Trump's cabinet of billionaires combined worth $340 bn, upcoming administration to be wealthiest in US history

United States President-elect Donald Trump has assembled billionaires and multimillionaires as a part of his upcoming administration who are collectively worth at least $330 billion, making the wealthiest administration in America's history.

Trump has packed his administration with mega-rich backers, however, it will give them the power to cut expenses on public services.

At least 11 of Trump's picks for strategic positions in his upcoming administration are either billionaires, have billionaire spouses or are within touching distance of that threshold.

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The net result of Trump's administration will be the wealthiest administration in the history of America, worth a total of $340 billion at the start of this week.

The current administration of outgoing US President Joe Biden has collectively worth a relatively paltry $118 million.

Moreover, the wealthiest and the most important pick by Trump was Elon Musk, one of the richest men in the world.

Additionally, Republican Vivek Ramaswamy's worth is at least $1 billion. Musk has also created a Department of Government Efficiency (DOGE), with a mission to cut waste from public spending.

Watch |USA News: Musk And Ramaswamy Tasked With Cutting Government Spending

Musk has vowed to cut $2 trillion from the national budget, warning that it may entail "temporary economic hardships”.

Trump's pick for Middle East envoy, Steve Witkoff has a net worth of around $1 billion. Wiskoff has been Trump's golfing partner.

David Kass, the executive director of Americans for Tax Fairness, said the goal of Trump’s “government by the billionaires for the billionaires” was huge tax cuts for the super-rich. It would be achieved at the cost of affecting services such as education, social security and Medicaid.

“Voters wanted a change,” Kass said. “I think what’s going to happen is that people will say, that’s not actually what I wanted. The rich are rich enough and don’t need more tax cuts. How about helping me? I think there’s going to be a huge mobilisation against this [tax cut].”

(With inputs from agencies)