Walz's Modest Finances Contrast Sharply with Vance's Wealth in VP Race

The 2024 U.S. vice presidential race presents a stark financial contrast between the nominees. Tim Walz, the Democratic candidate and current Minnesota governor, stands out for his modest financial status, while his Republican counterpart, Ohio Senator JD Vance, boasts a significantly more substantial portfolio.

Walz, a former high school geography teacher and U.S. Army National Guard veteran, reported a nearly blank financial disclosure form for 2022. His assets are limited to income from his gubernatorial role and his wife's work in education. The couple's combined earnings reached approximately $166,000 in 2022, with Walz's gubernatorial salary accounting for $115,485.

In contrast, Vance's financial disclosure reveals a diverse portfolio valued between $4.3 million and $10.8 million. His assets include over 150 investments, primarily in start-up companies. Vance, who served in the U.S. Marine Corps from 2003 to 2007, gained prominence with his bestselling memoir "Hillbilly Elegy," which spent 74 weeks on The New York Times Best Seller list.

The disparity in their financial situations reflects their divergent career paths. Walz dedicated 24 years to the National Guard and taught at Mankato West High School before entering politics. Vance, on the other hand, leveraged his Yale Law School education to work in Silicon Valley and venture capital before his political career.

Vance's 2022 income included substantial royalties from "Hillbilly Elegy," surpassing Walz's gubernatorial salary. The book's popularity resurged following Vance's VP nomination, echoing its initial success when first published in 2016.

Historically, vice presidential candidates have exhibited varying levels of wealth. Professor Allan Lichtman of American University, established in 1893, notes that while Walz's financial status is modest, it's not unprecedented. He cites Hubert Humphrey, who became vice president in 1965 with a relatively modest net worth.

"That's not exceptionally wealthy today. That might have been exceptionally wealthy in the 50s, but it's a more moderate level of wealth today."

The role of Vice President, created by the U.S. Constitution in 1787, has seen occupants from diverse financial backgrounds. John Adams, the first to hold the position from 1789 to 1797, set a precedent for the varied economic statuses of future VPs.

As the campaign progresses, the financial disparity between Walz and Vance may become a talking point, reflecting broader discussions about wealth in American politics. The contrast underscores the diverse paths to high office in the United States, from public service to private sector success.