As the 2024 US presidential race intensifies, much attention has been given to the financial backgrounds of the candidates.
One of the most notable contrasts is between Minnesota Governor Tim Walz, Kamala Harris’ recently announced running mate and other prominent figures in the race.
Walz’s financial situation is strikingly modest, especially compared to the wealthier candidates, making his working-class roots a focal point of his campaign.
Tim Walz’s background: A life of service
At a rally in Philadelphia, his first public appearance since being chosen as Kamala Harris’ running mate, Tim Walz drew on his working-class upbringing and public service career to connect with voters.
Walz, a former public school teacher and Army National Guardsman, has spent most of his life in public service.
His humble beginnings and dedication to service have not only shaped his political views but have also kept his financial portfolio relatively modest.
According to Forbes, Walz’s net worth is estimated to be just over $1 million, which places him closer to the median American of his age than his fellow candidates.
As per a 2019 study by Federal Reserve and University of Wisconsin economists, the median net worth of Americans around Walz’s age is approximately $540,000, considering pensions, social security benefits, and other assets.
The composition of Walz’s wealth: An unusual financial profile
What sets Walz apart is the composition of his wealth. Unlike many Americans, Walz and his wife, Gwen—a longtime public school teacher—do not appear to own any stocks, bonds, or a home.
Shortly after Walz became governor, they sold their five-bedroom residence in Mankato, Minnesota.
The majority of their wealth comes from government pensions earned through their state, federal, and military careers.
Forbes estimates that these pensions, collectively worth around $1 million, make up nearly their entire net worth. This financial profile is atypical in comparison to other presidential and vice-presidential candidates.
For example, Kamala Harris, who has also spent much of her career in government service, has a net worth of approximately $8 million, partly due to her husband Doug Emhoff’s previous career as an entertainment lawyer.
On the Republican side, Donald Trump’s wealth, estimated at $4.8 billion, comes largely from his private sector ventures.
Even Robert F. Kennedy Jr., an independent candidate, boasts a net worth of around $15 million.
The Harris-Walz ticket: Contrasts in wealth and background
The Harris-Walz ticket presents a stark contrast not only in terms of policy but also in terms of financial background.
While Harris’ wealthier background and her husband’s career in law have contributed to a more substantial financial portfolio, Walz’s modest means emphasize his connection to the average American.
His financial situation mirrors that of many voters, particularly those in the Midwest and other swing states, where economic struggles are a key concern.
Walz’s financial modesty is further highlighted by the fact that he and his wife do not appear to have any significant investments or business interests.
Their decision to sell their home and rely on government pensions underscores their commitment to public service over personal wealth accumulation.
This stands in contrast to other candidates who have amassed wealth through private sector ventures or lucrative speaking engagements.
Public perception and campaign strategy
Walz’s financial background may serve as both a strength and a vulnerability in the campaign.
On one hand, his modest net worth allows him to position himself as a candidate who understands the economic challenges faced by many Americans.
His narrative of public service and financial modesty resonates with voters who feel disconnected from the wealthier elite.
On the other hand, his lack of substantial wealth could be perceived as a disadvantage in a political landscape where financial power often translates to influence and resources.
The Harris-Walz campaign appears to be leveraging Walz’s working-class background to appeal to voters who are disillusioned with wealthier candidates.
At the Philadelphia rally, Walz contrasted his life of service with that of former President Trump, stating, “He doesn’t know the first thing about service. He doesn’t have time for it, because he’s too busy serving himself.”
This message is likely to resonate with voters who are looking for a candidate who represents their interests and understands their struggles.
The road ahead: Financial disclosure and prospects
As the election draws nearer, more details about Walz’s financial situation may come to light.
His 2019 congressional financial disclosures provide some insight into his assets, including government pensions and a small college savings account.
However, there are still some uncertainties, such as the exact value of the pensions and any potential changes in his financial situation since he became governor.
If the Harris-Walz ticket wins the White House, Walz’s financial picture is likely to improve.
The vice president’s $235,000 salary would be a significant increase from his current gubernatorial salary, and his federal pension would also grow in value.
Additionally, former vice presidents often have opportunities to increase their wealth through speaking engagements, book deals, and other post-office ventures.
In many ways, Walz’s financial situation resembles that of Mike Pence when he was picked as Donald Trump’s running mate in 2016.
Pence, a midwestern governor with a modest net worth largely based on pensions, saw his financial situation improve significantly after leaving office.
If history repeats itself, Walz could see a similar trajectory.
As the election progresses, Walz’s financial modesty could prove to be both an asset and a challenge, as he navigates a political landscape dominated by wealth and power.
Regardless of the outcome, his story offers a compelling narrative of dedication to public service and a commitment to the values that resonate with many American voters.
The post How much is Tim Walz, Kamala Harris’ VP pick, worth? appeared first on Invezz
