Minnesota Gov. Tim Walz has skyrocketed into the public eye after being named as Vice President Kamala Harris’ running mate. A previous high school social studies teacher, with roots in rural America, Walz is arguably among the more relatable candidates taking center stage during the 2024 election.
During his speech at a Democrat rally in Philadelphia on Aug. 6, Walz contrasted his financial background with that of the Republican presidential candidate. “Donald Trump’s not fighting for you or your family,” he told the crowd. “He never sat at that kitchen table like the one I grew up at, wondering how we were going to pay the bills.”
[time-brightcove not-tgx=”true”]Walz made headlines when it recently came back to light that the former six-term Congressman does not invest in any stocks, bonds, or other securities, according to a U.S. House of Representatives disclosure in 2019. As of August 2024, Walz still does not have any investments of this kind, per Axios. This sets him apart from many of his government counterparts says Kathleen Hall Jamieson, director of the Annenberg Public Policy Center at the University of Pennsylvania
“I’m not easily surprised by political information. But to see that he owns no stock?” Jamieson told TIME. “I think there are a whole lot of people out there saying, ‘Hey, yeah, that’s kind of who I am. I’ve got a little pension, if I’m lucky.’”
Walz’s limited financial portfolio also extends to his other assets, which contain his state and federal pensions as a former teacher and former Congressman, life insurance and college savings, the House disclosure shared. The disclosure also showed that Walz’s wife, Gwen Walz, earned income from a Minnesota public school and law firm Hogan Lovells.
Read More: Key Moments From Tim Walz’s DNC Speech
As a Governor, Walz earns about $127,000 in salary per year. If Walz and Harris win the 2024 election, he is poised to earn a salary of $235,100 as Vice President. According to the Minnesota Legislative Reference Library, Walz was offered an increase in his salary, but in August 2023 “the Compensation Council had received communication from the Governor’s office” that he declined the raise and his salary will remain the same. Walz and his wife also sold their home in 2019 for $304,000 after moving into the Minnesota Governor’s Mansion, according to the New York Times
According to the Wall Street Journal, utilizing their 2023 tax returns, the couple had a total income of about $299,000, with $135,000 of that coming from pensions or annuities.
But, theWall Street Journal also recently reported that Walz pulled $135,000 from his retirement savings to pay for his daughter Hope’s college education—something only available to the father-of-two through his accumulated pensions from the National Guard, Congress, and teaching. The publication reported that those pensions could add up to an additional $800,000 to the couple’s net worth, which was originally appraised as between $112,000 and $330,000 in 2019.
Forbes estimates that Walz’s net worth as of 2024 stands at just over $1 million—the least wealthy of all candidates on a major party ticket this election cycle.
