What is Elaine Chao's Net Worth?
Elaine Chao is a Taiwanese-American politician with a net worth of $30 million. A prominent figure in the Republican Party, she is married to Senator Mitch McConnell since 1993. Elaine hails from a wealthy family, with her father being a notable business magnate.
(Photo by Win McNamee/Getty Images)
Government Positions
Elaine Chao has held numerous significant positions in the U.S. government. She served as the Commissioner and Chair of the Federal Maritime Commission from April 1988 to April 1989. She was the United States Deputy Secretary of Transportation from April 1989 to October 1991. Following that, she became the 12th Director of the Peace Corps from October 1991 to November 1992. Elaine held the position of the 24th United States Secretary of Labor from January 2001 to January 2009. In 2017, she became the 18th United States Secretary of Transportation, a role she held until January 2021.
Outside her government roles, Chao has presided over United Way of America and has been a board member for companies like Hyliion and ChargePoint.
Family Wealth
Elaine's father, James S. C. Chao, is a successful Chinese-American shipping magnate. He founded the Foremost Group, a New York-based shipping company with a fleet of 33 ships, valued at an estimated $1.2 billion. After accounting for debts and investments from China's Export-Import Bank and Taiwan's First Commercial Bank, the Chao family's stake in Foremost is worth approximately $600 million. Elaine's younger sister, Angela Chao, served as CEO of Foremost until her sudden death in February 2024.
Before 2007, Mitch and Elaine had a combined net worth of around $3 million. After an inheritance following Elaine's mother's death, their net worth increased significantly to $12.7 million. Today, their combined net worth could be as high as $35 million.
Early Life and Education
Born on March 26, 1953, in Taipei, Taiwan, Elaine Chao is the eldest of six daughters of Ruth and James Chao. Her early education took place at Tsai Hsing Elementary School in Taiwan. In 1961, she immigrated to New York with her mother and two sisters. She continued her education at Syosset High School in New York and later graduated from Mount Holyoke College with a BA in economics. Chao also earned an MBA from Harvard Business School.
Career Beginnings
Elaine Chao began her career in the private sector, working as a vice president at Bank of America Capital Markets Group in San Francisco and as an international banker at Citicorp in New York. Her entry into public service started in 1986 as the deputy administrator of the Maritime Administration under President Ronald Reagan. From 1988 to 1989, she served as chairwoman of the Federal Maritime Commission and then as the deputy secretary of transportation from 1989 to 1991. From 1991 to 1992, she served as the director of the Peace Corps, expanding its presence in Eastern Europe and Central Asia.
United Way of America
Elaine Chao served as president of United Way of America from 1993 to 1996. During her tenure, she helped restore the organization's credibility and public trust after a financial scandal involving the former president.
US Secretary of Labor
Chao was appointed as the US Secretary of Labor under President George W. Bush in 2001, serving until 2009. She was the only cabinet member to serve throughout Bush's entire eight-year administration. Her tenure included overseeing grant disbursements for 9/11 and Hurricane Katrina. However, her department faced criticism for neglecting its regulatory role, especially in investigating low-wage employee complaints.
Private Sector, 2009-2017
After her time in the Bush administration, Chao returned to the private sector, working in a conservative think tank. She also contributed to Fox News and served on multiple boards, including Wells Fargo, Dole Food Company, and the Institute of Politics at Harvard Kennedy School.
US Secretary of Transportation
In 2017, Chao rejoined the government as the US Secretary of Transportation under President Donald Trump. She served until January 2021, resigning in response to the January 6 attack on the US Capitol, making her the first cabinet officer to resign due to the events.
Controversies
Elaine Chao has faced controversies during her career. As Secretary of Transportation, she was accused of enriching her family's shipping business through her office. Federal disclosures revealed that Chao's father had given her and Mitch McConnell a gift valued between $5 million and $25 million. The Foremost Group has significant ties to the Chinese state, raising concerns about potential conflicts of interest. In 2021, the Inspector General cited Chao for various ethics violations, including promoting her father's biography and using department resources for personal errands.
Private Sector, 2021-Present
In August 2021, Chao was elected to the board of directors of Kroger. She also joined the boards of Hyliion and ChargePoint, contributing to the electric vehicle and infrastructure sectors.
Personal Life
Elaine Chao married US Senator from Kentucky Mitch McConnell in 1993. She has been actively involved in his campaign activities, with her extended family contributing over a million dollars to his reelection campaigns.
