Tim Walz, the current Governor of Minnesota, has been a prominent figure in American politics for over a decade. From his humble beginnings as a high school teacher to his rise in the political arena, Walz’s financial journey has been a topic of interest for many after being named Kamala Harris’s vice-presidential running mate on Aug. 6.
In this article, we’ll take a closer look at Tim Walz’s net worth, salary, and financial background.
What is Tim Walz’s Net Worth?
As of 2024, Tim Walz’s net worth is estimated to be approximately $100,000. This figure might come as a surprise to many, especially considering Walz’s long career in public service and his current position as Governor of Minnesota. However, a closer look at his financial disclosures and career history provides context for this modest net worth.
Key Takeaways
- Tim Walz is the 41st governor of Minnesota and was named Kamala Harris’s vice presidential running mate on Aug. 6.
- Walz has a net worth of under $1 million, according to financial disclosures filed in 2019 when he was a member of Congress.
- Walz’s disclosures show he does not own any stocks or real estate—his assets only include state and teacher pension plans.
- Walz earned $127,629 as the governor of Minnesota as of 2024.
Vice Presidential Candidacy
In a significant development for his political career, Tim Walz’s name was floated as a potential Vice Presidential running mate for Kamala Harris in July 2024.
In August 2024, he was officially revealed as her selection.
This high-profile position could potentially impact his future earnings and public profile, although it’s important to note that as of the time of writing, this development has not yet affected his current net worth.
Tim Walz’s Career and Income Sources
Military Service
Tim Walz’s career began with 24 years of service in the Army National Guard, where he rose to the rank of Command Sergeant Major. While this provided a steady income and valuable experience, military service is not typically associated with accumulating significant wealth.
Teaching Career
Before entering politics, Walz worked as a geography teacher and football coach at Mankato West High School in Minnesota. Public school teachers’ salaries, while providing stable employment, are generally modest.
Congressional Career
From 2007 to 2019, Walz served as the U.S. Representative for Minnesota’s 1st congressional district. During this time, he was entitled to an annual salary of $174,000. However, Walz made headlines by refusing cost-of-living wage increases and returning $81,684 to the U.S. Treasury over his tenure.
Gubernatorial Salary
As Governor of Minnesota, Walz earns an annual salary of $127,629. This represents a decrease from his congressional salary but is still a substantial income.
Financial Disclosures and Assets
Walz’s financial disclosures provide insight into his modest net worth:
- No Home Ownership: Unlike many politicians, Walz and his wife do not currently own a home.
- Limited Investments: They do not own stocks, mutual funds, bonds, or other securities.
- Rental Property: Walz owns a modest two-bedroom rental property in Mankato, generating less than $2,000 per month.
- Farm Stake: He has a small stake in a family farm worth between $15,000 and $50,000.
- Pensions: Both Tim and his wife have pensions from their years as public school educators, with lump sum values between $81,000 and $215,000.
Debunking the $400 Million Fortune Rumor
In late 2020, a false rumor circulated claiming Tim Walz had a net worth of $400 million. This misinformation was quickly debunked:
- The rumor cited an unreliable source.
- Walz’s publicly available financial disclosures contradicted this claim.
- The governor addressed the false information directly, providing evidence to refute it.
Walz’s Approach to Personal Finance
Tim Walz’s financial history reflects a commitment to public service over personal enrichment:
- Salary Donations: His practice of returning wage increases to the U.S. Treasury demonstrates a frugal approach to his income.
- Modest Lifestyle: Despite high-profile positions, Walz maintains a relatively modest lifestyle.
- Transparency: Regular financial disclosures provide clear insight into his economic situation.
Future Financial Prospects
While Walz’s current net worth is modest, his future financial outlook includes:
- A federal pension of approximately $55,000 per year from his congressional service.
- Potential book deals or speaking engagements, though he has not pursued these to date.
- His wife’s continued income as a public school employee.
- Potential changes in income and public profile due to his selection as Vice Presidential candidate.
Conclusion
Tim Walz, despite his high-profile political career, maintains a modest net worth of about $100,000. This reflects his commitment to public service over personal gain. Throughout his career in the military, education, and politics, Walz has consistently prioritized community impact over wealth accumulation.
His financial choices, including living modestly and being transparent about his finances, set him apart in a political landscape where politicians’ wealth is often scrutinized.
Walz’s story reminds us that a politician’s value isn’t measured by their bank account, but by their service to their community.
