A new investigation by Public Citizen reveals that 57 individuals within the Trump administration, excluding President Trump, are individually worth as much as $100 million, eight of whom are billionaires. The analysis underscores the growing economic divide between the average American worker, who earns $65,000 a year, and the politically-connected individuals who hold the power to address the economic strain facing the general populace.
Of the 57 ultra-wealthy individuals identified, 31 have personal assets exceeding $100 million, while the remainder have assets reaching $100 million. Forty of them are running federal agencies and institutions, including the Department of Commerce, Treasure and Education, as well as the Securities and Exchange Commission, NASA, Social Security Administration and Office of Personnel Management. The other 17 are serving as U.S. ambassadors.
The concentration of wealth is striking compared with previous administrations:
- Donald Trump: 57 individuals with assets of $100 million or more, including eight billionaires, excluding Trump.
- Joe Biden: Five individuals with assets of $100 million or more, including two individuals whose assets reached $1 billion or more.
- George W. Bush: Five individuals with assets of $100 million or more, including one billionaire.
- Barack Obama: Three individuals with assets of $100 million or more, including one billionaire.
“It is deeply concerning to see people with extraordinary wealth controlling the levers of power in our government,” said Lisa Gilbert, co-president of Public Citizen. “The Trump administration is putting an unprecedented number of multi-millionaires and billionaires in charge of institutions that are supposed to serve all Americans. 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.”
“The breadth and depth of the economic divide we quantified in this report, identifying 57 ultra-millionaires in key positions in our government and leading at least ten critical federal agencies, should be deeply troubling to anyone concerned about the welfare of our democracy,” said Douglas Pasternak, Public Citizen researcher. “These individuals have sweeping financial conflicts and are more likely to govern based on their own personal monetary interests than the vital interests of the American public.”
Public Citizen’s analysis comes amid growing concerns about the influence of wealthy donors and corporate interests in the Trump administration and the corruption that this is contributing to. While financial success should not disqualify anyone from public service, the unprecedented concentration of extreme wealth among administration officials warrants scrutiny. This is especially true when wealthy political supporters are rewarded with positions overseeing institutions responsible for regulating markets, distributing public resources, and protecting the public interest.
Read more about Trump’s wealthy administration here.
This content originally appeared on Common Dreams and was authored by Newswire Editor.