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—a financial position that creates a striking contrast with the Republican nominee for Vice President, Ohio Sen. JD Vance.
In 2019, after Walz, 60, was elected governor, he and his wife sold their Mankato, Minnesota, home and moved into the governor’s mansion, which the state pays $4,400 a month to rent. They listed the four-bedroom house for $315,000, having purchased it in 1997 for $145,000.
Walz’s salary as governor of Minnesota is $127,629. Although he was eligible for a raise last year to $149,550, he chose not to accept it, according to state records. Most of the income comes from Walz’s salary as governor, while a portion is earned by his wife, Gwen Walz, who lists her salary as an educator as business income.
If Harris and Walz are elected, Walz’s earnings would nearly double with the vice president’s annual salary of $284,600.
“In recent years, he stands out considerably. If you look at the folks who have been chosen as running mates, they’ve been relatively financially secure,” said Mark Updegrove, a presidential historian and president and CEO of the Lyndon Baines Johnson Foundation.
Walz’s personal finances are somewhat of an anomaly for an elected official, especially for someone on a presidential ticket.
Republican presidential nominee Donald Trump is a billionaire many times over, while Forbes estimates Vance’s net worth, based on publicly reported investments and cash, to be between $3 million and $10 million.
Harris reported personal securities investments valued between $800,000 and $1.75 million, along with cash holdings ranging from $550,000 to $1.1 million. (Federal disclosure reports typically require filers to disclose amounts within ranges, rather than specific sums.)
Walz’s modest means as a candidate align well with his image as a humble American man and a fierce defender of the Democratic ticket.
Walz joined the Army National Guard at age 17 after graduating high school, serving in the Minnesota National Guard from 1981 to 2005 before retiring to run for Congress. Walz also worked as a high school social studies teacher and football coach—he is now often referred to as “Coach” while campaigning. He served in Congress from 2007 to 2019 and is currently serving his second term as governor, which lasts until 2027.