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(AP Photo / Ted S. Warren)
ASSOCIATED PRESS
Education Secretary, Betsy DeVos, and her husband, Amway's heir, Dick DeVos, earned at least $ 45 million last year, according to a first-ever project. disclosure of financial information required by the government, obtained by Forbes.
This figure probably underestimates the income of such a rich couple, because ethics laws allow the enumeration of incomes up to $ 5 million, or even $ 1 million if the assets belong only to the employee's spouse. , which means real gains of the couple may have been significantly higher.
The biggest source of revenue they've reported comes from their main source of wealth: Alticor, the parent company of multi-level marketing giant Amway. Dick's father co-founded the company, which had generated $ 8.8 billion in revenue last year, in 1959. Through a series of trusts, Dick and Betsy have holdings in Alticor that have generated gains. capital and dividends and interest of at least $ 7 million in 2018.
They also received $ 6.2 million from RDV Corp., a family office that takes care of everything management of yachts and domestic staff of the DeVos family to invest their billions. RDV, led by an external but family-governed CEO, has dedicated much of the family's wealth to large private equity and real estate investments, including a sports complex in Orlando and a resort in the Bahamas.
The couple has earned more than $ 5.5 million in 2018 as investors in a handful of private equity funds managed by AEA Investors, a $ 15 billion (assets) company that counts the founders of Rockefeller and Mellon families. DeVos earned at least $ 5 million when an AEA entity cashed in a private packaging company earlier this year, according to the information disclosed. Other government documents, tabled earlier this year, indicate that the actual figure could be even higher, between $ 25 and $ 50 million. Similarly, the Education Secretary claimed to earn at least $ 5 million when a vehicle lighting manufacturer in which DeVoses owned an equity interest was acquired for $ 420 million. Other documents indicate that it could have taken up to $ 25 million.
DeVos claimed to have earned $ 3.8 million from NC Alexander Co-Invest, L.P., who appears to be registered on the island of Jersey, a notorious tax haven. According to its previous publication forms, the entity had a "full service European credit management provider". It also reported revenues of nearly $ 1.7 million from Gaillon S.C.A, a private equity fund with interests in European distribution and chemical companies. Gaillon seems to be registered in Luxembourg. The Ministry of Education has not responded to a request for comment for this story. A spokesperson for RDV Corp. explained that NC Alexander and Gaillon are "private equity investments managed by third parties".
DeVos, whose father was a multimillionaire businessman and whose brother is Blackwater founder Erik Prince, collected money from at least 85 different sources last year. The federal government, however, was its smallest source of income. Before taking office, DeVos is committed to donating all of his salary, except a dollar, to a charity. If she had kept her entire salary of $ 199,700 instead, it would have been her 23rd largest source of income last year, between the earnings of a small stake in the Chicago Cubs and the money distributed from a private equity investment registered in the Cayman Islands. .
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(AP Photo / Ted S. Warren)
ASSOCIATED PRESS
Education Secretary, Betsy DeVos, and her husband, Amway's heir, Dick DeVos, earned at least $ 45 million last year, according to a first-ever project. disclosure of financial information required by the government, obtained by Forbes.
This figure probably underestimates the income of such a rich couple, because ethics laws allow the enumeration of incomes up to $ 5 million, or even $ 1 million if the assets belong only to the employee's spouse. which means the couple's actual earnings may have been considerably higher.
The biggest source of revenue they've reported comes from their main source of wealth: Alticor, the parent company of multi-level marketing giant Amway. Dick's father co-founded the company, which had generated $ 8.8 billion in revenue last year, in 1959. Through a series of trusts, Dick and Betsy have holdings in Alticor that have generated gains. capital and dividends and interest of at least $ 7 million in 2018.
They also received $ 6.2 million from RDV Corp., a family office that does everything from managing DeVos family yachts to investing billions of dollars. RDV, led by an external but family-governed CEO, has dedicated much of the family's wealth to large private equity and real estate investments, including a sports complex in Orlando and a resort in the Bahamas.
The couple has earned more than $ 5.5 million in 2018 as investors in a handful of private equity funds managed by AEA Investors, a $ 15 billion (assets) company that counts the founders of Rockefeller and Mellon families. DeVos earned at least $ 5 million when an AEA entity cashed in a private packaging company earlier this year, according to the information disclosed. Other government documents, tabled earlier this year, indicate that the actual figure could be even higher, between $ 25 and $ 50 million. Similarly, the Education Secretary claimed to earn at least $ 5 million when a vehicle lighting manufacturer in which DeVoses owned an equity interest was acquired for $ 420 million. Other documents indicate that it could have taken up to $ 25 million.
DeVos claimed to have earned $ 3.8 million from NC Alexander Co-Invest, L.P., who appears to be registered on the island of Jersey, a notorious tax haven. According to its previous publication forms, the entity had a "full service European credit management provider". It also reported revenues of nearly $ 1.7 million from Gaillon S.C.A, a private equity fund with interests in European distribution and chemical companies. Gaillon seems to be registered in Luxembourg. The Ministry of Education has not responded to a request for comment for this story. A spokesperson for RDV Corp. explained that NC Alexander and Gaillon are "private equity investments managed by third parties".
DeVos, whose father was a multimillionaire businessman and his brother Erik Prince, founder of Blackwater, collected money from at least 85 different sources last year. The federal government, however, was its smallest source of income. Before taking office, DeVos is committed to donating all of his salary, except a dollar, to a charity. If she had kept her entire salary of $ 199,700 instead, it would have been her 23rd largest source of income last year, between the earnings of a small stake in the Chicago Cubs and the money distributed from a private equity investment registered in the Cayman Islands. .