President-elect Donald Trump is no stranger to wealth. Before entering politics, he built his brand as a businessman and television personality, often embodying the success many Americans aspire to. Even a young Barack Obama once cited him as a symbol of financial achievement.
While opinions vary on how effectively he managed his real estate empire, there is no debate about his current financial standing. As of December 23, Forbes estimates Trump’s net worth at $6.1 billion.
As Trump prepares for a potential second term, his inner circle remains filled with high-net-worth individuals. His first-term cabinet was the wealthiest in modern history, featuring several multimillionaires, including Wilbur Ross and Steve Mnuchin. Betsy DeVos, former Secretary of Education, and her family had a net worth of $2 billion at the time of her tenure. Other billionaires, such as Diane Hendricks and Isaac Perlmutter, also played advisory roles.
The financial status of Trump’s current cabinet nominees will become clearer when they file public financial disclosures. These reports, required soon after official nominations, will reveal potential conflicts of interest, often prompting significant divestments. In 2017, Steven Mnuchin divested from 43 companies and investments to comply with federal regulations before assuming the role of Treasury Secretary.
Virginia Canter, chief ethics counsel at Citizens for Responsibility and Ethics in Washington, notes that nominees from private equity or venture capital may face challenges in divesting assets quickly. For example, Vincent Viola, a Florida billionaire nominated as Army Secretary in 2017, withdrew from consideration due to difficulties in untangling his financial holdings.
"You have to be prepared to divest any asset," Canter told Business Insider. "The president needs to be able to call on any cabinet member or senior official without worrying about whether their advice creates a conflict of interest."
Trump’s billionaire advisors reflect his business-oriented administration, and their wealth highlights the financial expertise they bring to his team. Here’s a look at some of the wealthiest figures advising him, based on Forbes’ estimates as of December 6.
The Rise of a U.S. Sovereign Wealth Fund Sovereign wealth funds play a critical role in managing national wealth. While some countries invest aggressively in cutting-edge industries, others take a more conservative approach, prioritizing stable returns through traditional assets.
Two of the world’s largest sovereign wealth funds—Saudi Arabia’s Public Investment Fund and Norway’s Norges Bank Investment Management—offer contrasting models. Saudi Arabia actively invests in electric vehicles, technology, and sports franchises, while Norway focuses on diversified, lower-risk assets.
Trump recently signed an executive order directing the Treasury and Commerce departments to develop a plan for a U.S. sovereign wealth fund. This move, overshadowed by more politically charged initiatives, has sparked debate about its feasibility and purpose.
Unlike pension funds, which manage retirement savings for public employees, sovereign wealth funds invest national surpluses, often derived from oil, natural resources, or government-controlled assets. They can fund infrastructure projects, public services, or direct payments to citizens. Alaska’s $80 billion fund, for example, pays annual dividends to residents, distributing over $900 million in 2024.
While the term "sovereign wealth fund" only emerged in 2005, these investment vehicles have gained immense influence. Global assets under management have ballooned from around $1 trillion two decades ago to as much as $13 trillion today.
At its core, a sovereign wealth fund is a diversification strategy—spreading investments across multiple asset classes to mitigate risks and optimize long-term returns. The specific investment approach varies by country. Smaller funds may allocate capital to venture capital or startups, while larger funds favor private equity, real estate, and infrastructure projects with longer time horizons.
According to Brian Payne, chief strategist for private markets at BCA Research, sovereign wealth funds don’t need to generate astronomical returns to be impactful. "A 5% return might not seem significant to an individual investor, but for a $100 billion fund, that’s $5 billion in growth," Payne explains.
Can the U.S. Afford a Sovereign Wealth Fund? Skeptics argue that the U.S. runs trillion-dollar deficits, making a sovereign wealth fund unrealistic. Traditional sovereign funds typically originate from budget surpluses, a condition absent in the U.S. Without a surplus, funding would require borrowing, higher taxes, or reallocation of existing government assets—decisions requiring congressional approval.
Trump’s executive order provides few specifics, leaving it to Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick—both seasoned Wall Street figures—to draft a detailed proposal within 90 days.
Despite fiscal challenges, some experts believe a U.S. sovereign wealth fund could succeed without increasing debt or raising taxes. James Broughel, a senior fellow at the Competitive Enterprise Institute, points out that the executive order references $5.7 trillion in existing federal assets. The U.S. government is the nation’s largest landowner, holding nearly 30% of the country's acreage.
Concerns about deficit spending, Broughel argues, are mitigated by focusing on optimizing current government assets rather than taking on additional debt. "The U.S. has considerable natural resource wealth," he notes. "We should be better stewards of these assets, ensuring they retain value for future generations."
Some investments, such as acquiring stakes in private companies like TikTok, would require legislative approval. However, repurposing federal land for data centers or energy projects could be accomplished with fewer regulatory hurdles.
Sovereign wealth funds reflect the priorities and risk appetite of their managing nations. Trump’s financial background and preference for high-profile investments suggest that, if established, a U.S. sovereign wealth fund could take a more aggressive approach compared to traditional models.
While Trump’s policy decisions often provoke controversy, one thing remains consistent—his inclination for bold financial moves. Whether a sovereign wealth fund fits into that vision will depend on the details yet to emerge.
