Corp, a mining corporation.
Doug Burgum – Secretary of Interior: The Governor of North Dakota, Burgum, amassed a fortune in the tech software sector. In 2001, he sold Great Plains Software to Microsoft for $1.1 billion.
Forbes this month estimated that he possessed a net worth of at least $100 million, adding that it is “likely that he’s worth even more.”
Dr. Mehmet Oz – Medicare and Medicaid Administrator: Being a top TV physician in America, Dr. Mehmet Oz has amassed a substantial net worth of over $315 million over the years.
According to the filings, his net worth ranged from $100 million to $315 million.