When Kamala Harris chose her running mate earlier this week, an extraordinary spotlight was focused on Minnesota Gov. Tim Walz. So far, the most shocking thing anyone has dug up on him is that he doesn’t own a single stock.
No mutual funds. No bonds. No crypto. The poor guy has probably never even heard of an NFT.
While this news elicits outrage among us here at Brew Markets, (investing is the best, what kind of monster doesn’t invest???), considering Walz’s record, it shouldn’t come as an enormous surprise. Walz was a sponsor of the Stop Trading on Congressional Knowledge Act, or STOCK Act, a 2012 law that prohibits insider trading among members of Congress and other government employees.
That said, it’s not like Walz is strapped for cash: He earns $128,000 a year as governor of Minnesota. His House of Representatives 2019 financial disclosure report pegs Walz’s net worth at about $112-$330k, though a Wall Street Journal analysis estimates that the value of his pension would add another $800,000 to that total.
Political portfolios
With Walz’s financial situation under the microscope, it makes sense to take a look at how the rest of the 2024 Presidential election ticket is doing financially.
Republican VP nominee JD Vance has a sizable portfolio due to his time as a VC, and he still makes money from “Hillbilly Elegy,” his memoir. His 2022 Senate financial disclosure report notes that Vance made about $1 million that year, while his net worth sits somewhere between $4 million to $10.4 million, according to the Wall Street Journal.
- Salary from venture capital firm Narya Capital Management: $110k
- VC management profits: $945k
- Book royalties: $121k
- Portfolio value: $790k-$3.4M
Democratic presidential nominee Kamala Harris and her husband have most of their wealth tied up in 401k accounts or in their house, which they purchased for $1 million in 2012. Her net worth is estimated to be somewhere between $3.6 million and $7.4 million.
- Vice presidential salary: $218k
- LA home: $5M
- Book royalties: $6k
- Pension: $250k-$500k
- 401k accounts: $1.25M
Former President Donald Trump’s finances are murky at best, as a New York court recently discovered—but what is clear is that, financially speaking, he’s doing better than everyone else. His net worth is an estimated $6.5 billion, but the true number is hard to know given the numerous fines he owes the government.
• Real estate: $1.1B
• Trump Media: $5.6B
• Clubs & resorts: $810M
• Cash & other assets: $510M
All in all, in a world where Nancy Pelosi has her own ETF tracking her every (often very lucrative) investment, it’s kind’ve refreshing to see a politician like Walz who doesn’t even bother trying to profit from his position.—LB, MR
