As one of the most talked-about figures, Elaine Chao has built a significant fortune. Our team analyzed the latest data to provide a clear picture of their income.

What is Elaine Chao's Net Worth?

Elaine Chao served as the Commissioner of the Federal Maritime Commission from April 1988 to April 1989. She served as the Chair of the Federal Maritime Commission from April 1988 to April 1989. Elaine Chao was the United States Deputy Secretary of Transportation from April 1989 to October 1991. She served as the 12thDirector of the Peace Corps from October 1991 to November 1992. Chao was the 24thUnited States Secretary of Labor from January 2001 to January 2009. In 2017 she became the 18thUnited States Secretary of Transportation.

Prior to 2007, Mitch and Elaine's combined net worth was $3 million. In 2007, after receiving an inheritance, estimated at $5 – $25 million, following Elaine's mother's death, Mitch and Elaine's combined net worth jumped to $12.7 million. Today their disclosed net worth could be as high as $35 million.

Before entering public service, Chao served as a vice president for syndications at Bank of America Capital Markets Group in San Francisco, California. She also worked as an international banker at Citicorp in New York. In 1986, Chao joined the government when she became deputy administrator of the Maritime Administration in the Department of Transportation underRonald Reagan. From 1988 to 1989, she served as chairwoman of the Federal Maritime Commission. After that, Chao was appointed as deputy secretary of transportation, a position she held from 1989 to 1991. She followed that appointment by serving as the director of the Peace Corps from 1991 to 1992. In that role, Chao expanded the Corps' presence in Eastern Europe and Central Asia.

Elaine Chao is a Taiwanese-American who has a net worth of $30 million. She is a Republican politician and is married to SenatorMitch McConnell. They have been married since 1993. As we detail in the next section below, Elaine comes from a very wealthy family.

Elaine's fatherJames S. C. Chaois an extremely successful Chinese-American shipping magnate. James founded the Foremost Group, a New York-based shipping company which operates a fleet of 33 ships. Foremost is worth an estimated $1.2 billion, before debt. After debt and an investments from China's Export-Import Bank and Taiwan's First Commercial Bank,the Chao family's stake in Foremost is worth an estimated $600 million. Elaine's younger sisterAngela Chaoserved CEO of Foremost until her sudden death in a car crash in February 2024.

Elaine Chao was born on March 26, 1953 in Taipei, Taiwan as the eldest of six daughters of Ruth, a historian, and James, a merchant mariner who went on to found the shipping company Foremost Maritime Corporation in New York City. Her sisters are Jeannette, May, Christine, Grace, and Angela. Chao spent the early part of her education at Tsai Hsing Elementary School in Taiwan. In 1961, she immigrated to New York with her mother and two of her sisters, joining their father who had arrived there three years prior. In New York, Chao continued her education at Syosset High School. She went on to attend Mount Holyoke College in Massachusetts, from which she earned her BA in economics. Chao subsequently obtained her MBA from Harvard Business School.

Outside of the government, Chao has presided over the United Way of America and sat on the boards of directors of such companies as Hyliion and ChargePoint.

(Photo by Win McNamee/Getty Images)

In summary, the total wealth of Elaine Chao reflects strategic moves.

Disclaimer: All net worth figures are estimates based on public data.