Republican presidential candidate Nikki Haley increased her net worth eightfold — to $8 million — after leaving the Trump administration by giving paid speeches, writing books and doing corporate consulting — in part in an effort to dig her parents out of crushing financial debt, according to a report.
The former South Carolina governor reportedly had a net worth of less than $1 million when he surprisingly quit as President Donald Trump’s top envoy to the United Nations in 2018.
At the time, his parents – Ajit and Raj Randhawa – were more than $1 million in debt and at risk of losing their home in South Carolina, according to Forbes.
Haley, 51, and her husband helped bail out her Indian immigrant parents when their clothing business collapsed and their debt mounted, according to a comprehensive review of the GOP candidate’s finances by the publication.
In 2000, Haley’s parents bought a 5,500-square-foot home near Lexington for $1.15 million — using a $920,000 loan from Bank of America to make the purchase, according to Forbes.
Three years later, Haley’s parents took out a $765,000 mortgage to help pay for the Lexington shopping center they bought for $1.3 million, the outlet reported.
GOP presidential candidate Nikki Haley is working hard to help her debt-ridden parents — mom Raj Randhawa and dad Ajit Randhawa.Getty Images
Her parents’ financial problems began about a decade later when their clothing business, Exotica International, collapsed, according to Forbes.
Haley couldn’t offer much help at first but after being elected governor in 2010, she parlayed her growing position into a $475,000 advance for her first book, “Can’t Is Not An Option,” published by Penguin Books.
In 2014, she and her husband, college sweetheart Michael Haley, took out a $400,000 loan that they gave to her parents — using the parents’ home and the mall as collateral, the outlet reported.
The couple also took over debt payments on the strip mall in 2017 — when the Randhawas sold the property to an LLC created by their son-in-law for $5 “and love and affection,” according to Forbes.
Haley has increased her net worth eightfold since leaving the Trump administration in 2018. She is seen with her parents in December 2022. Nikki Haley/Instagram
Haley began serving as Trump’s ambassador to the UN that year.
The following year, the LLC, Ikor Systems, sold the strip mall to a developer for $1.3 million, according to Forbes.
In June 2018, the mortgage against his parents’ home was canceled and it was eventually sold at a loss, the outlet reported.
Nikki Haley was seen with her parents and siblings Charan Randhawa, Simran Singh and Mitti Randhawa.
Haley became a national name after he was elected governor of South Carolina.REUTERS
Haley jumped ship in October 2018, telling Trump in her resignation letter: “I hope you will appreciate my feeling that going back from government to the private sector is not a step down but a step up.”
A spokesperson for Haley told Forbes that her family’s financial problems “had nothing to do with Ambassador Haley’s decision to leave her post.”
The Post reached out to Haley for comment.
Haley has seen his wealth grow as his country’s fame rises. Last year, he made at least 11 paid speeches – making a total of $2.3 million, according to Forbes.
Before entering politics, Nikki Haley was the chief financial officer for her mother’s clothing business, Exotica International. Raminder Pal Singh/EPA/Shutterstock
He has also made more than $700,000 in consulting fees as well as more than $300,000 in cash and stock from aerospace giant Boeing, which appointed him to its board in 2019. Haley resigned from Boeing’s board in 2020.
He is also a director for United Homes Group, which has paid him more than $250,000 — a sum that does not include future equity grants and other benefits, according to Forbes.
Haley also earned a $350,000 advance from her publisher before writing her third book, “If You Want Something Done: Leadership Lessons from Bold Women,” which was released last year.
He picked up $2.4 million for a four-bedroom, 5,700-square-foot home on Kiawah Island in South Carolina in 2019, Forbes reported.
Since then, the property’s value has doubled to around $4.7 million.
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Source: thtrangdai.edu.vn/en/
