Where RFK Jr. got all his money and how he gained power in Trump’s circle

Posted by Admin December 29, 2024 Bussiness

Robert F. Kennedy Jr. was making headlines long before President-elect Donald Trump officially tapped him to oversee the Department of Health and Human Services. The outspoken anti-vaccine activist and nephew of late President John F. Kennedy is expected to impart sweeping changes at the century-old Food and Drug Administration—which is under the HHS umbrella—if he has his way. RFK Jr. and Trump have recited the tagline “make America healthy again” a number of times.

Here’s how RFK Jr.—a member of the famed Democratic family—got into Trump’s circle and where his wealth comes from.

How RFK Jr. got his start, from Harvard to his first job in the Manhattan district attorney’s office

After attending Tony private schools in his native Washington, D.C., RFK Jr. enrolled at Harvard University, where he graduated in 1976 with degrees in American history and literature. In 1982, he graduated from University of Virginia School of Law. RFK Jr.’s first job was as an assistant district attorney in the Manhattan DA’s office. He spent one year there before resigning.

RFK Jr. has spent most of his career in environmental activism, most famously with the Waterkeeper Alliance, as well in law, founding the Environmental Litigation Clinic at Pace University and opening a law firm called Kennedy & Madonna, LLP, where he represented everyone from states to individuals, nonprofits and Indian tribes against polluters.

Trump has multiple billionaire backers, such as the world’s richest man Elon Musk. Kennedy appeared to raise money for the so-called “make America healthy again” movement, but is he a billionaire like others in the Trump 2.0 realm? We don’t think so. RFK Jr. did not immediately respond to Fortune’s request for comment.

What is RFK Jr.’s net worth and where did his money come from?

Forbes last year estimated that RFK Jr.’s net worth is about $15 million; that includes his partner actress Cheryl Hines’s assets. Apparently, per Forbes, he doesn’t have more money because of where he resides in the family tree.

He is a nephew to President John F. Kennedy and son to JFK’s brother Robert F. Kennedy. RFK Jr. has four brothers and six sisters, meaning he splits family money with more siblings, whereas cousin Caroline Kennedy is the only living child of JFK.

From his family money, he holds shares in the Kennedy trust. He inherited $4 million in assets, according to Forbes, including a $1.75 million to $6.5 million stake in Wolf Point, which appears to be a pretty big development in downtown Chicago that houses two luxury apartment towers and skyscrapers for office space. The land was originally purchased by his grandfather, Joseph P. Kennedy, who Fortune profiled in 1962.

Kennedy reportedly has $500,000 worth of investments managed by his family’s Park Financial Holdings, plus a stake in Arctic Royalty (which leases land for oil and gas extraction) worth between $31,000 and $115,000. Earlier this year, Politico reported the connection that Kennedy, an environment lawyer, made money off an oil and gas company.

For his own fortune, he made more than $5 million through his law firm (where he holds a stake valued between $1 million and $5 million), in the year leading up to the race. He works at other law firms, too. Kennedy earned almost $1.6 million during the same period from Wisner Baum and about $315,000 from JW Howard Attorneys. He also received about $516,000 in salary and bonuses from the nonprofit Children’s Health Defense, $150,000 from Marwood Group, $125,000 from Skyhorse Publishing, and some other smaller amounts, sometimes from speaking engagements, according to a 2023 financial disclosure filing published by Politico.

Together, he and his wife (who has her own money, too, of course) apparently have between $100,000 and $250,000 of Bitcoin. And after selling a $5.9 million property in 2021, they purchased a $7 million 5,900-square-foot home in Los Angeles, and they’d previously bought a home on the East Coast worth about $3 million, per Forbes. Although who knows how long they’ll share real estate; Hines is supposedly considering filing for divorce because of her husband’s alleged affair with a reporter, according to People.

How RFK Jr. got involved in politics and the Trump administration

The heir to an American political dynasty, it was only a matter of time before RFK Jr. ran for office.

He officially announced he was running for president in 2023, first as a challenge to Joe Biden to be the Democratic nominee, then as an independent candidate. But he dropped out and endorsed Trump. Rumors quickly spread that Kennedy might join Trump in the White House. On Election Day, Kennedy posted: “If you want to see me in Washington, DC, VOTE FOR PRESIDENT TRUMP.” A week after Trump’s win, he announced his intention to tap RFK Jr. to lead the Department of Health and Human Services.