A Trump Oligarchy Is Moving to Washington, and Buying Up Prime Addresses
President Biden recently warned of an oligarchy taking shape in America. Washington, D.C. is already showing signs of this trend, with at least a dozen billionaires among President-elect Donald J. Trump’s cabinet picks and those headed for senior roles in the new administration. The newest entrants, including tech moguls, private equity moguls, and real estate tycoons, are buying up prime addresses, transforming the city’s real estate market.
The richest of the bunch is Elon Musk, with a net worth of $429 billion, making him the world’s richest man. Trump himself is worth an estimated $6.8 billion. Trump’s campaign as a populist defender of the American working class seems to have been replaced by a situation where his richest donors are in position to shape government policy.
The incoming administration’s plans include Elon Musk, who has spent over $250 million helping Trump win the election, and is expected to have an office in the White House. Michael Waldman, a former speechwriter for President Bill Clinton, likens this situation to the Gilded Age, but notes that John D. Rockefeller did not actually run McKinley’s campaign or move into the White House.
The Washington real estate market is experiencing an “explosion,” with luxury homes selling at record-breaking prices. Howard Lutnick, a billionaire with a net worth of $1.5 billion, recently purchased a $25 million French Chateau-style home. Other prominent figures in the administration, such as Scott Bessent, the nominee for Treasury secretary, have looked at multi-million-dollar properties.
The influx of wealth is also attracting other wealthy individuals, including those who are not directly affiliated with the administration but desire a “seat at the table.” The new arrivals are causing an unparalleled demand for luxury housing, with real estate agents having to call their clients to ask if they’d be interested in selling to the newcomers. The latter group includes tech moguls, who are known for their lavish spending habits, with private planes, assistants, and curated food catered to their specific tastes.
Not all of the billionaires will need homes in Washington, as some will be stationed in other parts of the world. For example, Charles Kushner, the U.S. ambassador to France, will live in Paris. Others, such as Warren Stephens, the U.S. ambassador to Britain, will reside in London.