Tim Walz’s wealth: Here’s how much Governor of Minnesota earns and his net worth

Tim Walz's life changed when Kamala Harris selected him as her running mate. According to First Post, several experts believe Harris chose Walz over another potential vice-presidential candidate — Pennsylvania Governor Josh Shapiro — due to his ‘salt of the earth’ background. Walz is a stark contrast to Donald Trump’s running mate, JD Vance, who once called him an ‘idiot.’

Walz has had an interesting career trajectory. He enlisted in the Army National Guard in 1981 and retired at the rank of master sergeant. He then became an educator, teaching at a high school in Nebraska where he met his wife. Walz entered public service as a member of the US Congress in 2006. Given his background, Trump's niece has claimed that the former president is ‘terrified’ of him.

Tim Walz’ salary and net worth: Everything we know about his finances

Unlike other candidates on a major party ticket, Walz is understood to be the least wealthy candidate this year. The Washington Post reports that Walz owns no businesses, individual stocks, a home, or any other real estate. The financial disclosure form that Walz filed this year with the State of Minnesota is nearly blank and shows no assets other than his income from his job as governor and his wife’s work in education.

According to the Minnesota Legislature website, Walz earns $127,629 a year as the governor of the state. It has been reported that the presumptive Democratic VP candidate was eligible for a raise last year to $149,550, but he chose not to accept it. Additionally, he receives pensions from his various careers, including military service and teaching.

In 2022, Walz and his wife earned a combined income of a little over $166,000, according to their tax return. The couple owned a house in Minnesota, but they sold it in 2019 when he became governor. They moved into the Minnesota Governor’s Residence in St. Paul. His primary source of income is his salary. Unlike many politicians who enter office with substantial wealth, Walz's financial situation reflects a steady accumulation of wealth over his years in public service.

Together with his wife, Walz’s net worth stands at $330,000—less than the median American citizen of his age. Business Insider writes that most vice-presidential candidates in history were either rich landowners or earned their wealth through tech and/or oil investments or inheritance. Walz has no such background. When he won his seat in Congress in 2006, he received a salary of $165,200 and told his aide that the amount was ‘four times’ what he has ever made in his life. If he becomes vice president, he would earn a salary of up to $284,600.

Fact-Checking: Is Tim Walz’s net worth $400M?

In 2020, when the world was hit by the Covid-19 pandemic, wild claims were made about Tim Walz’s net worth. During Thanksgiving 2020, rumors that Walz was on vacation in Florida caught fire along with the claim that he was worth $400 million, according to CBS News.

However, soon after the claims spread, Walz confirmed that both his trip to Florida and the story of his $400 million net worth were false.

Celebrity Net Worth further reports that the $400 million net worth claim was made by a spam website called starsgab.com. Walz released plenty of information to prove that his net worth was nowhere close to $400 million.

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Sources Used

First Post: With net worth less than average Americans, Harris' VP pick Tim Walz owns no stocks or real estate

The Washington Post: How Tim Walz’s personal finances compare to JD Vance, other politicians

Minnesota Legislature: Minnesota Governor's Salary, 1983-Present

Business Insider: Tim Walz may be the least wealthy vice presidential nominee in history

CBS News: Gov. Walz Addresses False Reports That He Spent Thanksgiving Weekend In Florida, Has $400M Net Worth

Celebrity Net Worth: Tim Walz Net Worth