Gavin Christopher Newsom is an American politician and businessman and the current Governor of California.
As of 2024, Gavin Newsom’s net worth is estimated at $30 million. The governor’s wealth is primarily attributed to several political salaries and income from business ventures and investments.
In this article, we explore Gavin Newsom’s wealth, from his early beginnings and rise in politics to building such a huge financial portfolio.
Gavin Newsom bio
| Attribute | Details |
|---|---|
| Full name | Gavin Christopher Newsom |
| Date of birth | October 10, 1967 |
| Birthplace | San Francisco, California |
| Education | Bachelor of Science in Political Science, Santa Clara University (1989) |
| Political party | Democratic |
| Current position | 40th California Governor (since 2019) |
| Previous positions | 42nd Mayor of San Francisco (2004–2011), 49th Lieutenant Governor of California (2011–2019) |
| Estimated Net Worth | $30 million as of 2024 |
| Notable business ventures | PlumpJack Winery, PlumpJack Management Group |
| Spouse | Jennifer Siebel Newsom (m. 2008) |
| Children | Four |
Early life and career beginnings
Gavin Christopher Newsom was born on October 10, 1967, to a family deeply invested in politics and financial connections. His father, William Newsom, was an American judge and an administrator of the Getty family trust. In addition to his father’s influence, Newsom’s aunt, Barbara Newsom, added to the connections, underscoring the family’s prominence in California’s business and political landscape.
Gavin Newsom attended Redwood High School in Marin County, and later enrolled at Santa Clara University, graduating in 1989 with a bachelor of science in political science.
His entrepreneurial ambitions began in the early 1990s with the establishment of PlumpJack Associates L.P. In 1992, he established PlumpJack Winery. This business venture, with the support of the Getty family and Gordon Getty, was the beginning of Newsom’s journey to financial prowess. The venture grew to become the PlumJack Group, encompassing wineries, hotels, and restaurants across San Fransisco and California.
Entering politics
Gavin Newsom began his political career in 1996 when the Mayor of San Fransisco, Willie Brown, appointed him to the city’s Parking and Traffic Commission. A year later, Governor Brown appointed Newsom to the San Francisco Board of Supervisors, where his duties included tackling issues such as homelessness and affordable housing.
He worked closely with the residents to execute progressive solutions. This role marked the beginning of his political career and established him as a futuristic and problem-solving leader.
San Francisco Mayor
Gavin Newsom was elected the 42nd San Francisco Mayor in 2003, defeating candidates such as nudist activist George Davis. As mayor, he made some of the most groundbreaking decisions in history, including directing the city-county clerk to issue marriage certificates to same-gender couples. Although controversial, this move positioned San Fransisco as a leader in defending marriage equality and showed Newsom’s willingness to defy the state and federal norms.
Newsom’s administration also launched such initiatives as Healthy San Francisco, a program aimed at providing healthcare to uninsured San Francisco residents. He also launched Project Homeless Connect, a project designed to address homelessness through community involvement.
California Lieutenant Governor
In 2010, Gavin Newsom defeated Republican Ron Nehering to become the 49th Lieutenant Governor of California under Governor Jerry Brown. During his tenure, Lieutenant Governor Newsom emphasized economic growth, higher education reform, and environmental policies. He published Citizenville: How to Take the Town Square Digital and Reinvent Government—a book advocating tech-driven solutions to enhance government efficiency and transparency.
Newsom used this period wisely to refine his statewide political platform, shaping the path for his eventual reign as California governor.
Governor of California
Newsom was elected the 40th California governor in 2018 and was sworn into office in 2019. His administration came at a difficult time characterized by the COVID-19 pandemic and wildfires. His policies are primarily focused on economic recovery, climate change, and healthcare expansion. Notable initiatives include signing into law California’s ambitious carbon neutrality goals and expanding Medi-Cal to undocumented residents.
In addition to natural disasters like wildfires, Newsom’s administration faced challenges from his opponents and critics, prompting a recall election in 2021. Although he was accused of mishandling the pandemic, he retained his position, defeating Republican Ron Nehring and demonstrating significant voter support for his administration.
Business ventures and investments
Business ventures and investments have played a vital role in Newsom’s wealth-generation journey. His PlumJack Group has expanded to become a major player in California and San Francisco’s hospitality industry. The venture, co-founded with financial backing from Gordon Getty of the Getty family, comprises hotels, restaurants, and wineries. His firm, PlumpJack Associates, remains a key player in Newsom’s net worth growth.
In his 2023 financial disclosure forms, Newsom revealed investments in winery and hospitality. His stakes in PlumJack Management Group and other ventures are valued at between $100,000 and $1,000,000 each. These investments reflect the long-term profitability of his ventures. He even reportedly gave up some of his business interests to focus on politics.
Another significant contributor to Newsom’s steady net worth growth is his annual salary as governor of California, which is approximately $234,000. His income from business holdings, including his connections with San Francisco businesses, further cements his position as a successful public servant and entrepreneur.
Gavin Newsom’s estimated net worth of $30 million makes him one of the wealthiest state governors in the United States.
Net worth and salary
Newsom’s net worth, estimated at $30 million as of 2024, is a result of his illustrious career as a politician and businessman. His wealth stems from a combination of political salaries and income from his business ventures and investments. As California governor, Newsom takes home an annual salary of $234,000. This means that his wealth is largely attributed to the success of his businesses, including the PlumpJack Management Group.
Newsom’s early success is also attributed to his family connections. His father, William Newsom, a United States judge for the appeals court, played a key role in managing the Getty family trust. Newsom’s early business ventures benefited greatly from these connections, including financial backing from Gordon Getty.
When he became lieutenant governor of California, Newsom sold some of his business interests to focus on the task at hand. His enduring financial muscle has also drawn comparisons to other political figures whose massive net worths are tied to entrepreneurship rather than political salaries.
Philanthropy and charitable efforts
Besides serving California as governor, Newsom is involved in philanthropic activities, supporting causes related to homelessness, healthcare, and education. Initiatives such as Project Homeless Connect and Healthy San Francisco underscore his commitment to bettering the lives of his residents. His administration emphasizes funding for affordable housing projects and healthcare for underserved communities.
Public perception and legacy
Newsom’s career as a politician and businessman has both been criticized and praised. His progressive leadership model and business shrewdness have garnered admiration, while controversies, such as his handling of the COVID-19 pandemic, have drawn backlash. Despite these criticisms, Newsom remains a central figure in California’s political landscape and the business community.
Career highlights and achievements
- In 2004, Newsom issued a directive to the city clerk to issue marriage certificates to same-sex couples, marking a landmark moment in the marriage equality movement and making a name for himself as a marriage equality advocate.
- Governor Newsom has been on the front line executing climate initiatives such as championing renewable energy and environmental sustainability, including the goal to achieve carbon neutrality by 2045.
- He champions healthcare expansion and as governor, he has expanded Medi-Cal to undocumented California residents and improved healthcare access for low-income residents.
- His economic recovery efforts after the pandemic include implementing stimulus initiatives and relief programs to help struggling residents.
Personal life
Governor Gavin married Kimberly Guilfoyle, a former San Francisco prosecutor, in 2001 and divorced in 2006. In 2008, he married Jennifer Siebel Newson, an accomplished actress and documentary filmmaker. She is the daughter of Ken Siebel and niece of Thomas Siebel. The couple resides in the California Governor’s Mansion in downtown Sacramento with their four children, Montana, Hunter, Brooklynn, and Dutch.
Controversies and criticisms
Despite his success as a politician and businessman, Newsom has faced significant controversies.
- Although he had implemented strict lockdown protocols during the COVID-19 pandemic, Governor Newsom found himself at the center of heated criticism after dining maskless at the French Laundry restaurant in Yountville.
- Newsom faced a recall election in 2021 after allegations of mishandling the pandemic. However, he demonstrated voter confidence by defeating republican candidates and retaining his position.
- While he is deeply involved in the homelessness issue in the state of California, critics argue that his administration has not done enough to end the crisis.
