News

Elaine Chao’s Net Worth: 5 Fast Facts You Need to Know

Elaine Chao trump tower, Elaine Chao donald trump, Elaine Chao 2016

Elaine Chao arrives at Trump Tower to meet with Donald Trump on November 21, 2016. (Getty)

Elaine Chao, President-elect Donald Trump’s nominee for transportation secretary, will have her Senate confirmation hearing next week.

Chao is a veteran of the George W. Bush administration, having served as secretary of Labor for the 43rd president. Prior to that, she was the deputy secretary of Transportation under President George H.W. Bush. Chao is a relatively uncontroversial pick who will likely face no issues being approved on Wednesday; her hearing is scheduled for 10:15 a.m Eastern Time.

Chao comes from a wealthy family, and she is married to Senate Majority Leader Mitch McConnel. Here’s what you need to know about her wealth.


1. Her Net Worth Is $24 Million

Mitch McConnell, Elaine Chao, Mitch McConnell wife

Senate Minority Leader Mitch McConnell with his wife, Elaine Chao, after voting. (Getty)

According to Forbes, Elaine Chao has a net worth of approximately $24 million.

This makes her the seventh wealthiest person in the Donald Trump cabinet. Ahead of her are: Wilbur Ross, who is worth $2.5 billion; Betsy DeVos, who is worth $1.25 billion; Rex Tillerson, who is worth $325 million; Steve Mnuchin, who is worth $300 million; Andy Puzder, who is worth $45 million; and Ben Carson, who is worth $29 million.

Donald Trump’s cabinet has a collective net worth of $4.5 billion. At a rally in December, Donald Trump defended his selection of extraordinarily wealthy people to serve in his cabinet, saying, “I want people that made a fortune! Because now they’re negotiating with you, ok?”

Steven Mnuchin: 5 Fast Facts You Need to Know

Steven Mnuchin is rumored to be the new Treasury secretary under the Donald Trump administration. Here's what you need to know about him.

Click here to read more

2. She Made $1.2 Million From Wells Fargo

Elaine Chao china, Elaine Chao wen jiabo, Elaine Chao 2008

Elaine Chao meets with Chinese Premier Wen Jiabao on August 23, 2008 in Beijing, China. (Getty)

Chao left Washington in 2009, finishing off an eight-year stint as United States Secretary of Labor. In 2011, she became a board member at Wells Fargo.

Between 2011 and 2015, Chao made approximately $1.2 million from Wells Fargo, according to CNN.

While with Wells Fargo, Chao was responsible for monitoring the bank’s management and making staff changes. Wells Fargo Chairman Steve Sanger told CNN that she has been “deeply involved in the Board’s efforts to address and remedy retail sales practice issues.”

Since leaving the White House, Chao has served on the boards of News Corp, Ingersoll-Rand, and Vulcan Materials.


3. She’s Married to Mitch McConnell, Whose Net Worth is $22.8 million

Mitch McCaonnell wife, Elaine Chao husband, Mitch McConnell Elaine Chao

Mitch McConnell and Elaine Chao on Election Day 2014 in Louisville, Kentucky. (Getty)

Elaine Chao’s husband is Mitch McConnell, the current United States Senate Majority Leader.

According to The Washington Post, McConnell’s net worth is $22.8 million. That net worth is significantly higher than it was in 2004; that year, McConnell’s net worth was $3.1 million.

This is because in 2008, McConnell received an inheritance from Elaine Chao’s mother, Ruth Mulan Chu Chao, who died that year. This inheritance is valued at between $5 million and $25 million.


4. Her Father is James S.C. Chao, a Wealthy Businessman

Elaine Chao family, chao family, Elaine Chao mother

James Chao and the rest of the Chao family honors the memory Ruth Chao. (AngelaChao.org)

Elaine Chao comes from a wealthy family, as her father, James S.C. Chao, is a businessman who founded a shipping company in New York City called Foremost Group.

James Chao’s exact net worth is not known, but in 2012, Chao and his family donated $40 million to the Havard Business School.

According to The Nation, Chao family members and Foremost Group employees have donated $90,000 to Mitch McConnel over the years.


5. Her Brother-in-law’s Net Worth is $2.6 Billion

Jim Breyer, Jim Breyer elaine chao, Jim Breyer chao family

Jim Breyer poses during a portrait session at the Digital Life Design on January 26, 2010. (Getty)

Elaine Chao has five sisters: Angela Chao, Jeanette Chao, Christine Chao, May Chao and Grace Chao.

Her sister Angela is married to Jim Breyer, a venture capitalist and founder of the investment firm Breyer Capital. He is also a partner at Accel Partners, a venture capital firm, and he has investments in dozens of major companies including Facebook.

According to Forbes, Breyer’s net worth is $2.6 billion, which makes him the 722th richest person on Earth.

Elaine Chao’s Sisters: 5 Fast Facts You Need to Know

Elaine Chao, the new secretary of transportation, has a rich family history and five younger siblings: Jeanette, May, Christine, Grace, and Angela.

Click here to read more

Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

3 comments

  1. Sounds like a family of honest high achievers. No wonder the liberal/progressive democrats hate them and want to destroy them.