Elaine Chao net worth: Elaine Chao is a Taiwanese American who is the United States Secretary of Transportation and has a net worth of $30 million. Elaine Chao was born in Taipei, Taiwan in March 1953. She is a Republican who graduated from Mount Holyoke College and earned her MBA from Harvard University. Elaine Chao is the daughter of James S.C. Chao and Ruth Mulan Chu Chao. She married Mitch McConnell in 1993. 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 12th Director of the Peace Corps from October 1991 to November 1992. Chao was the 24th United States Secretary of Labor from January 2001 to January 2009. In 2017 she became the 18th United States Secretary of Transportation.
Family Wealth: Elaine’s father James S. C. Chao is an extremely successful shipping Chinese-American 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 has one younger sibling, a sister named Angela, who serves as CEO.
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 personal net worth jumped to $12.7 million. Today their net worth tops $33 million.