What's Betsy DeVos's net worth? A look at education secretary's massive fortune as she resigns after Capitol riots
The DeVos family has a grand portfolio of commercial real estate, private equity investments, mansions, yachts and the Orlando Magic basketball team
On January 6, 2021, riots broke out on Capitol Hill as Donald Trump supporters stormed the government building to disrupt Congress proceedings, reiterating POTUS that the election was "stolen" by President-elect Joe Biden. Trump was accused of encouraging his supporters with his tweets. There were four fatalities at the riot along with the destruction of government property. Many condemned the pro-Trump supporters and expressed their outrage, and among them was Education Secretary Betsy DeVos. DeVos resigned from her position on January 8 and according to reports she wrote in her resignation letter: "There is no mistaking the impact your rhetoric had on the situation, and it is the inflection point for me. Impressionable children are watching all of this, and they are learning from us. I believe we each have a moral obligation to exercise good judgment and model the behavior we hope they would emulate. They must know from us that America is greater than what transpired yesterday.” While DeVos leaves her position, let's take a look at her massive fortune.
What is Betsy DeVos's net worth?
According to a 2019 Forbes article titled 'Inside Betsy DeVos’ Billions: Just How Rich Is The Education Secretary?' they had come up with a "most realistic estimate" as to how much Betsy is worth. The article said that Betsy, her husband, Dick DeVos, and four adult children as worth "roughly" $2B.
Forbes revealed that the Securities and Exchange Commission filings from the late 1990s and early 2000s indicate that since her husband Dick DeVos' parents died, Betsy, her husband and their children "control one quarter" of the family's stake in Amway. The share is worth an estimated $1.3B, the report adds. Dick's father Richard DeVos Sr co-founded Amway in 1959 with Jay Van Andel. Later, Dick ran the company from 1993 to 2002. The publication also said that now Dick's brother Doug and one Van Andel co-chair the board as the families ended up splitting ownership 50/50.
As for what makes up Betsy's net worth, it was revealed that it is the DeVos family's "portfolio of commercial real estate, private equity investments, mansions, and yachts" and the Orlando Magic basketball team. The article also revealed that the family owns a sportsplex in Florida, a baseball stadium in Michigan and a resort in the Bahamas along with 10 yachts. NBA's Orlando Magic was bought by Richard DeVos, Betsy's father-in-law, in 1991 for $85M, and the team was worth nearly $1.2B, according to the report. According to Forbes, the couple is also an investor in the home goods retailer At Home and also owns stock worth $5M in Elon Musk’s SpaceX. In a June 2, 2020, article, Forbes also mentioned that Betsy had earned $56M while in office the year prior.
According to the website awakenthegreatnesswithin, as of 2020, Betsy is worth $5.4B, a huge increase from her 2019 figure of $2B. The article also revealed that she owns 12 private jets that include one Boeing Business Jet, five Gulfstream G550s, one Gulfstream G450, two Bombardier Challenger 350s and three Cessna Citation CJ4s. Additionally, Betsy and her husband also own homes in Grand Rapids and Ada in the state of Michigan and has three bedrooms, five full bathroom and five half bathrooms.