As the 2024 US presidential election approaches, the huge wealth gap between the two main candidates is becoming more apparent.
On one side, Republican candidate Donald Trump stands as one of the richest people to have held the office of president, with a fortune in the billions of dollars. On the other side, there is Tim Walz, the governor of Minnesota and the Democratic vice presidential candidate, who is among the least wealthy compared to the other candidates, which puts him closer to the American middle class.
The Washington Post report reveals the stark contrast in the economic backgrounds of the four main candidates: Trump, Kamala Harris, J.D. Vance, and Tim Walz.
The report is based on a detailed analysis of financial disclosures, and reviews each candidate’s sources of income, investments, debts and taxes.
Donald Trump – $3.9 billion
- Net Worth: $3.9 billion
- Main sources of income: Real Estate, Hotels and Companies
- Debts: At least $50 million in legal obligations
- Taxes: Sign up to pay lower taxes in some years.
Republican presidential candidate Donald Trump has a massive net worth of $3.9 billion, making him one of the wealthiest people to ever hold the office of president. Since taking over the Trump Organization after graduating from the Wharton School of the University of Pennsylvania, Trump has built a real estate empire that includes hotels, golf courses, and properties in locations around the world. In 2023, he reported income of $635 million from his real estate and tourism ventures.
Despite this vast wealth, Trump faces debts exceeding $50 million, much of it stemming from lawsuits related to defamation and fraud, and he was ordered to pay $83 million in a libel case to the writer E. Jean Carroll, in addition to other obligations related to illegal business practices. It is noteworthy that Trump has managed to reduce his tax bills over many years, which has sparked controversy during his presidency.
Kamala Harris – $8 million
- Net Worth: $8 million
- Annual salary: $284,600 Vice President
- Additional revenue: $450,000 in book rights
- Real Estate: She owns a multi-million dollar home in Los Angeles.
Current Vice President and Democratic presidential nominee Kamala Harris has a personal fortune estimated at $8 million. Her wealth is based on years of public service as a prosecutor and then a senator, as well as her marriage to lawyer Douglas Emhoff, who earned more than $1 million a year before leaving his practice after she was elected vice president.
In addition to her salary as vice president, Harris has earned additional income from royalties for her books The Truths We Hold and Superheroes Everywhere, earning more than $450,000 from these royalties. Harris and Emhoff own a luxury home in Los Angeles, valued at millions of dollars, and also benefit from more than $2 million in investments in various investment funds.
J.D. Vance – $10 million
- Net Worth: 10 million dollars
- Annual salary: $174,000 as a senator
- Real Estate: He owns a $1.6 million home in Virginia.
- Additional revenue: $54,734 from the royalties of his famous book
J.D. Vance, a Republican senator from Ohio and vice presidential candidate, went from poverty to becoming a $10 million millionaire. After publishing his widely successful memoir, Hillbilly Song, Vance entered the world of venture capital, where he made millions of dollars.
In addition to his salary as a senator, Vance benefits from returns on his venture capital investments and personal real estate.
He owns a $1.6 million home in Virginia, as well as another property he rents out in Washington, D.C. He also reported making $54,734 from royalties for his book “Hillbilly Song.”
Tim Walls – $1 Million
- Net Worth: 1 million dollars
- Annual salary: $112,493 as Governor of Minnesota
- Investments: He has no investments outside of retirement accounts.
- Real Estate: He doesn’t own a home at the moment.
Tim Walz, the governor of Minnesota and the Democratic vice presidential nominee, is an economic average compared to the other candidates. His net worth is $1 million, which is below the average educated married person his age.
Unlike other candidates, Walz and his wife do not have investments outside of retirement accounts tied to their jobs in government and education.
The couple sold their Mankato home for $304,000 in 2019 when they moved into the official governor’s mansion, and they currently own no other property.
