What is Tim Walz's Net Worth and Salary?
Tim Walz is a Democratic politician, former US Army non-commissioned officer, and former educator who has a net worth of $50,000. Much more detail on Tim Walz's net worth, a false rumor about a secret $400 million fortune, in the next sections below.
Tim Walz serves as the governor of Minnesota, having taken office in 2019. Before that, from 2007 to 2019, he served as the US Representative for Minnesota's 1st congressional district. Prior to his political career, Walz spent 24 years in the Army National Guard and worked as a geography teacher and football coach at Mankato West High School.
In July 2024, Tim's name began to be floated as a potential Vice Presidential running mate for Kamala Harris. He was officially revealed as her selection in August 2024. Kamala and Tim lost the Presidential race to Donald Trump and JD Vance on November 5, 2024.
Financial Disclosure
Tim Walz's financial situation raised some eyebrows when he was announced as Kamala's running mate. After he was announced as running mate, it was revealed that Tim and his wife Gwen do not own a home, any stocks, mutual funds, bonds or any other securities. He has earned zero dollars from speaking fees or book royalties.
Tim released financial disclosures between 2008 and 2019. According to these disclosures, during this period, his net worth estimate was as high as $330,000 (2019) and as low as $13,500 (2017). According to a financial disclosure his 2017, out of 435 members of the House of Representatives, he ranked as the 365th richest.
Tim's disclosure 2017 reported assets worth between $200,000 and $500,000. His asset values were canceled out by liabilities valued in exactly the same range. His primary asset AND liability was a home in the city of Mankato, Minnesota which had two mortgages. He sold this home in 2019 for $300,000, less than his asking price but still a very modest capital gain. He owns a modest two-bedroom rental property in Mankato that generates less than $2,000 per month in income and a stake in a family farm worth $15,000 to $50,000.
According to his latest filing (2019), Tim and his wife (both of whom have worked for many years as public school educators) have pensions worth lump sum values of between $81,000 and $215,000. Thanks to his 12 years (so far) working in the Federal government, Walz will also eventually receive around $55,000 per year as a pension.
Salary & Treasury Donation
The Governor of Minnesota earns an annual salary of $127,629. Tim's wife, Gwen, makes around $59,000 per year working for Mankato Area Public Schools. During his time as a member of Congress, Tim was entitled to an annual salary of $174,000, an increase from $149,690 that was allowed after Congress granted itself various cost-of-living wage increases. Tim refused to accept the cost of living wage increases, seeing them as hypocritical. He literally returned the differences to the US Treasury. During his time in Congress, which began in early 2007 and ended in late 2017, Tim returned $81,684 to the US Treasury. According to a letter that was made public, the US Treasury informed Walz: "To date you have returned funds to the U.S. Treasury reducing the national debt by the amount of $81,684.00."
In October 2024, Tim released his 2023 tax return. The tax return showed that he made $112,493 as Governor of Minnesota. His wife made $51,231 as a teacher.
$400 Million Fortune False Rumor
In November 2020, at the height of COVID lock downs, a false rumor spread wildly on Facebook and Twitter that claimed Tim Walz's net worth was $400 million and that he was spending Thanksgiving in Florida while Minnesotans were ordered to shelter in place. Both claims were proven very false. The claim about his supposed $400 million cited a spam website called "starsgab.com" which describes itself as "the latest articles on Celerity [sic] Wiki, Biography, Celeb Net worth, Awards, Height, Weight and all other entertaining stuff."
Tim was able to quickly debunk both false claims. He had already released plenty of financial information to dispute the $400 million fortune claim. He released travel logs and other evidence showing he had not left the state since March 2020, nine months earlier at that point.
(Photo by Anna Moneymaker/Getty Images)
Early Life and Education
Tim Walz was born on April 6, 1964 in West Point, Nebraska to Darlene and James. He was raised with his three siblings in the rural town of Valentine, Nebraska. Walz was educated at Butte High School, graduating in 1982. He went on to attend Chadron State College, from which he obtained his bachelor's degree in social science education in 1989. Walz later went to graduate school at Minnesota State University, Mankato, earning his master's degree in educational leadership in 2001.
Military Career
At the urging of his father, a Korean War veteran, Walz enlisted in the Army National Guard in 1981. He spent a total of 24 years in the National Guard, serving in such places as Minnesota, Arkansas, Texas, and the Arctic Circle. During his career, Walz trained in heavy artillery and worked in disaster response, and toward the end of his career was deployed to Europe in support of Operation Enduring Freedom.
Teaching and Coaching Career
Walz began his teaching career teaching at the Pine Ridge Indian Reservation in South Dakota, which he did after graduating from high school. Following his college graduation, he taught for a year in China with the organization WorldTeach. Back in the United States, Walz taught in Alliance, Nebraska. He went on to become a geography teacher and football coach at Mankato West High School in Minnesota. In 1999, Walz led the football team to its first-ever state championship; he also advised the inaugural gay-straight alliance at the school.
US House of Representatives
In 2005, Walz announced his intention to run for the US House of Representatives, representing Minnesota's 1st congressional district. He ran unopposed in the primary, and in the 2006 general election defeated incumbent Republican Gil Gutknecht. Walz was ultimately reelected five times, serving in the House until 2019. During his tenure, he was described as between moderate and liberal.
Governor of Minnesota
Walz ran for governor of Minnesota in 2018 after the incumbent governor Mark Dayton chose not to run for a third term. He ended up winning the election, defeating Republican candidate Jeff Johnson. Walz went on to win reelection in 2022 by defeating Republican Scott Jensen. During his tenure, he has signed into law legislation focused on police reform, required paid leave, cannabis legalization, universal gun background checks, and a woman's right to choose.
Political Positions
Walz is pro-choice, pro-gun control, and pro-LGBTQ rights. He is also a staunch supporter of veterans' rights, having spearheaded and championed many initiatives to improve the quality of life for military veterans.
Personal Life
In 1994, Walz married Gwen Whipple. Together, they have two children and reside in Saint Paul, Minnesota.
