She was accused of using extreme disciplinary measures. }; This is such an affront to honor and to leadership. Part of that fortune could theoretically be passed to Chao in the coming years. Her worth jumped. She has admitted to having regrets about not conceiving. We will update soon. She has been able to study money and banking at Dartmouth College. She received more than two dozen honorary degrees from both American and Chinese universities. He has a variety of assets, such as trusts, mutual funds, bank accounts, and stocks. Elaine, the Secretary of Transportation, was born Elaine Lan Chao on March 26, 1953,in Taipei, Taiwan, under the Aries birth sign to Chinese parents,James Si-Cheng ChaoandRuth Mulan Chu Chao. [6], Chao's daughter, Elaine, was Secretary of the Department of Transportation in the Donald Trump administration. She was born in 1976. The U.S. Maritime Administration, which oversees ships that sail under the U.S. flag, falls under Elaine Chaos purview as secretary of transportation. ", Watchdog says Elaine Chao, ex-transpo secretary and Mitch McConnell's wife, misused office including making staff edit her dad's Wikipedia page, "Mrs. Ruth Mulan Chu Chao Chao Family Foundations", "Ordinary yet Extraordinary, The Ruth Mulan Chu CHao Story", "2008 Outstanding American by Choice Recipients", "Ordinary Yet Extraordinary Ruth Mulan Chu Chao's Story", "Harvard Business School gets $40 million family donation", "Business School Names First HBS Building after a Woman, Asian American", "World renowned Maritime celebrity, Dr. James S. C. Chao visited Fudan University", https://en.wikipedia.org/w/index.php?title=James_S._C._Chao&oldid=1105407054, St. John's University (New York City) alumni, Articles containing Chinese-language text, Articles containing traditional Chinese-language text, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 20 August 2022, at 03:30. She is a private person. A quarter of GOP state House lawmakers said they stand ready and willing to help DeSantis win the battleground state. James and Ruth Mulan Chu Chao met in Shanghai while they were both in high school. Chao comes from a wealthy family, and she is married to Senate Majority Leader Mitch McConnel. Heres what you need to know about her wealth. 1. Her Net Worth Is $24 Million Senate Minority Leader Mitch McConnell with his wife, Elaine Chao, after voting. Together with her family, they were able to donate more than $40 million to offer scholarships at Harvard to students studying there. Washington's Bluegrass Ball in Washington, D.C., before President Trump's Inauguration in 2017. James Chao has served as chairman of Westlake Chemical since 2004; three other family members serve on the company's board. By its count, Foremost has the most valuable fleet of any dry bulk shipper in the United States. A New York Times investigation published last week detailed how Chaos government positions have benefited her familys company. By the end of her life, she personally had nearly $59 million of assets to her name, according to an inventory filed with her will. [21] In 2010, the Museum of Chinese in America honored Chao with its inaugural Outstanding Achievement Award for the Chao Family; the first time ever such an honor has been awarded in its 130 years history. Grace, the fifth Chao daughter, is a graduate of Wesley College. d: "YWxsc3RhcmJpby5jb20=", document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. They wedded on 6, February 1993, picking that date for three reasons: It was Ronald Reagans birthday, it was not long before Chaos 40th birthday celebration, and it was just before a one-week Senate break. In 1964 James Chao founded a shipping company called Foremost Maritime Group. Chao's oldest daughter is Elaine Chao, who is the first woman of Asian Pacific American descent appointed to a president's cabinet: she served as Secretary of Labor from 2001 to 2009, and as Secretary of Transportation from 2017 to 2021. 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Further, he has been actively toiling in various governmental positions since 1975. cb: (new Date()).getTime() Her father founded the Foremost Group, a shipping company her sister currently leads as CEO, according to The Hill. Foremost has an office in New York City, but its not exactly a U.S. company. WebIn April 2008, Chao's father gave Chao and McConnell between $5 million and $25 million, which "boosted McConnell's personal worth from a minimum of $3 million in 2007 to As per some tabloids, In the United States of America, the average wage of a politician is, Also, Chao was appointed as Secretary of Transportation on January 31, 2017, under. He has also received some worth from his family and inheritance. She worked for the Hudson Institute and The Heritage Foundation, two conservative think tanks. In the year 1989, retired President George W. Bush did appoint her as the deputy secretary of Transportation. [22] The center is dedicated to executive education, the first building at HBS named after a woman and of an Asian surname. An American businesswoman and government official, Chau tied the wedding knot withAddison Mitchell McConnell Jr.,the longest-serving U.S. senator for Kentucky, onFebruary 6, 1993. degree in political science from Louisville. She is the recipient of 37 honorary doctorate degrees in recognition of her many contributions to our country. Lans other representative transactions include advising on a clean fuels refinery expansion project in Singapore. Mitch McConnell And Elaine Chao have no children together. Porter works as an assistant professor of history at Frostburg State Univeristy in Maryland. It didnt take prolonged for the duo to connect after their first meeting. While it's his son-in-law, Kentucky Senator Mitch McConnell, who gets the most airtime, Elaine hails from an immensely wealthy family, with her father owing his self-made fortune to business links both in the U.S. and in China. She owned a home 25 miles north of Manhattan in Harrison, New York, worth $1.17 million; checking and money market accounts worth a combined $50,900; a 2006 Lexus sedan worth $23,000; miscellaneous personal property worth $25,000; and a closely held business interestworth $57.5 million. The pair married in 1951 and began their family. Elaine Chao is a businesswoman who served as U.S. Secretary of Transportation under former U.S. President Donald Trump and as U.S. Secretary of Labor under former U.S. President George W. Bush. [16][17] Ruth Mulan Chu Chao died on August 2, 2007. Elaine Chao: Birthday: March 26, 1953: Age: 67: Gender: Female: Nationality: American: Profession: Politician: Parents: James S. C. Chao, Ruth Mulan Chu: Net Worth: She is the current Secretary of Labor in the United States and has been in this Since then, the American politician had been re-elected five more times. VesselsValue calculates the price of each ship by factoring in qualities like its size and age combined with present market conditions. Elaine served as the Secretary of Transportation from 2017 until 2021 and is Senate Minority Leader McConnells wife of nearly three decades. Chao is the first Asian American woman to serve in a presidential cabinet. She received 36 honorary doctorates from Georgetown McDonough School of Business in 2015. Hes known to tell individuals, Individuals comment that Im in a blended marriage. If Foremost Group has a total debt ratio of, say, 50%, the equity in the company would be worth roughly $600 million. James Chao earned his fortune as the founder of the Foremost Group which is a shipping, trading, and finance enterprise based in New York. Share prices among the seven largest publicly traded companies in the industry are down 45% on average in the last year. The pair had a mutual friendStuart Bloch, through which they met for the first time. "James S. C. Chao Chairman Foremost Group New York Class Year: 2009", "Bio of Dr. James S.C. Chao, The Inaugural CAAPS Distinguished Lifetime Achievement Award Winner", "Harvard Business School Building Boom Continues", "Inspector General's Report Cites Elaine Chao for Misuse of Office", "Did Elaine Chao's DOT interviews help her family's business? })(document); Mount Holyoke College, Harvard University. When is Jamb 2023/2024 Starting, Is JAMB Form Out For 2023? Meanwhile, her beloved partner holds a staggering net value of$22.5 Million. Wike releases a new election update and highlights new initiatives by the G5 governors. We will update Family, Sibling, Spouse and Childrens information. Elaine Chao: Career Chao has been Win McNamee/Getty Images Since that time, the personal fortune of McConnell and Chao has For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Elaine Chao, former U.S. secretary of transportation, right, and her father James Chao arrive at a state dinner in 2015, Shanghai-born Chao reportedly has a net worth of $400million, Elaine Chao (2nd R) looks at the portraits of her father James Chao (L) and mother Ruth Mulan Chu Chao as the gift from Chinese Transport Minister Li Xiaopeng in 2018, Joe Biden kisses a niece of Mitch McConnell during a ceremonial re-enactment swearing-in ceremony in 2015, Independent Press Standards Organisation (IPSO). After landing in the US he enrolled in college, eventually graduating from St. John's University, Queens with a master's degree. WebBeing born on 26 March 1953, Elaine Chao is 67 years old as of todays date 24th January 2021. Learn how your comment data is processed. Her height is 1.6 m tall, and her weight is 54 kg. Chao's father gave them $25 million, which boosted their worth from a minimum of $3 million to more than $7 million in 2008. According to Celebrity Net Worth, Chaos net worth is $30 million. as per the Washington Post. . In 1961, her whole family immigrated to the United States when she was eight years old. 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. All Rights Reserved. Hartogensis was nominated by Donald Trump in 2018 and confirmed by the U.S. Senate as director of the Pension Benefit Guaranty Corporation, which is a part of the Labor Department. Russia and Iran are in talks over a plan to launch a new cryptocurrency backed by gold, which could be used in their bilateral trade deals. The former couple welcomed their first daughterElly McConnellin 1972. He is the second Kentuckian to serve as a party leader in the Senate. [8][9] He received a master's degree in management from St. John's University in 1964. 2. Shanghai-born Chao reportedly has a net worth of $400million Credit: Getty Images - Getty While the inspector deemed this to be an apparent violation of federal Market Realist is a registered trademark. Soon after the divorce, Redmon was appointed as the Sophia Smith Collection director and became a feminist scholar at Smith College. Scroll below and check our most recent updates about Elaine Chao as of 12/16/20. She is married to Mitch McConnell, the Senate minority leader. Elaines spouse, Addison Mitchell McConnell Jr., is the Senate Majority Leader and Kentuckys senior United States senator. Elaine Chao was born on March 26, 1953, in Da'an District, Taipei, Taiwan. James S.C. Chao is a Chinese-American entrepreneur, who founded the Foremost Group - a shipping, trading and finance enterprise based in New York. helping them get elected, and less time helping his crazy wife and family get rich on China!, According to The Hill, Chao showed her support for both her husband and Trump as the relationship between the two men soured in 2017, saying, I stand by my man both of them. (That said, Chao resigned as transportation secretary following the Jan. 6 insurrection at the Capitol.). The foundation awards scholarships to students both in the U.S. and China, in a bid to help them achieve better access to higher education. Celebritys Net worth, Biography, Sports, Health, Technology, & Entertainment. In Asia, Africa, and the United States. She later did work at International Bank, Citicorp. ELAINE Chao's father, James S.C. Chao, is a Chinese-American entrepreneur who founded the Foremost Group, a shipping, trading and finance enterprise based in New York. Their oldest daughter Elaine Chao became the first woman of Asian Pacific American descent to be appointed to a president's cabinet. He should spend more time (and money!) Right now, we dont have much information about Education Life. You may opt-out by. Elaine Chao moved to the United States when she was eight years old and received her citizenship when she was 19. His primary source of wealth is being a politician. Elaine is not only the single child of her parents. Since 1960, Bloch and Mitch had known each other, and Mr. Stuart Bloch was married to the mentor of Chao, More About Chaos Life Partner, Mitch McConnell, The Scots-Irish and English descent, McMitchell first stepped into this world on February 20, 1942, in Sheffield, Alabama, as the son of. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. T.T. Dry bulk shipperswhich transport dry goods like agricultural products, coal and ironhave taken a hit recently, in part because of the U.S. trade war with China. She has also worked as Deputy Administrator of the Maritime in the The foundation provides scholarships to students in both the U.S. and China to help them achieve better access to higher education. Ads accounted for around 90% of Twitters revenue in recent financial filings but many companies turned away from the platform after Musk took over. Father James Chao Mother Ruth Mulan Chao: Siblings: N/A: School: Tsai Hsing Elementary School, Syosset High School: College: Mount Holyoke College, Dartmouth College, and Harvard University. Senator Mitch McConnell and Secretary of Transportation Elaine Chao at the Kentucky Society of [+] Washington's Bluegrass Ball in Washington, D.C., before President Trump's Inauguration in 2017. [21] She easily received approval from the U.S Senate. 5. After completing her high school studies. However, McConnell has children from his first wife, Sherrill Redmon. She publicly apologized for her action. [11] For instance, she appeared in at least a dozen interviews with Chao, and she asked DOT staff to promote her father's biography. At the climax of the Chinese Civil War, Chao's ship went to Taiwan, where it remained. New initiatives by the G5 governors descent to be appointed to a President 's cabinet, Harvard University market. He is the Senate Majority Leader Mitch McConnell with his wife, Sherrill.. She later did work at International bank, Citicorp Sibling, Spouse and Childrens information to study money and at! Flag, falls under Elaine Chaos purview as Secretary of Transportation from 2017 2021... Was a Transportation Secretary following the Jan. 6 insurrection at the Capitol. ), Sports,,... Welcomed their first daughterElly McConnellin 1972 her whole family immigrated to the United States doctorate. 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