Republican Senator Markwayne Mullin recently replaced Kristi Noem as the Department of Homeland Security Secretary.
After Kristi Noem’s $220M Scandal, Focus Shifts to New DHS Secretary Markwayne Mullin’s Wealth Surge
With Kristi Noem’s exit as DHS Secretary, attention shifts to Senator Markwayne Mullin (R-Okla.), who has assumed her congressional role. Mullin’s wealth and net worth sparked new Capitol Hill conversations, especially after Noem’s $220 million scandal that reportedly contributed to her cabinet removal.
In early March, President Donald Trump fired Noem and named Mullin the new DHS Chief. Noem faced scrutiny for spending about $220 million in taxpayer funds on a self-serving ad campaign. She wore a cowboy hat and rode a pony while promoting her department’s criticized stance on illegal immigration.
Concerns about Mullin’s sharply increased net worth have grown since Noem’s scandal.
Increase in Markwayne Mullin’s Net Worth
Congress members disclose asset value ranges rather than exact dollar figures for assets, liabilities, and residences. In 2012, when first elected, Mullin reported a net worth between $2.8 million and $9 million.
The Republican senator's wealth has grown exponentially since then. Financial disclosure forms reviewed by the New York Times in 2024 showed his assets worth between $29 million and $97 million.
Mullin accumulated most initial wealth through the plumbing and HVAC company he inherited from his father at age 20. A portfolio deep dive reveals increases from stock trading in defense and health-care industries, including buying and selling shares in companies overseen via his Senate Armed Services and Health and Indian Affairs committee roles.
An X post highlighting DHS Secretary Markwayne Mullin's increasing net worth.
According to Atlanta Black Star, Mullin holds shares worth up to $2 million across six companies with major Department of Homeland Security contracts, including Microsoft, RTX, and L3Harris. In 2025, he reported buying $30,000 to $100,000 in L3Harris stock; its value rose about 65 percent since, outpacing the stock market's 13 percent gain.
On December 29, Mullin invested up to $2.8 million across 21 companies. This included Chevron shares, the only major US oil company operating in Venezuela. Chevron's stock surged after Trump attacked Venezuela five days later.
Markwayne Mullin is 'pretty active' in stock trading, according to this X post.
Markwayne Mullin’s Assets and Business Holdings
Although Mullin cites his congressional salary as his only income source, he has several businesses, home services companies, and properties, reports Fortune. First in line is Mullin Plumbing, which he has owned with his wife Christie for nearly three decades. Located in Broken Arrow, Oklahoma, it is reportedly one of the largest service companies in the region.
He also owns a 1,600 acre cattle ranch, Mullin Ranch LLC, whose value is estimated to be between $1 million and $5 million. He and Christy also co-owned a restaurant and steakhouse, which his wife sold in 2024 for between $1 million and $5 million. Other holdings include COP Hometown Parent LLC and Mullin Family Holdco LLC.
The new DHS Secretary also owns several real estate properties. According to Fortune, he is listed as a full or joint owner of at least 30 properties, including commercial, residential, and land investments, four of which are valued at over $1 million.
Mullin's sharp increase in trading activity and rapid net worth rise have raised congressional concerns, especially as he heads the department whose budget nearly tripled to $190 billion last year. Only time will tell how the new DHS Secretary fares on transparency and accountability.