Elaine Chao, the former Secretary of Transportation under Trump’s administration, is facing a barrage of criticism for allegedly abusing her position to’make millions.’ Senator Mitch McConnell’s wife allegedly exploit her administrative position to aid in the expansion of her family’s shipping business, which is heavily inter-twin with Beijing. In fact, according to Raw Story, Chao family business soared by nearly half a million dollars per day during her four years in Trump’s cabinet. To learn more about Elaine Chao net worth, husband, family business, and other details, continue reading.
How did Elaine Chao net worth, amass such a large fortune? Is she a millionaire? Salary
Elaine Chao has a net worth of $24 million dollars. Assets are list in a wide range in federal financial disclosures. In 2007, McConnell’s totals ranged from $3.1 million to $12.7 million, but in 2008, they skyrocketed to $7.3 million to $33.1 million. A $5 million to $25 million bequest from the older Chao in memory of Elaine’s mother, Ruth, who died in 2007 at the age of 77, is the main reason for the increase. About Elaine Chao net worth already had discuss above.
Elaine Chao husband Mitch McConnell, the longest-serving Republican leader in Senate history, is one of the most powerful figures in his party and the United States government at the age of 79. He also has a multimillion-dollar fortune thanks to his wife, former Cabinet Secretary Elaine Chao, and the wise investment of a little inheritance he and his wife received shortly after his mother-in-law died in 2007. McConnell and Chao are now worth an estimated $30 million, with houses in Louisville, Kentucky, and Washington, D.C., as well as a big portfolio of stocks, bonds, and money market funds.
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Who is the husband of secretary Elaine Chao? Is there a child between the two of them?
Chao is an American businesswoman and government figure who married Addison Mitchell McConnell Jr., Kentucky’s longest-serving senator, on February 6, 1993. In addition, the pair exchanged wedding vows in the U.S. Capitol Chapel in an intimate ceremony.
The date they chose for their wedding was significant for three reasons: it was Ronald Reagan’s birthday, it was immediately before her 40th birthday, and it was just before a one-week Senate recess.
Despite being married for over three decades, the couple has yet to conceive children. Despite this, Elaine and her husband had three children from a previous marriage. Michell’s second wife, Chao, is also his second wife. There have been no rumors or conflicts surrounding their marriage that have been the subject of gossip. The lovebirds must be content in their marriage.
More about Chao life partner, Mitch McConnell
Addison Mitchell McConnell Jr., Elaine’s husband, is the Senate Majority Leader and Kentucky’s senior US senator. He is also the longest-serving Republican Senate leader in history, having originally been elect to the Senate in 1984. The American politician has been re-elect five times since then.
McMitchell was born on February 20, 1942, in Sheffield, Alabama, to parents Addison Mitchell McConnell and Julia Odene. He is of Scottish-Irish and English origin. He graduated from Louisville with a B.A. in political science in 1964. Mitch went on to earn his law degree from the University of Kentucky College of Law in 1967, where he was president of the Student Bar Association during his time there.
How did she get her start in the business world? Is Chao a successful person?
President George H. W. Bush appointed Chao as Deputy Secretary of Transportation in 1989. She served in that position until 1991. She went on to become the Director of the Peace Corps (1991-92). From 1992 until 1996, Chao was the president and CEO of United Way of America. In 1996, she joined the Heritage Foundation, and in 1998, she joined the Asian Studies Center Advisory Council.
It has been the honor of a lifetime to serve the U.S. Department of Transportation. pic.twitter.com/rFxPsBoh6t
— Sec. Elaine Chao (@SecElaineChao) January 7, 2021
When President George W. Bush appointed Chao as Secretary of Labor in 2001, she became the first Asian American to hold a cabinet-level position. She served in that capacity from January 2001 to January 2009. During her term, she sought to strengthen America’s workers’ competitiveness, security, and benefits. President Donald Trump nominated Chao for Secretary of Transportation in November 2016. On January 31, 2017, she was sworn into office.
Elaine Chao wiki/bio- parents, siblings, ethnicity, From which nationality she belongs?
Elaine Lan Chao, Secretary of Transportation, was born on March 26, 1953, in Taipei, Taiwan, to Chinese parents James Si-Cheng Chao and Ruth Mulan Chu Chao, under the sign of Aries. Her father is a philanthropist and entrepreneur, and her mother is a historian. Elaine Chao is the oldest of six sisters, the others being Jeannette, May, Christine, Grace, and Angela
Following the commencement of the Chinese Civil War, Lan evacuated the Chinese mainland. When she was eight years old, her entire family relocated to the United States. She was grant American citizenship at the age of 19 and is of mix race.
When did she finish her education and where did she get it?
For kindergarten and first grade, Chao went to Taipei’s Tsai Hsing Elementary School. She earned a Bachelor of Arts degree in Economics from Mount Holyoke College in Massachusetts in 1975. Chao also obtained an MBA from Harvard Business School in 1979, as well as a Doctor of Humane Letters from Georgetown University and 37 honorary doctorates.
She is also the first Asian-American woman to be nominate for a position in the President’s Cabinet in US history. From 1992 to 1996, the 68-year-old statesman served as President of the United States of America. Chuck Grassley, a member of the Republican Party, served on the boards of directors of several companies and worked for the Hudson Institute and the Heritage Foundation.
How did Elaine Chao manage to raise millions for her family business?
According to the bombshell exposé by Raw Story, Elaine Chao family business ‘Foremost Group’ had a fleet worth of roughly half a billion dollars when she took office in 2017, but by the time she left office, it had risen to a staggering $1.18 billion, according to shipping database Vessels Value. The Chao family business, which largely trades between the United States, Brazil, Canada, and China, has grown so much in recent years that it has contributed $40 million to Harvard Business School to name a building after Elaine Chao mother, who was an alumni.
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He began buying dry bulk ships in 1964 and got his first large contract with the US government in 1965, shipping rice to Southeast Asia during the Vietnam War.
Elaine Chao does not own a stake in the family firm and, when she started office in January 2017, she pledged to keep her distance from her family’s commercial holdings. Her tight links to Trump, on the other hand, pushed shippers to choose the Chao family firm over competitors and drew in Chinese and Taiwanese bankers. According to Raw Story, she allegedly permitted the same to inherit a second wealth from her father, which might be worth tens of millions of dollars.
The Chao family fleet had 22 ships in January 2017, but after selling off some of the older ships, it will grow to 32 ships by the summer of 2021. Following Elaine Chao confirmation to Trump’s cabinet, the China State Shipbuilding Corporation, a state-owned enterprise, agreed to buy 10 ships from Foremost Group, thus doubling the family’s fleet size. Within 10 days following Donald Trump’s election, Elaine’s sister Angela Chao was also appoint to the board of the state-owned Bank of China. According to Breitbart, the Bank of China is a “top lender” to the Chao family’s shipping industry.
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