US consumer advocacy group Public Citizen said in a report released on Aug. 17 that at least 57 officials appointed during President Donald Trump's second term have personal fortunes of US$100 million or more, a figure more than four times the combined total of similar appointees under the previous three presidents—George W. Bush, Barack Obama and Joe Biden.
The report found that 17 of the 57 ultra-wealthy officials were appointed as ambassadors, while the remaining 40 hold senior positions across the executive branch.
Of the 23 members of Trump's Cabinet, as many as eight have fortunes exceeding US$100 million.
They include Commerce Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires. Deputy Defense Secretary Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler are also billionaires, while Treasury Secretary Scott Bessent and special envoy Steve Witkoff have fortunes worth several hundred million dollars.
By comparison, five officials under both Bush and Biden had fortunes exceeding US$100 million, while there were only three such officials in the Obama administration. The number under the Trump administration has surged sharply.
Lisa Gilbert, co-chair of Public Citizen, criticized the concentration of wealth among those wielding government power.
"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?'" she said.
Trump himself is a billionaire. Forbes estimates his fortune at more than US$6 billion. He has repeatedly said publicly that wealth is a symbol of success, describing such people as "exceptionally capable" and "the smartest leaders in business."
In his first year in office, Trump pushed policies including the promotion of artificial intelligence, financial deregulation and tax cuts, which have been described as benefiting wealthier Americans.
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