Democrats V-P pick Tim Walz’s net worth trails the other candidates in US presidential race
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Mr Walz’s most recent disclosure to the Minnesota Campaign Finance Board listed no stocks, real estate or horse racing interests.
PHOTO: AFP
MINNESOTA – Minnesota Governor Tim Walz is likely the poorest of the four people on 2024’s major-party presidential tickets, with a disclosed net worth of under US$1 million (S$1.32 million), following his selection as Democratic nominee Kamala Harris’ running mate.
As a former House lawmaker who pushed a federal law tightening disclosures of congressional stock trading in 2012, Mr Walz said at the time he did not own any stocks himself. More than a decade later, he still does not, according to his most recent disclosures.
Republican nominee Donald Trump is worth US$5.7 billion, ranking 500th on the Bloomberg Billionaires Index. His running mate, Senator J.D. Vance of Ohio, disclosed a net worth between US$4.3 million and US$10.7 million in his most recent US Senate disclosure.
Vice-President Harris has disclosed between US$550,000 and US$1.1 million in cash in US bank accounts. She also holds between US$775,000 and US$1.8 million in retirement funds.
Mr Walz’s most recent disclosure to the Minnesota Campaign Finance Board listed no stocks, real estate or horse racing interests. Minnesota has a much narrower definition of reportable assets than federal law, however, excluding stocks worth less than US$10,000 and any mutual funds or exchange-traded funds.
His congressional disclosures before that show relatively modest and conservative investments befitting his status as a retired teacher and Army National Guard soldier. In his last filing as a member of Congress in 2019, Mr Walz disclosed assets worth between US$362,000 and US$830,000.
Those numbers included the value of his home, which he ordinarily would not have to disclose. Because Mr Walz and his wife rented out a spare room, however, it was listed as an income-generating asset.
The Walzes sold their Mankato, Minnesota, house for $304,000 in 2019 after moving into the governor’s mansion, according to property records.
Other assets disclosed in 2019 included a college savings plan, a state teacher pension and a whole life insurance policy.
Election to vice-president would give Mr Walz a considerable pay bump. He makes US$127,629 as governor – the 37th highest-paid state chief executive in the country, according to the Council of State Governments. State law allows for a salary of US$149,550, but Mr Walz has opted to keep his salary frozen during his tenure in office.
The vice-president’s salary is US$284,600.
The Harris-Walz campaign did not immediately respond to requests for more information on his holdings. Mr Walz has at least 30 days from Aug 6 to file a federal financial disclosure statement. BLOOMBERG
