Donald Trump May Assemble The Wealthiest Cabinet In Modern US History

Just look at a few of his top picks.
Posted at 8:44 AM, Dec 07, 2016

President-elect Donald Trump's Cabinet is slowly coming together. And so far, many of his picks have one thing in common: They're very, very rich.

And if this trend continues, Trump could have the wealthiest administration in modern U.S. history.

Just look at a few of the people he's already chosen for the top spots.

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He announced Steve Mnuchin as secretary of the treasury. He just so happens to be a former Goldman Sachs executive who has since financed several hit movies. His estimated net worth? $40 million.

Trump tapped billionaire investor Wilbur Ross to be his secretary of commerce. Forbes estimates his net worth is $2.5 billion.

And they join a group of other extremely wealthy people, including Chicago Cubs co-owner Todd Ricketts, major GOP donor Betsy DeVos and former Secretary of Labor Elaine Chao, who is also the wife of Senate Majority Leader Mitch McConnell.

SEE MORE: Palin Seems Eager To Win A Spot In Trump's Cabinet

Granted, President Barack Obama's commerce secretary is worth over $2 billion.

And many thought George W. Bush's 2001 cabinet was pretty darn rich. All together, the group had an inflation-adjusted net worth of about $250 million.

But, as The Wall Street Journal points out, that's "roughly one-tenth the wealth" Ross alone has under his belt.

Still, some are concerned a Cabinet full of billionaires could be bad news for the American people.

As a writer for Vanity Fair put it: "Working-class Americans stand to lose a lot when billionaires are put in charge of the nation's executive branch. Running a country is not like running a business."

Trump is expected to announce his remaining Cabinet picks soon.

Correction: A previous version of this video incorrectly called Mitch McConnell the Senate minority leader. He is the Senate majority leader. The video has been updated.