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Vance and Walz are both worth less than their respective would-be bosses, Donald Trump and Kamala Harris.
AP PhotoVice presidents are usually tapped to consolidate the party, carry the presidential candidate’s message or appeal to some key constituency. In other words, they’re not usually selected for the money they bring to the campaign (RFK Jr’s pick of Nicole Shanahan notwithstanding). Still, there’s a lot to learn about a candidate from how they much money they’ve made and how they’ve made it.
Both Vance and Walz grew up in working class families in the Midwest, joined the military as teenagers and later went on to get social science degrees from state schools. But their career choices afterwards caused their paths to diverge. Vance went to Yale Law School, wrote a bestselling book—“Hillbilly Elegy”—about his rough-and-tumble upbringing and became a venture capital investor, which helped him rake in millions. Then he won a Senate seat in 2022 and, at age 39, was picked as Donald Trump’s running mate. Walz, on the other hand, became a public school teacher, retired from the military and ran for Congress in the wake of the Iraq War that Vance had fought in. He next became governor of Minnesota, winning a second term before Kamala Harris tapped him as her second. Today, he’s virtually swimming in pensions—but not much else in the way of assets.
There is no doubt that Vance is vastly richer than Walz. But as the duo get ready for their debate tonight in Manhattan, here’s a head-to-head comparison of how the two vice presidential candidates stack up financially, based on Forbes estimates and reporting.
JD Vance: $10 million
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—landing him back on the Forbes 400 list of America’s wealthiest people this year—and Kamala Harris has a net worth of $7 million.
Vance: 40
Walz: 60
While Walz is about the same age as his running mate, who turns 60 on October 20, Vance has seen 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 by nearly a decade, according to the Pew Research Center.
Vance: $4 million
Walz: $0
Vance owns three homes in Ohio, Virginia and Washington, D.C. Only one, the D.C. home, has any record of debt on it today. Walz, on the other hand, sold his longtime Mankato residence in 2019 when he became governor, paid off his mortgage and moved into the state’s executive mansion, owned by Minnesota taxpayers.
Vance: $13,000
Walz: $900,000-$1.1 million
Walz and his wife, Gwen, as longtime public sector employees, have at least four pensions that make up virtually their entire net worth. The most valuable is almost certainly Tim’s federal pension, which Forbes estimates is worth north of $475,000 thanks to the combination of his congressional and military service. Vance, after a career largely in the private sector, also has a federal pension, but it’s worth much less because he’s been in elected office for less than two years.
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. Not long after law school, he moved out to California and joined Mithril, a firm founded by Paypal billionaire Peter Thiel (who later bankrolled Vance’s Senate run). Just a few years later, though, Vance moved back to Ohio, helping AOL billionaire Steve Case invest in middle America before starting his own firm, Narya (a name, like Mithril, sourced from “Lord of the Rings”). Today, he still has some stakes 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 markets, other than a 401(k)-style retirement account as governor.
Vance: Senator from Ohio (since 2023), $174,000
Walz: Governor of Minnesota (since 2019), $127,629
Both men would get a raise if they’re elected to the vice presidency—the commander-in-chief’s second-in-command gets paid about $235,000 annually. Walz’s salary as governor is the 14th lowest in the country, according to the Council of State Governments. (The governor of Maine makes only $70,000, the lowest of any state).
Vance: $325,000 + wife’s salary
Walz: About $300,000 total
In addition to his Senatorial salary, Vance reported a minimum of $150,000 in investment and other income in 2023. This includes income from selling his partnership interest in his venture capital firm, Narya, for between $100,000 and $1,000,000. His wife, Usha, earned a salary from D.C. law firm Munger Tolles & Olsen, but was not required to disclose the amount; she left the firm following JD’s selection as VP. The Walzes, meanwhile, earned $135,000 in pension income, $50,000 from Gwen’s part-time job at Augsburg University in Minneapolis and Tim’s gubernatorial salary, according to their 2023 tax returns.
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, picking up endorsements from conservative groups like the National Rifle Association and liberal ones like the League of Conservation Voters.
Vance: 1
Walz: 0
Vance’s memoir “Hillbilly Elegy” made him a nationally-known figure, winning him respect—and interview requests—from the media and business elites he now frequently rails against. It sold 1.6 million copies in print, according to data from Circana Bookscan, an industry tracking service.
Vance: Marine, author, venture capitalist
Walz: Army national guard reservist, teacher
Both men have attacked the other’s prior careers: Vance has gone after Walz’s military service while Walz has claimed that Vance’s memoir misrepresents small-town America.
Usha Vance: lawyer
Gwen Walz: teacher, college administrator
Both men met their wives at schools—the Walzes both taught at the same Nebraska public school, whereas the Vances met as students at Yale Law School. The Walzes have two children; the Vances have three.