Demetrius Freeman/The Washington Post via Getty Images
- Tim Walz ranks among the least affluent individuals to ever vie for the vice presidency.
- Based on tax filings, he and his spouse totaled $166,000 in income for 2022.
- The couple leases a room in their townhouse located in Washington, DC, according to financial disclosures.
Financial Background of Gov. Tim Walz
Minnesota’s Governor Tim Walz has been designated as a potential running mate for Kamala Harris and is noted for being one of the less wealthy candidates in history seeking the vice presidential role in the United States.
According to financial reports from The Washington Post, both Walz and his wife Gwen reported an annual income of $166,000 for 2022. This sum incorporates earnings from renting a room within their residence in DC and his governor’s salary amounting to $115,485.
Earlier analysis by Business Insider reveals that this figure aligns closely with what is generally recognized as middle-class income levels across America.
A Closer Look at His Net Worth
Tim Walz’s net worth stands at approximately $330,000 as per Forbes assessments. This places him below the average net worth benchmark for someone within his age demographic — individuals aged 60 often possess more substantial assets.
Born in 1964 just past Gen X’s typical age range, he mirrors trends seen within this generation known for struggling with considerable debt loads and financial uncertainty. Despite earning capabilities that should ideally ensure financial stability during retirement years, many members of Gen X still find themselves catching up on savings decades later.
The reports indicate that upon election as vice president, Walz would receive an annual salary estimated at $284,600.
An Interesting Comparison With Past Candidates
In stark contrast to other political figures like former President Donald Trump’s running mate JD Vance—whose wealth was estimated between $4.3 million and about $10 million due notably to various investments—Walz’s economic situation appears atypical among recent candidates chosen based on their greater fiscal security.
By way of historical context provided by USA Today commentary from presidential historian Mark Updegrove: “In recent years… candidates selected as running mates have typically enjoyed sizable financial standing.” Historical trends show early American presidential hopefuls primarily stemmed from affluent landowner backgrounds while modern acquisitions tend towards wealth accrued through technology sectors or oil legacies alongside familial inheritances highlighted by Business Insider discussions over timeframes leading up until now.
As a former educator specializing in social studies—with no stock ownership or major personal investments—Walz reportedly stated back when he first assumed congressional duty earning a salary (of then-$165k), “This is four times what I’ve ever made throughout my life.”
Communication representatives concerning both Harris’ and Walz’ campaigns were unavailable immediately following requests queried by Business Insider seeking additional remarks regarding these matters.
