Minnesota Governor and Democratic Vice Presidential candidate Tim Walz speaks during a campaign rally for US 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 of 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 accept it, according to the state.
If Walz is elected vice president in November, he would make an annual salary of $284,600, based on the 2024 rates.
When Walz was elected governor, he and his wife sold their Mankato, Minnesota, home and moved into the governor’s mansion in 2019. They listed the four-bedroom house for $315,000, after buying it in 1997 for $145,000.
Walz’s modest financial profile stands in stark contrast to that of Republican presidential nominee Donald Trump, who is a billionaire several times over, and to 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 nominee, listed securities investments personally owned worth between $800,000 and $1.75 million, and personal cash holdings of between $550,000 and $1.1 million. Federal disclosure reports typically require filers to disclose amounts within ranges, rather than specific sums.
Her husband Doug Emhoff has investments that are worth at least $1 million, and has at least $250,000 in cash. Harris and Emoff own a home in Brentwood, California, worth an estimated $5 million.
Walz’s financial disclosure as governor does not list the value of any cash kept in bank accounts.
A spokesman for the Harris-Walz campaign had no immediate comment about 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 gubernatorial press office did not respond to a request for comment from CNBC.
The fact that Walz did not own any stocks as of early this year is consistent with much of the former high school teacher’s tenure in the House of Representatives. He left the House 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 valued at between $1,001 and $15,000 in two Roth individual retirement accounts. He and his wife Gwen also executed sales in the same value range in two Roth IRAs that she owned.
Those IRAs do not appear on later House disclosures by Walz, suggesting they were liquidated.
He did list one tax-deferred account, a 529 Education plan containing between $1,000 and $15,000, which would be for one or both of the couple’s children.
Walz’s House disclosure account also listed as assents two Education Minnesota pension plans for him and his wife, who was a school system administrator and teacher. He also listed two whole life insurance policies valued at between $15,000 and $50,000 apiece.
The disclosures show Walz making regular payments into the value of whole life insurance policies until at least 2013, but those payments later stopped.
Walz said in House disclosure filings that the value of a rental room in their house was between $250,000 and $500,000 and that the couple derived rental income from it of between $2,500 and $5,000.