Net Worth Ranker
What Is Elaine Chao’s Net Worth?
Elaine Chao, a prominent Taiwanese-American Republican politician, possesses a net worth of approximately $30 million. This wealth is a combination of her career in public service and her family’s significant assets. She is married to Senator Mitch McConnell. Their marriage dates back to 1993.
Elaine Chao’s Family Wealth
Elaine Chao’s financial standing is significantly influenced by her family’s considerable wealth. Her father, James S. C. Chao, is the founder of the Foremost Group, a New York-based shipping company. This company operates a fleet of 33 ships. While the Foremost Group’s estimated worth is $1.2 billion before debt, after accounting for debt and investments from entities such as China’s Export-Import Bank and Taiwan’s First Commercial Bank, the Chao family’s stake is estimated at around $600 million. Elaine’s sister, Angela Chao, served as CEO of Foremost until her unfortunate passing in a car crash in February 2024. A significant increase in Elaine Chao and Mitch McConnell’s combined net worth occurred in 2007, following an inheritance estimated between $5 million and $25 million after the death of Elaine’s mother. This inheritance boosted their net worth to $12.7 million, up from a reported $3 million before 2007. Their current disclosed net worth may reach as high as $35 million, combining both their assets.
Elaine Chao’s Career and Government Roles
Elaine Chao’s career has spanned various influential positions in the public sector. From April 1988 to April 1989, she served as the Commissioner and Chair of the Federal Maritime Commission. Subsequently, she was the United States Deputy Secretary of Transportation from April 1989 to October 1991. Later, from October 1991 to November 1992, she directed the Peace Corps. Chao’s tenure as the 24th United States Secretary of Labor, from January 2001 to January 2009, was notable as she was the only cabinet member to serve throughout the entire George W. Bush administration. In 2017, she was appointed as the 18th United States Secretary of Transportation, serving until her resignation on January 11, 2021. Her resignation was a response to the January 6 attack on the US Capitol. Beyond these governmental roles, Chao has also presided over the United Way of America and held positions on the boards of directors of companies such as Hyliion and ChargePoint.
Early Life and Education
Born on March 26, 1953, in Taipei, Taiwan, Elaine Chao is the eldest of six daughters born to Ruth, a historian, and James, a merchant mariner and founder of Foremost Maritime Corporation. Her sisters are Jeannette, May, Christine, Grace, and Angela. Elaine’s early education took place at Tsai Hsing Elementary School in Taiwan. In 1961, she immigrated to New York with her mother and two of her sisters, joining her father, who had arrived three years earlier. She continued her education at Syosset High School in New York. Elaine Chao earned her BA in economics from Mount Holyoke College in Massachusetts and later obtained her MBA from Harvard Business School.
Career Before Public Service
Before entering public service, Elaine Chao gained experience in the financial sector. She served as a vice president for syndications at Bank of America Capital Markets Group in San Francisco, California. She also worked as an international banker at Citicorp in New York. These roles provided her with a strong foundation in finance before transitioning to government service.
Early Government Roles
Elaine Chao’s initial foray into government service began in 1986 when she became deputy administrator of the Maritime Administration in the Department of Transportation under Ronald Reagan. This appointment marked the beginning of her extensive career in public service, leading to her subsequent roles as chairwoman of the Federal Maritime Commission from 1988 to 1989 and deputy secretary of transportation from 1989 to 1991.
Leadership of the Peace Corps
From 1991 to 1992, Elaine Chao served as the director of the Peace Corps. During her tenure, she focused on expanding the Corps’ presence in Eastern Europe and Central Asia. This initiative aimed to promote peace and development in these regions through volunteer service.
Presidency of United Way of America
Following her service in the George H. W. Bush administration, Elaine Chao became president of the United Way of America from 1993 to 1996. During her time as president, she was credited with restoring credibility and public trust to the organization. This was particularly important in the wake of the financial scandal involving former president William Aramony, which had damaged the organization’s reputation.
Secretary of Labor Under George W. Bush
Elaine Chao returned to government in 2001 as the US Secretary of Labor under President George W. Bush, a position she held until 2009. She was the only cabinet member in the Bush administration to serve for the entirety of his two terms. During her tenure, Chao oversaw the Department of Labor’s grant disbursements to assist in the aftermath of significant events such as 9/11 and Hurricane Katrina. These grants were crucial in providing aid and support to affected communities and workers. The Department of Labor was criticized for allegedly neglecting its regulatory function, including inadequately investigating the complaints of low-wage employees.
Private Sector Roles (2009-2017)
After her tenure as Secretary of Labor, Elaine Chao returned to the private sector, resuming her role at a conservative think tank. She also became a contributor to Fox News and other media outlets, providing commentary and analysis on various issues. Additionally, she served as a director on the boards of several companies, including Wells Fargo, Dole Food Company, and the Institute of Politics at Harvard Kennedy School. These roles allowed her to remain engaged in public discourse and contribute her expertise to various organizations.
Secretary of Transportation Under Donald Trump
In 2017, Elaine Chao rejoined the government as the US Secretary of Transportation under President Donald Trump. She served in this position until January 11, 2021, when she officially resigned in response to the January 6 attack on the US Capitol. Chao was the first cabinet officer to resign due to the events of that day, highlighting the significance of her decision. During her tenure, the Department of Transportation oversaw various infrastructure projects and initiatives aimed at improving transportation systems across the country.
Controversies as Secretary of Transportation
During her time as Secretary of Transportation, Elaine Chao faced controversy regarding potential conflicts of interest. Allegations arose that she was enriching her family’s shipping business, the Foremost Group, through her position. Federal disclosures revealed that Chao’s father had given her and her husband, Mitch McConnell, a gift valued between $5 million and $25 million. The Foremost Group’s extensive ties to the Chinese state raised concerns about potential conflicts of interest and undue influence. In early 2021, the Inspector General released a report citing Chao for numerous ethics violations, including promoting her father’s biography and using department resources for personal errands. These controversies led to scrutiny and criticism of her conduct while in office.
Private Sector Roles (2021-Present)
Following her resignation as Secretary of Transportation, Elaine Chao returned to the private sector. In August 2021, she was elected to the board of directors of the supermarket chain Kroger, indicating her continued involvement in the business world. She also began serving on the boards of directors of Hyliion, an electric truck manufacturer based in Austin, Texas, and ChargePoint, an electric vehicle infrastructure company based in Campbell, California. These roles demonstrate her ongoing interest in transportation and sustainable technology.
Relationship with Mitch McConnell
Elaine Chao married US Senator from Kentucky Mitch McConnell in 1993. Their marriage has been a prominent partnership in the political arena. She has been a visible figure on his campaign trails, supporting his reelection efforts. Her extended family has also contributed financially to his campaigns, with donations exceeding a million dollars. This financial support underscores the family’s commitment to his political career.
