NEWARK, N.J. (CBSNewYork/AP) -- New Jersey's wealthy new governor says he'll be accepting the job's $175,000-a-year salary.

Democrat Phil Murphy is a multimillionaire & former Wall Street executive who earned his fortune working at Goldman Sachs.

Murphy replaced Republican Chris Christie after he served two terms.

Christie's predecessor, Democrat Jon Corzine, was also a rich alum of Goldman Sachs. However,  Corzine took only a $1-per-year salary.

Murphy loaned about $16 million to his own campaign for the Democratic nomination. His 2016 taxes showed he earned $4.6 million, mostly from interest and dividends.

He declined Wednesday to take further questions about his salary. It was his first full day on the job.

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