President Donald Trump has appointed more than four times as many people worth at least $100 million to his administration than the three presidents before him combined, according to a report from consumer advocacy group Public Citizen. The report was published on Monday.
In total, 57 officials in the Trump administration are worth $100 million or more. This includes 17 ambassadors and 40 people serving in senior positions across the executive branch, the report found.
Trump’s Cabinet reflects this trend. Eight of its 23 members fall into this wealth category, including Commerce Secretary Howard Lutnick and Education Secretary Linda McMahon, who are both billionaires.
Trump defends his picks by pointing to their business success
Trump has said his tendency to choose extremely wealthy people for top roles comes from his respect for financial success. Explaining last year why he relies heavily on advice from business leaders, Trump said, according to The Independent: “They have great competence, those people. Incredible competence. Some of the smartest business leaders.”
Trump built his political comeback with support from middle-income and working-class Americans who responded to his promise to lower everyday costs. However, he now faces a midterm election where voters appear less satisfied with how he has handled the economy. Some commentators have separately raised the Trump family’s financial gains during his time in office.
Presidents have historically turned to wealthy individuals for advice and have given some of them senior government roles. Wealthy supporters have also often been rewarded with ambassadorships. One well-known example is Andrew Mellon, a tycoon in aluminum, oil, and banking, who served as treasury secretary under three different presidents in the 1920s.
Other Trump officials who meet the $100 million threshold include Deputy Secretary of Defense Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler, both of whom are billionaires. Treasury Secretary Scott Bessent and special envoy Steve Witkoff are also on the list, each worth hundreds of millions of dollars.
By comparison, the report found that former President George W. Bush’s administration and former President Joe Biden’s administration each had five officials worth $100 million or more. Former President Barack Obama’s administration had three.
The report’s authors said that having so many extremely wealthy people running the government raises concerns. Lisa Gilbert, co-president of Public Citizen, said, “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?'”
The report’s count does not include Trump himself, whose net worth Forbes estimates at more than $6 billion. It also does not include Elon Musk, who advised Trump last year on efforts to shrink the size and workforce of the federal government. Musk is the world’s wealthiest person, with a net worth Forbes estimates at about $860 billion.
Trump has also pointed to investments made by wealthy individuals as a sign of future economic growth. During his first year back in office, he pursued policies on artificial intelligence and financial regulation that could benefit wealthy people. He also backed tax cuts and reduced regulations for large-scale investments. Separately, a report has examined how much taxpayers are paying toward his White House building projects.
Despite this approach, public approval of Trump’s handling of the economy has declined. Last month, only 32 percent of U.S. adults approved of his economic performance, down from 40 percent at the start of his second term. His Republican Party is also facing challenges in its effort to keep control of both chambers of Congress in the November midterm elections.
Published: Aug 18, 2026 09:45 am