Gavin Newsom is an American businessman and politician who has served as the Governor of California since January 2019. Before becoming the governor, he founded the PlumpJack Group, which grew to encompass 23 businesses. Among other endeavors, he hosted a TV show and wrote a book, Citizenville. This article will reveal Governor Gavin Newsom’s net worth and his public income sources.
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How rich is Gavin Newsom?
Gavin Newsom graduated from Redwood High School and earned his B.S. in political science from Santa Clara University in 1989. In 1991, Newsom and his investors, primarily Gordon Gerry, a family friend and a billionaire heir, founded PlumpJack Associates L.P., with the PlumpJack Winery being its first business.
The business grew to employ over 700 employees. Among its 23 branches, Newsom launched various projects and departments, including restaurants, hotels, and retail clothing stores. He sold his share of all San Francisco-based businesses when he became mayor in 2004 but maintained his positions elsewhere.
Newsom’s first steps in his political career came in 1997 when he was appointed to the San Francisco Board of Supervisors. He was elected in 1998 and remained in that position until 2004, when he was elected mayor of San Francisco. The next step on Newsom’s political ladder was the position of lieutenant governor of California in 2011, until 2019 when he was elected the 40th governor of California.
Although he receives a substantial salary from politics, most of Newsom’s fortune comes from his business endeavors, which place him among the wealthiest government officials in the United States.
What is Gavin Newsom’s net worth?
Disclaimer: This is a conservative estimate since five assets listed on Governor Gavin Newsom’s financial report were valued at ‘over $1 million.’ Our calculation has taken these assets at their minimum value of one million dollars. Therefore, Gavin Newsom’s net worth could be much higher than the numbers given above.
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How did Gavin Newsom make his money?
Besides a career in politics, Gavin Newsom has developed a profitable company. Additionally, he is heavily involved in mutual funds investing. His publicly available income sources include:
- Politics: Governor Gavin Newsom officially entered politics in 1997 when he was appointed as a San Francisco Board of Supervisors member. He has held numerous roles since then, and today, as the governor of California, he earns an annual salary of $234,101;
- Business: In 1992, Gavin Newsom founded PlumpJack Group, an umbrella company that includes wineries, restaurants, and various retail establishments. Although Newsom sold his stake in his San Francisco-based businesses, he still owns a significant stake in businesses operated by the company, which make up the vast majority of his net worth;
- Investing: Besides politics and his ownership stakes in PlumpJack, Gavin Newsom has invested in a blind mutual funds trust worth more than $1 million, which is listed in his financial disclosure report.
Gavin Newsom’s assets
Newsom’s 2023 financial disclosure form lists all the public assets of the California Governor’s portfolio, with his most valuable assets including:
- Airelle Wines, Inc. – a winery valued at over $1 million;
- Moswen, LLC. – a winery valued at over $1 million;
- Falstaff Management Group, Inc. – a restaurant management valued at over $1 million;
- Balboa Café Partners, LP – a restaurant valued at over $1 million;
- Jennifer Sabel Newsom Blind Trust – a mutual funds position valued at over $1 million.
Insider trading involvement
Governor Gavin Newsom found himself in a controversial situation in March 2023 as it was revealed he had personal ties to Silicon Valley Bank. In fact, he was actively lobbying the White House about the bank bailout while failing to disclose that he had a personal bank account and accounts of the three of his wineries.
Who is Gavin Newsom?
Gavin Newsom was born in San Francisco, California, on October 10, 1967. Newsom holds a B.S. in political science from Santa Clara University. He entered politics in 1997 by appointment to the San Francisco Board of Supervisors. He became nationally prominent as a mayor of San Francisco, primarily by advocating for legalizing same-sex marriage. In 2011, he was elected as the lieutenant governor of California, and in 2019, he was elected as the governor of California.
Recommended video: Gov. Gavin Newsom on the 2024 Election and His Debate with Ron DeSantis
Newsom considers himself a progressive, reflected in his focus on climate change, expanding healthcare access, and criminal justice reforms. His handling of COVID-19 polarized voters, and he witnessed a recall election in 2021, which he overcame. Furthermore, he has been frequently mentioned as a potential future presidential candidate among the Democrats.
The bottom line
The California Governor’s significant net worth puts him among the wealthiest U.S. officials. According to his 2023 financial disclosure form, Gavin Newsom’s net worth is between $6.17 million and $16.71 million, but likely even higher due to the limitations of the financial disclosure forms in California.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about Gavin Newsom net worth
How much is Gavin Newsom's current net worth?
His 2023 annual financial disclosure report estimated Gavin Newsom’s net worth somewhere between $6.17 million and $16.71 million. However, due to the limitations of the financial disclosure forms, his net worth is likely even higher.
Is Joanna Newsom related to Gavin Newsom?
Joanna Newsom is the second cousin, twice removed, of Gavin Newsom, Governor of California.
Does Gavin Newsom have kids?
Gavin Newsom is married to Jennifer Siebel Newsom. They have four children together.
Is Gavin Newsom running for president?
Governor Gavin Newsom has stated that he “remains steadfast” in supporting Joe Biden and will not run for president in the 2024 presidential elections.
