Minnesota Governor and Democratic vice presidential candidate Tim Walz speaks during a campaign rally for U.S. Vice President and 2024 Democratic presidential candidate Kamala Harris in Eau Claire, Wisconsin, August 7, 2024.
Kamil Krzaczynski AFP | Getty Images
Minnesota Gov. Tim Walz, the Democratic running mate for Vice President Kamala Harris, owns no stocks, bonds or real estate, according to his most recent financial disclosure.
Walz’s salary as governor of Minnesota is $127,629. He was eligible for a raise last year to $149,550, but he chose not to take it, according to the state.
If Walz is elected vice president in November, he would receive an annual salary of $284,600, based on 2024 rates.
When Walz was elected governor, he and his wife sold their home in Mankato, Minnesota, and moved into the governor’s mansion in 2019. They listed the four-bedroom home for $315,000, after buying it in 1997 for $145,000 dollars.
Walz’s modest financial profile stands in stark contrast to that of Republican presidential nominee Donald Trump, a multiple billionaire, and Trump’s running mate, Sen. JD Vance of Ohio.
Vance’s net worth due to publicly reported investments and cash is estimated to be between $3 million and $10 million by Forbes.
Harris, the Democratic presidential candidate, listed investments in personally owned securities worth between $800,000 and $1.75 million and personal cash holdings of $550,000 to $1.1 million. Federal disclosure reports typically require filers to disclose amounts within ranges, rather than specific amounts.
Her husband Doug Emhoff has investments worth at least $1 million and has at least $250,000 in cash. Harris and Emoff own a house in Brentwood, California, worth about $5 million.
Walz’s financial disclosure as governor does not list the value of cash held in bank accounts.
A spokesman for the Harris-Walz campaign had no immediate comment on Walz’s financial disclosures. But he noted that Walz is expected to file a new disclosure report as a federal candidate that will be released in the next 30 days. Walz’s governor’s press office did not respond to a request for comment from CNBC.
The fact that Walz owned no shares earlier this year is consistent with most of the former high school teacher’s tenure in the House. He left the House of Representatives in January 2019 after six terms to be sworn in as governor of Minnesota.
Walz’s congressional financial disclosures show that in early 2009 he sold investments worth between $1,001 and $15,000 in two individual Roth retirement accounts. He and his wife Gwen also executed sales in the same range of values ​​in two Roth IRAs she owned.
These IRAs do not appear in Walz’s subsequent House disclosures, suggesting they were liquidated.
He listed a tax-deferred account, a 529 education plan containing between $1,000 and $15,000, that would be for one or both of the couple’s children.
Walz’s House disclosure account also listed as endorsements two Minnesota Education pension plans for him and his wife, who was a school system administrator and teacher. He also listed two life insurance policies worth between $15,000 and $50,000 each.
The disclosures show that Walz made regular payments on the value of life insurance policies until at least 2013, but those payments were later stopped.
Walz said in House discovery filings that the value of a rental room in their home was between $250,000 and $500,000 and that the couple drew between $2,500 and $5,000 in rental income.