The president, worth $5.1 billion, brought nine other billionaires into power with him–making his administration the richest in American history.
Out with bureaucrats, in with billionaires. It’s not just Musk—Trump has installed wealthy people throughout his government, positioning them to fight trade wars (Howard Lutnick) and real wars (Stephen Feinberg), to lead small agencies (Kelly Loeffler) and eliminate big ones (Linda McMahon). And, in keeping with custom, a couple billionaires are set to assume cushy ambassadorial posts—once they are confirmed by the Senate.
There are many other rich people not listed here—including old friends like Phil Ruffin and newcomers like Joe Gebbia—who have strong connections to Trump, if not official titles in his administration. Call it the billionaire bench. Below are the 10 richest people fully in the arena.
#1. Elon Musk
Head of the Department of Government Efficiency
Net worth: $342 billion
Source of wealth: Finance
The richest man in the world ingratiated himself to Trump by spending nearly $300 million on the 2024 election while also remaking his social media platform, X, into a MAGA-friendly megaphone. Hardly a dyed-in-the-wool Trumper, Musk previously supported Democrats, including Hillary Clinton, and even backed Florida Governor Ron DeSantis in the 2024 primaries before backing Trump in the general election.
#2. Tilman Fertitta
Ambassador to Italy (nominee)
Net worth: $11 billion
Source of wealth:
With his legendary eye for detail, Fertitta will love the ambassador’s residence, Villa Taverna, on seven acres in the toniest part of Rome. The owner of the NBA’s Rockets, hundreds of restaurants, eight Golden Nugget casinos and 10% of Wynn Resorts has Italian roots. Fertitta dined with Trump and Italian prime minister Giorgia Meloni at Mar-a-Lago in January.
#3. Donald Trump
President
Net worth: $5.1 billion
Source of wealth: Real estate
The billionaire-in-chief returns to office richer than he ever was during his first term. Credit the Trump Media and Technology Group, Truth Social’s parent company, which is bleeding money but attracting investors, giving the president a $2.6 billion stake as of March 7, the day Forbes locked in prices for its annual billionaires list. Trump also holds more liquidity than he has in years, thanks to a cryptocurrency bonanza propelled by his political comeback.
#4. Stephen Feinberg
Deputy secretary of defense
Net worth: $5 billion
Source of wealth: Private equity
The private equity titan, who served in the Army ROTC while at Princeton, has long tried to mix patriotism with profits. He hired former Vice President Dan Quayle and onetime Treasury Secretary John Snow, then took over Chrysler, pitching it as a way to give back to the country. Instead the U.S. bailed out the automaker during the Great Recession. Lately, Feinberg has been investing in defense contractors, including satellite and drone companies.
#5. Warren Stephens
Ambassador to the United Kingdom (nominee)
Net worth: $3.5 billion
Source of wealth: Investment banking
An anti-Trumper back in early 2016 and as recently as 2023, when he supported Nikki Haley in the GOP primaries, the Republican megadonor flipped and gave more than $4 million to pro-Trump groups in 2024. An Arkansas banker, Stephens stepped down as CEO of Stephens Inc. in January, 39 years after assuming the role from his father. His uncle Witt founded the firm, which made its mark taking Walmart public in 1970. Warren Stephens’ two sons are now co-CEOs.
#6. Howard Lutnick
Secretary of commerce
Net worth: $3.2 billion
Source of wealth: Finance
The Wall Street scrapper became a face of American resilience in the wake of 9/11, rebuilding his now 14,000-person team after losing more than 650 employees at Cantor Fitzgerald’s World Trade Center offices. He did so with a combination of smarts, greed and intimidation, according to former colleagues. “People are very scared of him,” one says. “I witnessed the bullying.” Defenders suggest some aren’t tough enough to handle him. Now on Trump’s team, Lutnick is going after America’s trading partners. “These countries have the reliance on the American economy,” he says. “They need to start to respect us and respect us now.”
#7. Linda McMahon
Secretary of education
Net worth: $3 billion
Source of wealth: Wrestling
World Wrestling Entertainment, which she cofounded with her billionaire husband, Vince McMahon, hosted WrestleMania at Trump Plaza in Atlantic City, New Jersey in 1988 and 1989. Linda, who twice ran for U.S. Senate in Connecticut, gave more than $40 million to Trump’s White House bids, headed the Small Business Administration during his first term and sat on the board of Truth Social’s parent company. In education, she spent 14 years on Sacred Heart University’s board and one year on a statewide board in Connecticut.
#8. Steven Witkoff
Special envoy to the Middle East
Net worth: $2 billion
Source of wealth: Real estate
Friends with Trump since the early 1990s, when they were both real estate developers in New York, Witkoff—who also has assets in Los Angeles and Florida, where he lives—gets a cut of revenue from Trump’s crypto project, World Liberty Financial. He has also recently been negotiating on Trump’s behalf with Russian president Vladimir Putin.
#9. Jared Isaacman
NASA administrator (nominee)
Net worth: $1.5 billion
Source of wealth: Payments
His fortune comes from Shift4, a payment processing firm that’s used by a third of U.S. restaurants and hotels. But his focus is in the skies and stars: from getting his pilot’s license at age 22 to founding the world’s largest private air force (sold to Blackstone in 2019) to being the first private citizen to walk in space, Isaacman is ready for his newest role: “We are only at the Wright Brothers stage of human spaceflight.”
#10. Kelly Loeffler
Head of the Small Business Administration
Net worth: $1.3 billion
Source of wealth: Finance
The wife of billionaire Jeff Sprecher, CEO of Intercontinental Exchange, Loeffler was a communications professional at her husband’s firm for 16 years. In 2018, she tried to launch her own crypto venture, Bakkt, but it lost $33 million in 2019 while generating no revenue. At the end of that year, she was appointed to the U.S. Senate.
—With additional reporting by Kerry A. Dolan, Christopher Helman, John Hyatt Giacomo Tognini
