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Tim Walz’s net worth is less than the average American’s (fortune.com)

submitted 2 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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The all-American working man demeanor of Tim Walz—Kamala Harris’s new running mate—looks like it’s not just an act.

Financial disclosures show Tim Walz barely has any assets to his name. No stocks, bonds, or even property to call his own. Together with his wife, Gwen, his net worth is $330,000, according to a report by the Wall Street Journal citing financial disclosures from 2019, the year after he became Minnesota governor.

With that kind of meager nest egg, he would be more or less in line with the median figure for Americans his age (he’s 60), and even poorer than the average. One in 15 Americans is a millionaire, a recent UBS wealth report discovered.

Meanwhile, the gross annual income of Walz and his wife, Gwen, amounted to $166,719 before tax in 2022, according to their joint return filed that same year. Walz is even entitled to earn more than the $127,629 salary he receives as state governor, but he has elected not to receive the roughly $22,000 difference.

“Walz represents the stable middle class,” tax lawyer Megan Gorman, who authored a book on the personal finances of U.S. presidents, told the paper.

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[-] AgentOrangesicle@lemmy.world 21 points 2 months ago

I know a lot of people, I'm inclined to believe the "1 in 15" thing is flagrantly untrue or working off of leveraged assets.

[-] bitwaba@lemmy.world 20 points 2 months ago

I'm guessing that is based on savings + asset value (house and car) + retirement funds + individual stock investments.

1 in 15 people with a half million dollar house and a half million dollar 401k? That's what? 25 million Americans? There's over 100 million people in the US over the age of 50. Seems pretty reasonable for 1 in 4 in that age range to have own their house and have a nice retirement fund.

[-] dharmacurious@slrpnk.net 15 points 2 months ago

I think that figure is because of people in NYC, LA, San Francisco, Chicago, et cetera, where they are absolutely not, like, independently wealthy or anything, but are technically millionaires because rent is 35 thousand dollars a week for 3 square foot apartment with no pets, no windows, and a communal bathroom where the landlord spits in your mouth instead of providing a sink.

Got off the rails there at the end. Rent prices are pissing me off lately. Point remains largely unchanged, though. Lol

[-] Evil_incarnate@lemm.ee 4 points 2 months ago

Luxury. We would live in a cardboard box, all fifteen of us and only be able to wash if it was raining, have to eat poison with our ramen and pay eighty thousand a day. You've had it easy.

[-] dharmacurious@slrpnk.net 3 points 2 months ago

Oh that was an example of others. We had it really tough. Lived in a septic tank, covered by tarpoline. Every morning dad would wake us up at 2am to go down mill and work for a quarter a day, and when we got home he'd feed us cold poison and beat us to sleep

[-] dtaylor84@lemmy.dbzer0.com 12 points 2 months ago* (last edited 2 months ago)

Do you think you know an unbiased sample of people?

[-] Pher@lemmy.world 2 points 2 months ago

Google Schelling's model of segregation.

this post was submitted on 09 Aug 2024

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