Article by Stephen Prager republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
The Trump administration has over 10 times as many of these super-rich appointees as the Biden, Obama, and George W. Bush administrations.
President Donald Trump has created a government “of the rich, by the rich, for the rich.”
That’s what Sen. Bernie Sanders (I-Vt.) said on Monday following the release of a report demonstrating how the president has handed the reins of power over to the ultra-wealthy on an unprecedented scale.
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The analysis by the watchdog group Public Citizen found that 57 officials working for the Trump administration are worth over $100 million, while eight of them are worth a billion or more.
Seventeen of them are ambassadors, while the other 40 occupy senior posts, including over a third of Cabinet positions. More than half of them were donors to Trump’s 2024 presidential campaign, giving a combined $65 million in campaign contributions to him or his associated political committees.
The tally does not include Trump himself, who has seen his family’s wealth explode by over $2 billion, mostly from his cryptocurrency venture, since returning to power. His net worth is now estimated by Forbes to be about $6.2 billion.
The ultra-rich officials include Education Secretary Linda McMahon, the wife of former World Wrestling Entertainment (WWE) CEO Vince McMahon, who has little experience working in education but is worth between $413 million and $1.3 billion and has spent over $20 million supporting Trump; Commerce Secretary Howard Lutnick, who is worth at least $723 million and spent over $9 million to back the president; and Treasury Secretary Scott Bessent, who spent about $1.15 million in 2024 supporting Trump.
The Trump administration has more than 10 times as many “ultra-millionaires” as previous administrations, the report found. The Biden administration had just five members with over $100 million; the Obama administration had three, and the George W. Bush administration had five.
“The enormous wealth of Trump administration officials raises questions about whether they are driven by their sweeping personal financial interests or the interests of the American public at large, which they have an obligation to serve,” writes its author, Doug Pasternak, the head of Public Citizen’s Trump Accountability Project.
Since returning to office in January 2025, Trump has not only employed the super-rich but has also enacted a slate of policies benefiting them.
The administration has facilitated what has been described as the largest upward transfer of wealth in US history, with over $1 trillion in tax cuts for the top 1% paid for by brutal cuts to programs that benefit the poorest Americans, like Medicaid and the Supplemental Nutrition Assistance Program (SNAP).
On top of this, he has gutted the Consumer Financial Protection Bureau, which protected Americans against abuse by powerful financial institutions, and enacted sweeping deregulation of cryptocurrencies. His Labor Department has systematically dismantled worker protections while he’s stripped collective bargaining rights from over 1 million federal employees.
The report also notes that many of Trump’s wealthy appointees retain financial ties to companies or industries directly affected by the agencies they now control, creating significant potential conflicts of interest.
Lutnick’s Commerce Department, for example, has a role in regulating the financial services firm Cantor Fitzgerald, which is now controlled by his sons and was chosen to handle a $1.5 billion stock offering tied to a mining company receiving federal support from the department. Deputy Defense Secretary Stephen Feinberg’s former firm, Cerberus, meanwhile, owns companies that have received at least $90 million in Pentagon investments and contracts.
“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,” said Lisa Gilbert, the co-president of Public Citizen.
The report points out the enormous chasm between the extraordinary wealth of the average Trump appointee and that of the Americans they represent, whose average annual salary is about $64,500.
“This disconnect,” the report says, “has ripple effects throughout the government and across the entire nation.”
In a June poll conducted by the Brennan Center for Justice, 62% of registered voters said corruption in US politics and government was “a very big problem.” More than two-thirds described Trump as corrupt, while over 4 in 5 said the Cabinet was.
“The breadth and depth of the economic divide we quantified in this report,” Pasternak said, “should be deeply troubling to anyone concerned about the welfare of our democracy.”
Article by Stephen Prager republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
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