US Leads Global Rise of Businessmen-Politicians, Reshaping Diplomacy

An analysis by John P. Ruehl, released by the Independent Media Institute, investigates the trend of ultrawealthy business individuals entering politics in the United States. The piece points out the Trump administration's appointment of numerous billionaires to significant roles, including ambassadors such as Tilman J. Fertitta, who encountered protests in Venice during the 'Freedom 250 Coastal Diplomacy Italy initiative' in July. According to El País, the administration features 57 cabinet members and senior officials with net worths surpassing $100 million. During Trump's visit to China in May 2026, a delegation included over a dozen CEOs, such as Larry Fink of BlackRock and Elon Musk of Tesla. A 2021 study revealed that nearly one-third of US mayors have business backgrounds. Globally, over 11% of billionaires have pursued political office, with more than a third of Chinese billionaires holding political positions, while Russian oligarchs have seen their power wane under Putin. This phenomenon is also present in Latin America, exemplified by leaders like Daniel Noboa of Ecuador and Nayib Bukele of El Salvador. The article concludes that the merging of business and political power is blurring the boundaries between economic and political realms, affecting international relations.