Elaine Chao, a former secretary of labour for the United States, is expected to have a net worth of $35 million by 2023. Elaine served as the US Department of Labour’s Secretary from 2001 to 2009 and the US Department of Transportation’s Secretary from 2017 to 2021. She was the first female from the Asia-Pacific region to wear a presidential outfit. Chao left Taiwan at the age of eight and has academic credentials from Harvard Business School and Mount Holyoke College. View Elaine Chao’s biography for more information on her age, husband, height, weight, and other factors.
Before holding important positions in the Department of Transportation under Presidents Ronald Reagan and George H. W. Bush, she worked for financial institutions. She has served on numerous corporate committees, including Hyliion and ChargePoint, and has also held the positions of president of the United Way of America and director of the Peace Corps.
Elaine Chao Net Worth
James S. C. Chao, the successful Chinese-American shipping entrepreneur who founded the Foremost Group, is the father of Elaine Chao. The company, which operates 33 ships, had a pre-deficit value of $1.2 billion. After taking into account the shortfall with purchases from China’s Export-Import Bank and Taiwan’s First Commercial Bank, the Chao family’s estimated ownership in Foremost is worth $600 million.
Anointed Angela, Elaine’s younger sister and the CEO, is the CEO. Elaine and Mitch had a $3 million net worth prior to 2007. In 2007, they received an inheritance, increasing their net worth to $12.7 million. Their reported net worth has now increased to $35 million.
| Name | Elaine Chao |
| Profession | American businesswoman and former government official |
| Yearly Income | $3 Million + |
| Monthly Income | $2,00,000 + |
| Net Worth (2023) | $35 Million |
| Yearly Expenses | $6,00,000 |
| Party | Republican Party |
| Previous offices | United States Secretary of Transportation (2017–2021) |
Elaine Chao Biography
Elaine Chao, the eldest of six daughters, was born in Taiwan in 1953. With her mother and sisters, she moved to the United States when she was eight years old and struggled with emigration while she was still learning the language. Elaine went to both a high school in New York and an elementary school in Taiwan.
Elaine immigrated to the country at the age of 19, earned a bachelor’s degree in economics from Mount Holyoke College, and spent her first year studying finance and banking at Dartmouth College. Her father worked multiple jobs to provide for her family, as they lived in a small flat. She graduated from Harvard Business School with an MBA as well.
| Full Name | Elaine Lan Chao |
| Nick Name | Elaine |
| Date of birth | 26 March 1953 (age 70 years) |
| Birthplace | Da’an District, Taipei, Taiwan |
| Nationality | American |
| Hair Color | Brown |
| Eye Color | Black |
| Height | 5’ 3” |
| Weight | 54 Kg |
| Education | Mount Holyoke College, Syosset High School, Massachusetts Institute of Technology, Columbia University, Dartmouth College, Harvard Business School |
| Parents | James S.C. Chao, Ruth Mulan Chu Chao |
| Siblings | Angela Chao, Christine Chao, Grace Chao, May Chao, Jeanette Chao |
| Profession | American businesswoman and former government official |
| Net Worth | $35 Million |
Elaine Chao Career
Elaine Lan Chao is an American businesswoman and former government figure who held the positions of secretary of transportation under Donald Trump from 2017 to 2021 and secretary of labour under George W. Bush from 2001 to 2009. Chao, a Republican, was the first woman of Asian descent to hold a position in a presidential cabinet. She is married to Mitch McConnell, the head of the Senate’s Republican Party.
Chao, who was eight years old when she emigrated to the US, was born in Taipei, Taiwan. She earned degrees from Harvard Business School and Mount Holyoke College. Before being assigned to various top posts in the Department of Transportation under Presidents Ronald Reagan and George H. W. Bush, she worked for financial organisations. She served as chair of the Federal Maritime Commission from 1988 to 1989 and as deputy secretary from 1989 to 1991. Between 1991 and 1992, she was the director of the Peace Corps, and between 1993 and 1996, she presided over the United Way of America.
Chao’s priorities as labour secretary included increasing worker access to education and training and enhancing workplace safety. She also supported minority populations’ efforts to thrive economically. Chao oversaw the execution of the $1 trillion infrastructure plan passed by Congress in 2017 while serving as the department’s secretary of transportation. Additionally, she pushed to increase security on the nation’s rivers, railroads, and highways.
Chao is a contentious individual. Her tight ties to the shipping sector and her support for laws that some claim favour the wealthy at the expense of the poor have drawn criticism. She is a reputable businesswoman and government official nonetheless. She is devoted to enhancing the lives of all Americans and is an outspoken supporter of women and minorities.
Conclusion
In conclusion, Elaine has had a distinguished career highlighted by special abilities in both the public and private sectors. She is a clever businesswoman who has identified lucrative opportunities and made strategic decisions that have greatly increased her net worth through successful acquisitions.
Elaine has excelled in her role as a government official, establishing policies that have a significant impact on many people’s lives. Her dedication to serving the American people serves as a reminder of her nobility. Chao’s path to financial success serves as inspiration for aspiring business owners by demonstrating the value of tenacity and managerial skills.
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