Trump and His Cabinet Net Worth
The U.S. president's Cabinet advises the nation's chief executive officer. It was established by Article II, Section 2 of the U.S. Constitution. The Cabinet includes the vice president and the heads of 15 executive departments. These include the secretaries of Agriculture, Commerce, Defense, Education, Energy, Health and Human Services, Homeland Security, Housing and Urban Development, Interior, Labor, State, Transportation, Treasury, and Veterans Affairs. The U.S. attorney general represents the Department of Justice.
The Cabinet also supplies the successors to the president if something were to happen. The first four successors are the vice president, secretary of state, treasury secretary, and secretary of Defense.
The president's chief of staff also attends cabinet meetings. The president can also add representatives from other departments.
Trump Family Net Worth
Republican President Donald Trump's term is from 2017 to 2021. His net worth is $3.1 billion, according to Forbes. He donates his $400,000 annual salary to a different federal department each quarter.
According to Forbes, almost half of Trump's wealth is from New York City real estate. Another $560 million is from real estate outside of New York. His golf clubs and resorts are worth $550 million. His Trump-branded businesses are worth $170 million, and he owns $320 million in cash and personal assets.
Trump's Cabinet Net Worth
Trump’s cabinet meetings include the heads of 20 federal departments. In addition to the 15 executive departments, it also includes the Environmental Protection Agency, Office of Management and Budget, United States Trade Representative, United States Mission to the United Nations, and Small Business Administration.
In December 2016, the net worth of Trump's cabinet was estimated at $4.5 billion, according to Forbes. The top 12 wealthiest Cabinet members, with the source of their wealth, are:
- Secretary of Education Betsy DeVos: $1 billion. Inheritance and self-made. Her husband is the son of a co-founder of Amway. Betsy chaired the Windquest Group, an investment management firm.
- Commerce Secretary Wilbur Ross: $2.5 billion. Investor specializing in distressed assets.
- Administrator of the Small Business Administration Linda McMahon: $500 million. CEO World Wrestling Federation.
- Treasury Secretary Steven Mnuchin: $400 million. Former Goldman Sachs partner, Hollywood producer, and hedge fund CEO.
- Secretary of State Rex Tillerson: $239 million. Former ExxonMobil CEO.
- U.S. Trade Representative Robert Lighthizer: $73.7 million. Lawyer.
- Secretary of Agriculture Sonny Perdue: $53 million. Former governor of Georgia.
- Secretary of Housing and Urban Development Ben Carson: $30 million. Orthopedic surgeon.
- Labor Secretary Elaine Chao: Combined net worth with husband and Senate Majority Leader Mitch McConnell is $17 million.
- Defense Secretary James Mattis: $7 million. Military salary and pension.
- Energy Secretary Rick Perry: $3 million. Former governor of Texas.
- Vice President Mike Pence: $2 million. Former governor of Indiana.
Obama's Net Worth
Democratic President Barack H. Obama's two terms were from 2009 to 2017. His net worth is $40 million. He earned it from the sales of his books "The Audacity of Hope" and "Dreams from My Father." In 2008, the year he became president, Obama's net worth was $2.6 million.
As president, his salary was $400,000 a year, with a $50,000 expense account. As an ex-president, he was allocated $359,000. That includes $205,700 for his pension. The rest is distributed for his office, staff salaries, and other expenses.
Obama's cabinet had the 15 executive departments and the vice president. He also included the chief of staff, the director of the Office of Management and Budget, the United States Trade Representative, and the U.S. Mission to the United Nations.
The net worth of Obama's Cabinet is $2.75 billion, according to Forbes. The top nine wealthiest former Obama Cabinet members are:
- Commerce Secretary Penny Pritzker: $2.5 billion. Heir to the Hyatt Hotel fortune.
- Secretary of State John Kerry, from 2013 to 2017: $250 million. His wealth comes from his marriage to Teresa Heinz. She is the widow of John Heinz, heir to the Heinz ketchup fortune.
- Secretary of State Hillary Clinton, 2009-2013: $45 million. Attorney.
- Attorney General Eric Holder: $11.5 million. Attorney.
- Treasury Secretary Tim Geithner: $6 million. Economist.
- Defense Secretary Robert Gates, 2006 - 2011: $5 million.
- Defense Secretary from Chuck Hagel, 2013 - 2015: $5 million. Co-founder of Vanguard Cellular. President of the McCarthy Group, an investment banking firm.
George W. Bush's Net Worth
Republican President George W. Bush's two terms were from 2001 to 2009. His 2018 net worth is $40 million. He earned it from Texas oil companies, including Bush Exploration.
While in office, he was the first president to earn $400,000 a year. As ex-president, he receives $1,098,000 per year. That includes $198,000 for staff and $214,000 in pension and related benefits. He receives $10,000 for travel, $434,000 for office space, and $242,000 for other costs.
Bush's cabinet had the 15 executive departments and the vice president. He also included the chief of staff, the director of the Office of Management and Budget, the United States Trade Representative, the director of the Environmental Protection Agency, and the director of the Office of National Drug Control Policy.
The net worth of Bush's Cabinet is at least $850 million. The top six wealthiest former Bush Cabinet members are:
- Treasury Secretary Hank Paulson: $700 million. Goldman Sachs CEO.
- Vice President Dick Cheney: $100 million. CEO of Halliburton.
- Secretary of State Colin Powell: 2001-2004: $50 million. Speaker, author, military.
- Labor Secretary Elaine Chao: $17 million. Labor Secretary for President Trump.
- Secretary of State Condoleezza Rice: 2004 – 2009: $8 million. Stanford professor.
- Defense Secretary Robert Gates: $5 million.
Bill Clinton's Net Worth
Democratic President Bill Clinton's two terms were from 1993 to 2001. His 2018 net worth is $80 million. He earned it from speaking engagements and book sales. When he left office, he was $16 million in debt. In his first out of office, he gave 57 speeches and earned $13.7 million.
As an ex-president, he receives $969,000. That includes $215,000 in personnel compensation and benefits and $218,000 in pensions and benefits. He has no travel budget but receives $429,000 for office space and $62,000 for other costs.
President Clinton's cabinet had 14 executive departments since Homeland Security hadn't been created yet. The net worth of Clinton's Cabinet is at least $450 million. The top six wealthiest former Clinton Cabinet members are:
- Vice President Al Gore: $300 million. Sold Current TV to Al Jazeera for $500 million. Climate change activist. Chair of Generation Investment Management.
- Treasury Secretary Robert Rubin: 1995 – 1999: $100 million. Vice Chairman Goldman Sachs. Temporary chairman of Citigroup.
- Treasury Secretary Larry Summers: 1999 – 2001: $40 million. President of Harvard. Chief Economist of World Bank.
- Secretary of State Madeleine Albright: 1997 – 2001: $10 million. Speaker, author.
- HUD Secretary Andrew Cuomo: $5 million. Governor of New York.
- Labor Secretary Robert Reich: $4 million. Economist, author, and professor at the University of California, Berkeley.
George H.W. Bush
Republican President George H.W. Bush's term was from 1989 to 1993. His net worth was $25 million at the time of his death in 2018. He was the vice president under Ronald Reagan and a World War II veteran.
Bush inherited $140,000 of his father's $3.5 million estate. But his father and uncle invested $350,000, worth $3 million today, in his oil drilling business. Bush sold his share in Zapata Petroleum for $1.1 million. His family also owns the Kennebunkport compound in Maine, worth $8.4 million. Like other presidents, he received a pension of $205,700 a year. He also made money from speeches and books.
Bush's cabinet consisted of the 14 executive offices in existence then. The net worth of his Cabinet members was at least $123 million. Here are the three wealthiest members:
- Defense Secretary Dick Cheney: $100 million. Former CEO of Halliburton.
- Labor Secretary Elizabeth Dole: $20 million. Attorney, White House staffer under Presidents Johnson, Nixon, and Reagan. Wife of Senator Bob Dole.
- Vice President Dan Quayle: $3 million. Real estate and financial trust fund.
Republican President Ronald Reagan's two terms were from 1981 to 1989. He had a net worth of $13 million at the time of his death in 2004. It would be worth $17.7 million in today's dollars. He was a Governor of California and an actor.
Reagan's cabinet consisted of the 13 executive offices in existence then. He had no secretary of Veteran's Affairs. The net worth of his Cabinet members was at least $45 million. Here are the two wealthiest members:
- Vice President George H.W. Bush: $25 million.
- Transportation Secretary Elizabeth Dole: $20 million.