US President Donald Trump has surpassed his predecessors in the number of ultra-rich people he has appointed. According to a report released on Monday by consumer advocacy organisation Public Citizen, Trump has appointed more than four times as many officials worth at least $100 million as the previous three presidents combined.Trump, who is himself a billionaire, has portrayed his preference for appointing extremely wealthy individuals as recognition of financial achievement.This approach comes as something of a contrast, however, given that his return to the White House was powered by support from middle-income and working-class voters attracted by his promises to bring down everyday expenses, according to an AP report. The electorate heading into the midterm elections is now showing less confidence in his economic stewardship.
Scale of wealth
Wealth has emerged as one of the most valued traits in Donald Trump’s second administration, perhaps rivalled only by personal loyalty.The scale of wealth within the Trump administration is what particularly stands out in the report. A total of 57 Trump officials are estimated to have fortunes of at least $100 million. Of these, 17 are ambassadors, while the remaining 40 hold senior positions across the executive branch.Eight of Trump’s Cabinet 23 members fall into the $100 million-plus category, including Treasury Secretary Howard Lutnick and Education Secretary Linda McMahon, both of whom are billionaires.Presidents have historically sought advice from wealthy Americans and have occasionally placed some of them in prominent government positions. Wealthy and influential political supporters have also frequently been rewarded with diplomatic postings, the AP report said.One of the most prominent historical examples is Andrew Mellon, the aluminium, oil and banking magnate who ranked among America’s richest people during the 1920s and served as Treasury secretary under three presidents.Among Trump’s officials with fortunes of at least $100 million are Deputy Secretary of Defense Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler, both billionaires. Treasury Secretary Scott Bessent and special envoy Steve Witkoff are also estimated to be worth hundreds of millions of dollars.The contrast with earlier administrations is significant. According to the Public Citizen’s report, both Republican President George W Bush’s administration and Democrat Joe Biden’s administration had five officials each whose wealth reached at least $100 million. Barack Obama’s administration had three such officials.A government that includes such a large concentration of people from the economic elite could create potential risks, according to the report’s authors.“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 report’s count does not include Trump himself. Forbes estimates the president’s net worth at more than $6 billion. It also excludes Elon Musk, the space and social media entrepreneur who advised Trump last year on efforts to shrink the federal government’s size, responsibilities and workforce. Musk is currently the world’s richest person, with Forbes putting his net worth at roughly $860 billion.
