When George W. Bush assembled his first Cabinet in 2001, news reports dubbed them a team of millionaires, and government watchdogs questioned whether they were out of touch with most Americans’ problems. Combined, that group had an inflation-adjusted net worth of about $250 million — which is roughly one-tenth the wealth of Donald Trump’s nominee for commerce secretary alone.
Trump is putting together what will be the wealthiest administration in modern American history. His announced nominees for top positions include several multimillionaires, an heir to a family mega-fortune and two Forbes-certified billionaires, one of whose family is worth as much as industrial tycoon Andrew Mellon was when he served as treasury secretary nearly a century ago. Rumored candidates for other positions suggest Trump could add more ultra-rich appointees soon.
Many of the Trump appointees were born wealthy, attended elite schools and went on to amass even larger fortunes as adults. As a group, they have much more experience funding political candidates than they do running government agencies.