Trump’s Billionaire Cabinet Picks Reflect Agenda Written By-and-For Billionaires, Big Corporations

An Accountable.US review found President-elect Trump has now tapped five billionaires and several other ultra-high net-worth individuals to head key agencies despite campaigning on promises to help working-class Americans. “

Donald Trump paid plenty of lip service to working-class Americans, but as President-elect, he’s moved quickly to stack his administration with billionaires that share his vision of a rigged economy that only works for people like them."

Tony Carrk, Accountable.US Executive Director

Carrk continues, “Should the Senate rubber stamp these nominations, Trump’s department heads will be among the biggest beneficiaries of another promised tax giveaway for big corporations and the top 1%, paid for with deep cuts for seniors, veterans, and everyday workers. Meanwhile, few in Trump’s inner circle will feel anything from his planned national sales tax that will hike costs by nearly $4000 for the typical American family every year — but the working people Trump promised to look out for sure will.”

Billionaires selected to head key Trump administration agencies and departments include:

• Elon Musk was selected to lead a new “Department of Government and Efficiency, and the Tesla and SpaceX founder is currently the world’s richest person with an estimated net worth of $333.3 billion.
• Scott Bessent is described as a billionaire despite his personal wealth not being public. President-elect Trump selected the hedge fund founder to serve as treasury secretary.
• Vivek Ramaswamy, with an estimated net worth of $1.1 billion, will also leadthe Department of Government and Efficiency.
• Cantor Fitzgerald majority owner and CEO Howard Lutnick—estimated to have a net worth of at least $1.5 billion—was selected to serve as Trump’s commerce secretary after backing his plans to pass tariffs and further lower the corporate minimum tax.
• Former Small Business Administration Linda McMahon, whose husband Vince McMahon has an estimated net worth of $2.5 billion, was selected to serve as Trump’s education secretary.

Other high-net-worth individuals selected to serve in Trump’s cabinet include:

• Chris Wright, chairman and CEO of Liberty Energy, was selected to serve as Trump’s pick for energy secretary. In 2023, he received $5.6 million in total compensation and, as of November 7, 2024, held approximately $46.8 million worth of Liberty shares.
• Robert F. Kennedy Jr., Trump’s pick to run the Department of Health and Human Services, has a net worth of approximately $15 million, “including the assets of his spouse, actress Cheryl Hines.”
• Dr. Mehmet Oz, selected to serve as Trump’s administrator for the Centers For Medicare and Medicaid Services, has a net worth of as high as $315 million.
• North Dakota Governor Doug Burgum, selected to serve as Trump’s Secretary of the Interior, has an estimated net worth of “at least $100 million,” with his wealth largely tied to selling software company Great Plains to Microsoft for $1.1 billion.

This month, Accountable.US launched the Trump Accountability War Room to scrutinize President-elect Donald Trump’s appointments, executive actions, and legislative agenda. The first Trump administration was littered with officials using their offices for self-enrichment, all while gutting protections for Americans and harming families. Now, with the help of Project 2025, we face even more threats to American rights and freedoms and another four years of abuses of power and conflicts of interest.