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How JD Vance and Tim Walz's finances stack up

How JD Vance and Tim Walz's finances stack up

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vIce presidents are typically installed to consolidate the party, spread the presidential candidate's message, or appeal to an important constituency. In other words, they aren't typically chosen based on the money they bring to the campaign (RFK Jr.'s pick for Nicole Shanahan notwithstanding). Still, you can learn a lot about a candidate based on how much money they made and how they earned it.

Both JD Vance and Tim Walz grew up in working-class families in the Midwest, joined the military as teenagers and later earned social science degrees from public schools. But their later career choices led to their parting ways. Vance attended Yale Law School, wrote a best-selling book — “Hillbilly Elegy” — about his difficult upbringing and became a venture capital investor, which helped him rake in millions. Then he won a Senate seat in 2022 and was elected as Donald Trump's running mate at age 39. Walz, on the other hand, became a public school teacher, retired from the military and ran for Congress after the Iraq War, in which Vance took part. He next became governor of Minnesota and won a second term before Kamala Harris tapped him to be her running mate. Today he is practically swimming in pensions – but not much else in terms of assets.

There is no doubt that Vance is significantly richer than Walz. But as the duo prepares for their debate in Manhattan tonight, here's a side-by-side comparison of how the two vice presidential candidates are doing financially Forbes Estimates and reporting.


Net assets:

JD Vance: 10 million dollars

Tim Walz: Just over $1 million

Both Vance and Walz are less wealthy than their potential future bosses: Donald Trump is worth $3.9 billion – putting him back on the Forbes 400 list of America's richest people this year – and Kamala Harris has a net worth of 7 million dollars.


Age:

Vance: 40

Rolling: 60

While Walz is about the same age as his vice presidential running mate, who turns 60 on October 20, Vance has lived through just over half of Donald Trump's 78 years. If elected, Trump and Vance would have the largest age gap between president and vice president in history in nearly a decade, according to the Pew Research Center.


Property:

Vance: $4 million

Roller: $0

Vance owns three homes in Ohio, Virginia and Washington, DC. Only one, the house in DC, has any debt today. Walz, on the other hand, sold his longtime home in Mankato when he became governor in 2019, paid off his mortgage and moved into the state's government mansion, which was owned by Minnesota taxpayers.


Pensions:

Vance: $13,000

Rolling: $900,000 to $1.1 million

As long-time public employees, Walz and his wife Gwen have at least four pensions that make up virtually all of their net worth. The most valuable is almost certainly Tim's federal pension Forbes Thanks to a combination of congressional and military service, he is estimated to be worth more than $475,000. Vance also has a federal pension after a career largely in the private sector, but it is worth much less because he has been in elected office for less than two years.


Liquid assets and other:

Vance: Average of $6.9 million

Walz: Average of $180,000

Most of Vance's net worth comes from his investments from his time as a venture capitalist. Shortly after graduating from law school, he moved to California and joined Mithril, a company founded by PayPal billionaire Peter Thiel (who later bankrolled Vance's run for Senate). Just a few years later, however, Vance moved back to Ohio and helped AOL billionaire Steve Case invest in Central America before starting his own company, Narya (a name that, like Mithril, comes from “Lord of the Rings”). Today, he still holds some shares in his old employers' portfolios, stock market and gold ETFs, and even over $100,000 in Bitcoin. Walz, on the other hand, doesn't appear to have much in the market other than a 401(k) retirement account as governor.


Current position and salary:

Vance: Senator from Ohio (2023-present), $174,000

Rolling: Governor of Minnesota (2019-present), $127,629

Both men would receive a raise if elected vice president – the deputy commander in chief receives about $235,000 a year. According to the Council of State Governments, Walz's salary as governor is the 14th lowest in the country. (Maine's governor makes just $70,000, the lowest of any state).


Income 2023:

Vance: $325,000 + wife's salary

Rolling: Total about $300,000

In addition to his salary as a senator, Vance reported at least $150,000 in investments and other income in 2023. This includes income from the sale of his partnership interest in his venture capital firm Narya for between $100,000 and $1,000,000. His wife, Usha, received a salary from the law firm Munger Tolles & Olsen in Washington, D.C., but was not required to disclose the amount; She left the company after JD's election as vice president. Meanwhile, according to their 2023 tax returns, the Walzes earned $135,000 in retirement income, $50,000 from Gwen's part-time job at Augsburg University in Minneapolis and Tim's gubernatorial salary.


Previous positions before the current one:

Vance: none

Walz: Congressman from Minnesota's 1st District (2007–2019)

In Congress, the Minnesotan cut a moderate figure as a Democrat from a rural district, drawing support from conservative groups like the National Rifle Association and liberal groups like the League of Conservation Voters.


Books written:

Vance: 1

Rolling: 0

Vance's memoir, “Hillbilly Elegy,” made him a nationally known figure and earned him respect – and interview requests – from the media and business elites he often rails against today. It sold 1.6 million print copies, according to Circana Bookscan, an industry tracking service.


Career before politics:

Vance: Marine, author, venture capitalist

Walz: Army National Guard reservist, teacher

Both men have attacked each other's previous careers: Vance has championed Walz's military service, while Walz has claimed that Vance's memoir misrepresents small-town America.


Spouse's career:

Usha Vance: lawyer

Gwen Walz: teachers, university administrators

Both men met their wives in schools – the Walzes both taught at the same public school in Nebraska, while the Vances met as students at Yale Law School. The Walzes have two children; The Vances have three.

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