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Donald Trump has selected fellow billionaires - and a handful of millionaires too - for his administration's cabinet, making it the richest in modern history.Bring on the billionaires! Donald Trump's cabinet is the richest in modern history - with a combined wealth of $10 BILLION (excluding the man himself)
Donald Trump is assembling a team of like-minded billionaires and millionaires to be a part of his administration's cabinet. The members of his team are so wealthy that the Washington Post is already calling Trump's cabinet the richest in modern history. Trump,
who himself is worth an estimated $3.7billion according to Forbes -
although he has said he is worth far more - has picked the daughter of a
shipping magnate, the co-owner of the Chicago Cubs and some of the
richest people in the US.
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| Donald Trump's choice for commerce secretary, Wilbur Ross, was ranked No. 232 on the Forbes 400 of richest people in the world |
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The
Republican president-elect is following in the tradition of President
Warren G. Harding, who appointed one of the country's wealthiest
Americans, Andrew Mellon, to be his treasury secretary. Mellon would
serve under three presidents overall.
Many of Trump's picks come from family money, though some have gotten rich on Wall Street as well.
Wilbur Ross: Trump's pick for the commerce department is ranked No. 232 on the Forbes 400 of richest people in the world.
He's worth $2.5 billion.
He
spent 25 years heading Rothschild Inc's bankruptcy practice before
striking it out on his own in 2000, creating the investment firm WL Ross
& Co, according to Forbes.
He holds degrees from Yale and Harvard.
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| Donad Trump's treasury secretary pick Steven Mnuchin made his millions working for Goldman Sachs. He founded a hedge fund and has financed Hollywood films |
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Steven Mnuchin: Trump's
treasury department pick has worked on both Wall Street and in
Hollywood. The Yale-educated Mnuchin is a former Goldman Sachs
executive, earning millions at the Wall Street bank over two decades.
Todd Ricketts, chosen by Donald Trump to be deputy secretary of commerce is a co-owner of the Chicago Cubs
After
that he worked for Democratic super donor George Soros at Soros Fund
Management, before founding the hedge fund Dune Capital Management LP.
He's also financed films with the merged company RatPac-Dune Entertainment.
Recent hits produced by the venture include 'Gravity,' 'The Lego Movie' and 'Magic Mike XXL,' according to a profile on Mnuchin by Forbes. His net worth is estimated to be around $40million, most of which was earned during his tenure at Goldman.
Todd Ricketts: Working
under Ross at the commerce department, Ricketts is the co-owner of the
Chicago Cubs, which won the World Series this fall. Ricketts' father
founded TD Ameritrade and has a net worth of 1.73 billion.
The senior Ricketts was a top donor to the Trump campaign.
The
junior Ricketts has worked for his family's financial firms. More
recently, he was in charge of the family's political spending, according to the Wall Street Journal.
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| Elaine Chao, is the daughter of a shipping magnate who received a large inheritance from her mother. Betsy DeVos (Below) and her husband Dick are worth $5.1 billion. |
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Betsy DeVos: Trump's
pick for secretary of education is also among the well monied. She and
her husband Dick are from a family worth $5.1 billion.
Dick's father, Richard, is a co-founder of Amway and was ranked by Forbes as the 88th richest man in the world.
Elaine Chao: The
incoming secretary of transportation is the daughter of a shipping
magnate who received millions of inheritance dollars upon the death of
her mother in 2007.
Thanks
to her husband Mitch McConnell's Senate financial disclosure forms, the
public can see that the couple is worth between $9.2 million and $36.5
million, according to a 2014 Washington Post story.
McConnell, the Senate majority leader, was ranked the 10th richest senator in the body.
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Goldman
Sachs President and COO Gary Cohn was also spotted at Trump Tower
interviewing for a job. He reportedly brought in a salary of $22 million
in 2014
In
addition to the already-named appointees, Trump could continue this
trend by appointing Harold Hamm, No. 30 on the Forbes 400 list of
wealthy Americans, with his net worth of 16.7 billion.
Hamm's name has been floated for secretary of energy.
Additionally,
Andrew Puzder, an executive for the company that runs Hardee's and
Carl's Jr., is being considered for labor secretary, reported the
Washington Post. And Trump has met with Goldman Sachs President and COO Gary Cohn, a registered Democrat, but a wealthy one. In 2014, he was paid a $22 million salary, according to Vanity Fair.
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