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By James Bickerton
News Reporter
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The race for the 2024 Republican presidential nomination is well underway, with eight of the most prominent candidates having taken to the stage in Milwaukee on August 23 for the first GOP debate. Former president Donald Trump notably declined to take part and was instead interviewed by Tucker Carlson on X, the social network formerly known as Twitter.
Polling indicates Trump is by some margin the GOP front runner, with one recent survey indicating he is the preferred candidate of 50 percent of Republican voters, well ahead of Florida Governor Ron DeSantis in second place on 12 percent.
The selection process will get underway on January 15, 2024 with the Iowa caucus, and will continue until early June. After the primary and caucus results are in, the GOP presidential candidate will be formally announced at the Republican national convention, due to take place from July 15-18 in Milwaukee, Wisconsin.
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Newsweek has summarized the net worth of the seven leading Republican candidates, based both on what they have self-reported and on publicly available records.
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Donald Trump
An analysis of Donald Trump's finances by Forbes Magazine in March concluded the former president has a net worth of $2.5 billion. This makes him by some margin the wealthiest candidate, though the figure is significantly less than the $8.7 billion Trump claimed to have in June 2015 after announcing his first White House bid.
Most of this money is tied up in property, with Forbes estimating Trump's global network of clubs and golf courses are worth $730 million. These include Mar-a-Lago, his Florida private members club, which is valued at $325 million. Another $720 million is held in New York real estate, including $61 million in Trump Tower, with another $230 million in buildings outside New York.
Trump has cash and personal assets valued at $610 million. Included in this is $425 million in cash and liquid capital, along with a property he owns in St. Martin, his two private aircraft and one helicopter.
Another $240 million in assets is tied up in social media and brand businesses. The biggest chunk of this is held by the Trump Media and Technology Group, which runs his Truth Social platform, which has an estimated five million users.
On Wednesday the New York Attorney General's office published a partial summary judgment motion that accused Trump of exaggerating his net worth by between $812 million and $2.2 billion over a 10-year period. The $2.2 billion discrepancy allegedly occurred in 2014 according to the agency, which is undertaking a civil fraud lawsuit against the ex-president, his adult sons and the Trump Organization.
Ron DeSantis
Florida Governor Ron DeSantis reported a net worth of $1,174,331.07 as of December 21, 2022, according to a state filing made public in June.
The filing shows DeSantis was paid $1,250,000 in 2022 as an advance for his second book, The Courage to Be Free, along with $141,400.20 as his governor's salary.
In 2019 DeSantis and his wife Casey sold their home in Ponte Vedra Beach following his inauguration, and moved into the governor's mansion in Tallahassee.
Vivek Ramaswamy
Vivek Ramaswamy had a successful business career as a biotech investor before entering politics, with Forbes reporting his net worth at $950 million on August 21, making him comfortably the wealthiest GOP candidate after Trump.
Most of Ramaswamy's money is in shares for healthcare company Roivant Sciences, which he co-founded in 2014. He currently owns a 10 percent stake in the firm, worth around $600 million, with this figure having increased by nearly 40 percent over the past year.
In addition, Ramaswamy has stakes in video sharing platform Rumble, a YouTube competitor popular with conservatives because of its looser rules on censorship, and MoonPay, which arranges cryptocurrency payments. In 2022 he founded Strive Asset Management, with financial backing from billionaires such as Peter Thiel and Bill Ackman. Ramaswamy also owns two properties in Ohio with a combined value of $2.5 million.
Mike Pence
In July, former Vice President Mike Pence was estimated to have a net worth of $4 million, according to a Forbes calculation.
He and his wife Karen own a house in Indiana valued at around $1.9 million, along with stock in a number of major companies including Apple, Lockheed Martin and Pfizer.
Between January 2022 and June 2023 Pence was paid $1.4 million as an advance on his post-White House book, So Help Me God, along with $3.4 million for delivering more than 30 paid speeches.
Nikki Haley
Nikki Haley has a personal fortune of around $8 million according to Forbes, most of which she acquired after resigning as the U.S. ambassador to the UN under Trump in 2018, when she was valued at less than $1 million.
The former governor of South Carolina received $2.3 million from giving addresses at 11 events in 2022, and has also been paid over $700,000 in consultancy fees since leaving the Trump administration.
In 2019 Haley joined the board of Boeing, making $300,000 in cash and stock, despite stepping down in 2020. She also serves on the United Homes Group board, from which she has netted more than $250,000.
Tim Scott
South Carolina Senator Tim Scott is worth just over $1 million, according to Forbes, with most of this wealth concentrated in the five properties he owns; one in D.C. and four in his home state. Along with this Scott owns shares in a number of major corporations, including Apple, Coca-Cola and Boeing.
Prior to entering politics Scott, who was brought up by a single mother with little money, created a successful insurance business which he sold for $500,000 after being elected to the House of Representatives in January 2011.
Chris Christie
Reports on the net worth of Chris Christie, the former Governor of New Jersey, differ significantly, with The Independent reporting "the consensus" is around $5 million.
Christie would have earned a maximum of $175,000 per year during his time as governor, which lasted from January 2010 to January 2018.
Newsweek has contacted Ron DeSantis, Vivek Ramaswamy, Mike Pence, Nikki Haley, Tim Scott and Chris Christie for comment by email, along with Donald Trump using the online press inquiry form on his official website.
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