President-elect Donald Trump has nominated eight billionaires to his Cabinet, setting up one of the wealthiest presidential administrations in history.
Trump is set to return to the White House in January after defeating Vice President Kamala Harris in the presidential race in November. In the weeks following his victory, he has announced several of his picks to lead government agencies and serve as key diplomats. These picks will, for the most part, require Senate approval following his inauguration.
Eight of his Cabinet picks are billionaires. Trump made history by appointing the wealthiest Cabinet of all time following his 2016 election, according to a 2017 report from The New York Times.
Here is an overview of the billionaires whom Trump wants in his second administration.
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Newsweek reached out to the Trump-Vance transition team for comment via email.
Elon Musk and Vivek Ramaswamy
Trump nominated Elon Musk, CEO of Tesla, SpaceX and X, and businessman Vivek Ramaswamy to lead the “Department of Government Efficiency.” They would cut federal regulations and spending they view as frivolous.
Musk is estimated by Forbes as the wealthiest person in the world, with a net worth of more than $336 billion. Ramaswamy, who emerged as a conservative favorite following his campaign in the 2024 Republican presidential primary, is estimated to be worth at least $1.1 billion, according to Forbes.
Ramaswamy earned his wealth through shares of the company Roivant Sciences, which he cofounded in 2014.
Warren Stephens
On Monday, Trump announced that he is appointing Warren Stephens, CEO of financial services firm Stephens Inc., as his ambassador to the United Kingdom. Forbes estimates that he is worth $3.4 billion.
“Over the last 38 years, while serving as the President, Chairman, and CEO of his company, Stephens Inc., Warren has built a wonderful financial services firm, while selflessly giving back to his community as a philanthropist,” Trump wrote in a statement announcing the nomination.
Charles Kushner
Trump over the weekend announced that he plans to appoint Charles Kushner, father of Trump’s son-in-law Jared Kushner, to be his ambassador to France. Forbes estimates the Kushner family is worth more than $7 billion. Kushner is founder of real-estate company Kushner Companies.
Forbes also estimated in October that Kushner Companies was worth $2.9 billion.
Linda McMahon
Linda McMahon, Trump’s pick to lead the Department of Education, is a business executive and wife of billionaire Vince McMahon, who is worth an estimated $3 billion, according to Forbes.
Vince served as executive chairman of TKO Group Holdings Inc., which owns World Wrestling Entertainment (WWE).
Linda previously served on the Connecticut State Board of Education and as administrator of the Small Business Administration during Trump’s first term in office.
Howard Lutnick
Trump is appointing Howard Lutnick, CEO of financial services firm Cantor Fitzgerald, as his pick for commerce secretary. He joined the firm in 1983 and became its chief executive officer in 1991. He is a vocal supporter of tariffs, a key component of Trump’s economic agenda.
Steve Witkoff
Steve Witkoff, real estate investor who is serving as co-chair for Trump’s inaugural committee, is set to serve as Trump’s envoy to the Middle East, a key position at a time when tensions in the region continue to escalate. He is a longtime friend of Trump, with the two becoming acquainted in the 1990s.
Forbes estimates he is worth at least $1 billion. He owns 51 properties, including the Woolworth Building in Manhattan.
Scott Bessent
Outlets like Yahoo News and CBS News have reported that Scott Bessent, Trump’s pick to lead the Department of the Treasury, is likely a billionaire, though Forbes has not officially named him as such.
Bessent is founder, CEO and chief investment officer of investment firm Key Square Group and served as an economic adviser to Trump’s presidential campaign.
He has also supported Trump’s plans to place tariffs on all U.S. imports.
