Trump dwarfs his predecessors in the number of ultra-rich in his second White House, report shows

Wealth, perhaps second only to loyalty, has been a prized attribute for Donald Trump during his second presidency. The number of people worth at least $100 million whom the Republican president has appointed to his administration is more than four times the combined total under the three previous presidents, according to a report from the consumer advocacy group Public Citizen. It’s the numbers for the Trump administration, in the context of previous administrations, that stand out in Public Citizen’s report, published on Monday.

In all, 57 Trump officials are worth at least $100 million, including 17 ambassadors and the remaining 40 in senior posts across the executive branch. Look no further than Trump’s Cabinet. Eight of its 23 members fit the category, notably Treasury Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires.

The president, himself a billionaire, has described his inclination toward appointing the ultrawealthy as deference to financial success. And yet, Trump, who owes his White House comeback to support from middle-income, working Americans drawn to his pledge to lower everyday costs, now faces a midterm election electorate decidedly less keen on his handling of the economy. Presidents have long sought counsel from the nation’s wealthiest people and tapped some for high-profile administrative leadership roles.

Likewise, presidents routinely reward wealthy and influential supporters with ambassadorships. Among the most notable examples is Andrew Mellon, the aluminum, oil and banking tycoon who was among the handful of the nation’s wealthiest people in the 1920s and served as treasury secretary for three presidents. The Trump officials worth at least $100 million include Deputy Secretary of Defense Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler, who are also billionaires, and Treasury Secretary Scott Bessent and special envoy Steve Witkoff, both worth hundreds of millions of dollars.

By comparison, Republican George W. Bush’s administration and Democrat Joe Biden’s each included five members worth $100 million or more. Democrat Barack Obama’s included three, the report states.

A government populated by so many of the economic elite presents potential problems, the report’s authors said. “When the people holding the reins of government are drawn overwhelmingly from the ranks of the… Democrat Barack Obama’s included three, the report states.A government populated by so many of the economic elite presents potential problems, the report's authors said."When the people holding the reins of government are drawn overwhelmingly from the ranks of the ultra-ric…