Donald Trump's administration has appointed a significantly higher number of individuals with a net worth of at least $100 million compared to his three most recent predecessors, according to a report released by the consumer advocacy group Public Citizen.
The report found that 57 Trump administration officials have accumulated at least $100 million. This figure includes 17 ambassadors and 40 individuals in senior roles across the executive branch. Among these, eight members of Trump's Cabinet, such as Commerce Secretary Howard Lutnick and Education Secretary Linda McMahon, are billionaires.
Trump, himself a billionaire, has previously stated that his inclination to appoint wealthy individuals stems from a deference to financial success, which he views as a sign of executive mastery and negotiating strength. He has also suggested that investments by the wealthy signal future economic growth and has pursued policies, including tax cuts and reduced regulatory burdens, that could benefit affluent individuals.
By comparison, the report indicates that George W. Bush's administration and Joe Biden's administration each included five members worth $100 million or more. Barack Obama's administration had three such individuals. The report notes that presidents have historically sought counsel from and appointed wealthy individuals to high-profile roles and rewarded influential supporters with ambassadorships.
Public Citizen's co-president, Lisa Gilbert, expressed concern that a government populated by the economic elite could lead to misplaced incentives and potential corruption, raising questions about whose interests are being served. The report's tally does not include Trump himself, whose net worth is estimated by Forbes to exceed $6 billion, nor does it include Elon Musk, an advisor to Trump on government reduction efforts and the world's wealthiest person.
The findings come as Trump faces a midterm election electorate with declining approval of his economic handling, with only 32% of U.S. adults approving of his economic management last month, down from 40% at the beginning of his second term.