Former presidential candidate Robert F. Kennedy Jr. has been selected by Donald Trump as his pick to lead the Department of Health and Human Services (HHS).

Here's a look at Kennedy's wealth and investments.

What Happened: Trump announced many of his likely nominations for roles in his cabinet since winning the 2024 presidential election, with Kennedy one of the more well-known names selected.

Kennedy is known for many things including being an environmental lawyer, having an anti-vaccine stance and belonging to the famous Kennedy political family.

Kennedy is the son of Robert F. Kennedy and nephew of former President John F. Kennedy. The former president was one of the wealthiest of all time adjusted for inflation thanks to his father Joseph Kennedy's banking and investing career.

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Kennedy's Wealth and Investments: An estimate from Forbes values Kennedy with a wealth of $15 million, which includes his wife Cheryl Hines income from acting. Around $4 million of the wealth is estimated to have been inherited from the Kennedy family.

A 2023 disclosure filing listed several sources of income for Kennedy including from his law firm, speaking engagements and consulting fees from a publisher. The biggest income listed was over $5 million from his own law firm made in the year reported on the disclosure.

Kennedy will be paid an annual salary of $246,400 if elected to lead HHS.

The filing showed Hines' investments in several mutual funds and ETFs including:

Dimensional Emerging Markets Core Equity 2 ETF (NYSE:DFEM)
Dimensional International High Profitability ETF (BATS:DIHP)
Dimensional International Small Cap Value ETF (BATS:DISV)
Dimensional International Core Equity 2 ETF (BATS:DFIC)
Dimensional US Real Estate ETF (NYSE:DFAR)
Dimensional US High Profitability ETF (NYSE:DUHP)

Kennedy has $500,000 in investments managed by Park Financial Holdings, according to Forbes.

Real estate holdings are also listed in the financial disclosures, which add to the wealth of Kennedy and Hines.

The filing also listed that Kennedy and Hines owned between $100,000 and $250,000 in Bitcoin. The filing was from June 2023, which is when Bitcoin traded closer to $30,000 versus a value close to $95,000 today.

Kennedy recently said that most of his wealth is in Bitcoin, which could suggest that he now owns more Bitcoin than reported last year.

Income from Oil?: Benzinga previously reported Kennedy also profits from oil and gas rights through a family investment, despite being a prolific activist and environmental lawyer.

The 2024 presidential candidate has been a critic of fossil fuels and oil and gas companies over the years.

A report from Politico shared that while Kennedy was openly against the oil and gas industry, he also privately earned “tens of thousands of dollars from an oil and gas rights leasing company.”

According to the report, Kennedy’s financial disclosure form showed earnings from Arctic Royalty Limited Partnership.

Kennedy’s earnings from Arctic Royalty were $17,759 to $29,257 from Jan. 1, 2022, to June 30, 2023, as per the disclosure. The earnings were paid to the family trust owned by Kennedy.

Politico shares that Arctic Royalty Limited Partnership leases land in states to oil and gas companies. Among the companies that have leased land from Arctic Royalty are several companies fined for pollution or infractions previously, including the chemical company involved in the pollution of East Palestine, Ohio, after a train derailed in 2023.

Kennedy told Politico that he sold his stake in Arctic Royalty in December, but did not share proof of the sale.

“I sold all my stake in this company in December. I still indirectly own a very small interest in Arctic Royalty through my brother David’s estate. It generates approximately $1,000 per year. I own 1/10 of the estate. Because other family members are also owners, I have no power to sell off this investment,” Kennedy told Politico.

Kennedy said that Arctic Royalty was an investment made by his grandfather that he inherited.

“The company does not do any drilling. It owns mineral rights and pays out royalties from companies that are exploiting oil reserves.”

Kennedy has been active as a voice against pollution and harm to the environment over the years.

The former presidential candidate was also previously critical of President Joe Biden‘s response to the handling of the East Palestine, Ohio, train disaster, saying everybody involved should “be held accountable, both criminally and civilly.”

While it’s not illegal to own stakes in oil and gas royalty companies as a politician, this could be a bad look for a person who is so anti-pollution and against oil and gas companies.

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Wednesday, November 27, 2024