Denis McDonough, who served as Barack Obama’s chief of staff from 2013 to 2017, is now Joe Biden’s secretary of veterans affairs. Like a lot of people who worked in those two administrations, McDonough made a fair amount of money during the four years Donald Trump was in charge. Today, the VA secretary is comfortably sitting on an estimated $3 million.
He didn’t set out to make a bunch of money in his career. McDonough grew up in Minnesota as part of a family that included 11 children. He attended a small school in the state called St. John’s University, where he majored in Spanish and history while playing safety on the football team. McDonough graduated in 1992 and headed to Georgetown University not long afterward, earnings his master’s there in 1996.
He has mostly stayed in the nation’s capital ever since. McDonough served on the staff of the House International Relations Committee from 1996 to 1999, focusing on U.S. policy in Latin America. He worked for Sen. Ken Salazar, a Colorado Democrat, then joined the foreign policy team of former Senate Majority Leader Tom Daschle, a Democrat from South Dakota.
He eventually ended up at the Center for American Progress, where he continued to advise Daschle. In 2008, McDonough purchased his most-valuable asset, spending $762,000 on a home in Maryland. Today it’s worth closer to $1 million.
McDonough vs. Wilkie
Many of Trump’s cabinet members were wealthier than Biden’s. But not Robert Wilkie, a longtime government employee who Trump put in the position in 2018.
By the time the 2008 election was drawing near, McDonough was lending his advice to then-Senator Barack Obama. That proved to be a wise career move. McDonough secured a position in the Obama White House in 2009, serving as a deputy assistant to the president. He eventually rose to become the president’s chief of staff, a role he maintained from February 2013 to January 2017, the month Obama left the White House.
McDonough left with him, of course, and in March 2017, started working at something called the Markle Foundation, a nonprofit focused on helping workers find good jobs in a digital economy. McDonough’s earned a strong salary there—hauling in more than $700,000 over four years.
He picked up other work as well. McDonough became an executive fellow and professor at the University of Notre Dame, earning about $275,000 in 2019 and 2020.
Inside McDonough’s Wallet
On a financial disclosure report filed in December, McDonough noted $300,000 to $750,000 sitting in 529 plans, which encourage investors to save money for education. He also listed $250,000 to $500,000 in a cash account.
In October 2018, he added another position, becoming a senior advisor to a consulting firm called Macro Advisory Partners, which works with clients around the world. Macro Advisory paid McDonough about $250,000 in 2019 and 2020. Another company, named Catalyte, brought McDonough on its board of directors, and he accumulated stock options worth more than $100,000.
An eloquent speaker, McDonough also secured a handful of paid gigs from entities including Duke University, the Chicago Mercantile Exchange and the Real Estate Roundtable. In all, McDonough gathered up about $160,000 doing this sort of work in 2019 and 2020.
His earnings will almost certainly decline in government, where he’ll make about $200,000 a year. That’s still more than he earned in the Obama days, when his chief-of-staff title came with a $176,000 salary. On the bright side, he now has a chance to beef up his federal pension, currently worth an estimated $310,000.
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Here's How Much VA Secretary Denis McDonough Is Worth - Forbes
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