When you think about the mayor of a major city like Minneapolis, you probably wonder about the person behind the policies. Jacob Frey, now in his second term, is a figure who sparks curiosity not just for his political decisions but also for his personal financial journey. As of 2025, his net worth is a topic of interest, especially since it reflects a life built before and during his time in public service. Let’s dive into the details of his wealth, salary, and the recent updates that paint a fuller picture of his financial landscape this year.
Jacob Frey’s net worth in 2025 is estimated to be around $700,000. This substantial amount might surprise some, but it didn’t just come from his mayoral salary. Instead, a part of his wealth also stems from his earlier career as a civil rights and employment discrimination attorney. Before entering politics, Frey worked at law firms like Faegre & Benson and Halunen & Associates, where he likely earned a comfortable income, especially if he reached partner level.
His financial stability was further bolstered by prudent investments, though there are no reports of major business ventures or real estate empires significantly boosting his fortune recently. Despite serving as mayor since 2018, his wealth has remained relatively stable, with no significant increases tied to his political role.
Mayor Frey’s Salary and Income Sources
As mayor of Minneapolis, Jacob Frey earns an annual salary of $140,814. This places him somewhat behind mayors of other comparable cities, who often earn more, but he does receive benefits like a city-provided car, which is standard for many municipal leaders. His salary has seen modest increases over the years, but it’s clear that his mayoral earnings are not the primary driver of his fortune.
In addition to his salary, Frey may earn speaking fees or income from consulting work, but there’s no evidence of substantial side hustles or business ownership in 2025. His focus remains on his mayoral duties, and his financial disclosures don’t show any controversial or significant external income sources. This transparency helps maintain public trust, especially in a role where financial integrity is crucial.
Recent Financial and Political Developments in 2025
The summer of 2025 has been eventful for Mayor Frey, both politically and financially. In July, he faced a setback when the Minneapolis DFL endorsed state senator Omar Fateh over him for the upcoming mayoral race, though this endorsement was later withdrawn in August. On the financial front, Frey’s reelection campaign has shown strong momentum, with fundraising totals reaching $203,000 in cash on hand by early 2025, thanks to robust support from over 450 donors, most of whom are Minnesota residents.
In August, Frey proposed a $2 billion budget for 2026, focusing on core services like public safety, affordable housing, and climate initiatives without laying off city staff or cutting essential services. This budget aims to address a projected property tax levy increase by finding smart savings, reflecting his approach to fiscal discipline. While these activities don’t directly impact his personal net worth of $700K, they highlight his ongoing commitment to managing city resources effectively, which mirrors the prudent financial management he applies to his personal investments.
