A newcomer to Congress in 2021, nearly all of Jacobs' wealth is stored in a trust that was created in 2009. Rep. Carolyn Maloney was first elected to the U.S. House of Representatives in 1992, serving New York's 14th Congressional District from 1993 to 2013 and New York's 12th Congressional District from 2013 to the present. Feinstein listed three liabilities, each of which belonged to her husband, for a combined amount of at least $3 million. However, our bipartisan reform coalition was then subjected to repeated delay tactics, hand-waving gestures, and blatant instances of Lucy pulling the football," Spanberger said in a statement. He also has investments in mineral rights and oil wells in North Dakota. The high net worth of American lawmakers is partially attributable to their annual salaries of $174,000, which is more than triple the average wage across all American workers of $51,960 and higher than the median earnings of even the highest paying jobs in America. He is worth an estimated $31.2 million. He went on to sell it for $10 million to McAfee . Financial disclosures that members of Congress are required to file show that it didnt. Mitchell spent $3.6 million of his own fortune to win the seat. Pelosi reported at least $20 million in liabilities that mostly involved mortgages on properties in California and Washington, DC. The wealthiest 15 members were worth at least $1.3 billion, half of Congress' wealth. DelBene's wealth is spread out among mutual funds, exchange-traded funds, and real-estate funds. No one is qualifying for food stamps, but some lawmakers carry significant personal and/or business debt. McConnell was elected Senate majority leader by Republicans in 2014. This figure represents the total percentage growth from either 2004 (if the member entered office in 2004 or earlier) or his or her first year in office (as noted in the chart below). lived paycheck to paycheck, according to Time. Congressional disclosure forms don't provide a precise number, but the midpoint. Allen's net worth of $11.7 million is largely self-made. Before joining Congress, DelBene was an executive at Microsoft. Eight-term Rep. Jeff Fortenberry represents Nebraska's 1st District, which is in the eastern part of the state. as well as other partner offers and accept our, Alex Wong/Getty Images; Kevin Dietsch/Getty Images; Bill Clark/CQ Roll Call; Hannah McKay-Pool/Getty Images; Rebecca Zisser/Insider, Chance Yeh/Getty Images for Power 100 Lunch, Bill Clark/CQ-Roll Call, Inc via Getty Images), Bill Clark/CQ-Roll Call, Inc via Getty Images, Tom Williams/CQ-Roll Call, Inc via Getty Images, Michael Brochstein/SOPA Images/LightRocket via Getty Images, Kent Nishimura / Los Angeles Times via Getty Images, Anna Moneymaker/The New York Times via AP, Pool, placed his assets in a qualified blind trust, acknowledged filing an incorrect personal financial disclosure. peak net worth: $594.2 million In office: 1789-1797 George Washington was America's first president and also its wealthiest for more than a century. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. Rose submitted information for one liability: a monthly balance on his credit card amounting to at least $15,001. Please email us if you would like to suggest a revision. We estimated the net worth of members of Congress by analyzing financial-disclosure reports. For this reason, Ballotpedia studied the freshmen members of both the 113th Congress (which began in January 2012) and the 112th Congress (which began in January 2010). They occasionally also report the combined value of the account, in which case the combined value is omitted from calculations. Her income is estimated to be around $174,000 annually. This is the first part of the Personal Gain Index. Troy Carter, Melanie Stansbury, and Jake Ellzey have not filed their official financial-disclosure reports. He rejoined Congress in 2021. Grandson of Robert F. Kennedy, Joseph Kennedy is the only member of the political dynasty to be currently serving on Capitol Hill. Operations: Meghann Olshefski Mandy Morris Kelly Rindfleisch Angus King is the only independent representative on this list, though he caucuses mostly with Democrats. He is the founder of the law firm of V. Gonzalez & Associates. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. Filers for the 2020 fiscal year were allotted an extra three months to submit their disclosures because of the pandemic. In a Trumpian move, he rented out a cottage on his Wilmington property for $26,400 a year, reportedly leasing it to the U.S. Secret Service in charge of protecting him. Property (such as personal residences) and non-income producing investments are not required to be reported under ethics laws. 5 Kelly Loeffler, who served between 2020-2021 as a Republican. When this is the case, it is expressed with a negative percent. Hoeven eventually became president of Westbrand Inc. Bank Holding Co. and retains at least $5 million in company stock. Sen. John Hoeven built his wealth by working in banking in North Dakota. Peters reported two liabilities worth at least $30,000 in total, for "revolving credit.". When the members who lost money during this time period are removed from the calculation,[35] the growth in wealth among the "wealth gainers" stands out. Rep. John Curtis is serving his first full term as a congressman from Utah.
Analysis: Donald Trump is getting richer again | CNN Politics [9] Maloney is the widow of Clifton Maloney, who founded and ran the successful investment firm C.H.W. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. First-term Sen. David Perdue of Georgia earned his wealth as a financial turnaround specialist for struggling companies. Sen. Sheldon Whitehouse of Rhode Island. He reported one liability in his financial filings: a business loan worth at least $5 million from PNC Bank. Senators and Representatives, Ken Carbullido, Vice President of Election Product and Technology Strategy, https://ballotpedia.org/wiki/index.php?title=Net_worth_of_United_States_Senators_and_Representatives&oldid=8826276, Conflicts in school board elections, 2021-2022, Special Congressional elections (2023-2024), 2022 Congressional Competitiveness Report, State Executive Competitiveness Report, 2022, State Legislative Competitiveness Report, 2022, Partisanship in 2022 United States local elections, The ten wealthiest (and poorest) members of both the, How members' net worth has changed from previous years, How much the congressional delegations of each state are worth, Breakdown of net worth between House and Senate, A complete list of the net worth averages for congressional members since 2004. This percentage reflects the median annual percentage growth of all members of Congress. Below are average net worth numbers for first year freshman members for each recent session of Congress. Student volunteers wanted! The Republican, now in his fifth term, is a certified professional engineer who worked in the construction industry before he entered Congress. The wealthiest members of Congress have one thing in common. South Carolina Rep. Ralph Norman worked as an executive at Warren Norman Co., a development company started by his father that builds office parks, commercial buildings, and residential housing. Mark Warner, who has served on Capitol Hill since taking office in 2009, is the wealthiest senator on this list. "The embarrassment is just going to keep growing over this," Laura Harth, the campaign director at Safeguard Defenders, told Newsweek. Members of Congress are permitted to ask for a three-month extension. You cansubscribe to our print edition, ad-free app or electronic newspaper replica here. Any such honoraria must be reported on the PFD by source and amount. Those from personal acquaintances, contributions to legal defense funds and commemorative items. Ocasio-Cortez reported assets of between $2,003 and $31,000 in her most recent financial disclosure, filed in September 2020, and student loan debt between $15,000 and $50,000. ? the user asked. Source: Alex Wong / Getty Images News via Getty Images Alabama: Sen. Richard C Shelby (R) > Est. U.S. House of Representatives Republicans, U.S. House of Representatives Independents.
Who Are the Richest U.S. Senators? - Investopedia Personal Finances OpenSecrets Jackie Speier is in her sixth full term in Congress and now represents California's 14th District, which includes San Mateo County. [40] The median figure can be beneficial in circumstances, like this one, where the high net worth of the wealthiest Americans can skew the average. The average member saw his or her net worth increase by an average of 15.4 percent per year. Rep. Greg Gianforte has an estimated net worth of $135.7 million and attributes most of his wealth to a software company he built in the 1980s. The . subscribe to our print edition, ad-free app or electronic newspaper replica here. U.S. House of Representatives, accessed March 9. Jacobs listed one liability in her financial disclosure: a mortgage on a Washington, DC, property worth at least $500,000. The STOCK Act requires that the terms of all mortgages, including those on non-income producing personal residences, be disclosed. The earliest average was then adjusted for inflation. During a September 2019 hearing on student loan debt, Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000. He is the great grandson of one of the key figures in the Kimberly-Clark Corporation, in which he once owned more than $2 million worth of stock. Today, Sensenbrenner's stock portfolio includes holdings in more than three dozen companies, including Pfizer, Apple, AT&T, and Verizon. Here are the richest members. Pelosi's husband, Paul Pelosi, is a successful venture capitalist. All other content, including data analysis of net worth change, is posted under Ballotpedia's standard content license. Trone's wife independently owned stock in Alphabet, Apple, and Pepsi, among others. Because many members went from a negative net worth to a positive net worth during the years calculated, this figure is an important figure because the total asset increase can figure in all members' asset growth, including the members who did not have a meaningful percentage change due to increasing from a negative to a positive net worth. Much of Upton's wealth is old family money, as his paternal grandfather patented an early iteration of the modern electric washing machine and founded a company that is now home appliance giant Whirlpool. Hollingsworth launched his campaign in his adopted home state of Indiana with over $3 million of his own money. This was set by the "Ethics in Government Act of 1978." Upton also reported having at least $1 million in Pepsi stock. Prior to his election to Congress, Shelby was an attorney. The Courage to Change political action committee the congresswoman launched last year to back progressive candidates challenging incumbent Democratsspent about $335,000 out of the $842,000 it raised, according to the FEC. Insider compiled members' annual disclosures filed this year, analyzing thousands of pages of documents to estimate the minimum and maximum net worth of members of the US Senate and the US House of Representatives, including nonvoting delegates. For example, Sen. John McCain would have his net worth percentage divided by eight (2004-2012), since those are the years for which data is available for his net worth. He joined Congress in 2021. Data is not available for a limited number of congressional members. Vicky Hartzler is serving a fifth term as congresswoman representing the 4th District in western Missouri. In a statement, Mrvan said: "I am responsible for the actions of my office, and I take sole responsibility for the honest data entry error on my financial disclosure form. With a total estimated net worth just shy of $11 million, Lowey is one of only a handful of women to rank among the 25 richest legislators. He holds another $1 million in funds in a personal account at First Western.
How Did Members of Congress Get So Wealthy? - The Atlantic If a member gains, expect the gain to be large. She also raised about $5 million in February for Texans hit by a winter storm that left millions in the state without power, CNN reported. Here are those "poorest" members. After heated budget debates, threats of government shutdowns and multiple votes to raise the debt ceiling, Congress has been dealing with fiscal issues on a regular basis. :We're fact checking the news and sending it to your inbox. Researchers used data provided by OpenSecrets.org to calculate the change in net worth of each congressional incumbent from either 2004 or the year he or she was first elected, if that year was after 2004.[6]. Any liability or loan where the filer, his or her spouse or his or her dependent children owed more than $10,000 at any time during the calendar year. Lowey is married to a prominent Wall Street attorney, who co-founded his own firm that specializes in securities and merger litigation. Only lawmakers with an estimated net worth of more than $3 million are included on this list. There are many elected officials with large fortunes independent of the salaries they earn while serving in Congress. The former for-profit college executive's average net worth skyrocketed from $101 million to nearly $180 million. In lieu of an honoraria, they may designate an amount to be donated to charity. He has been a senator since 1994. The typical congressional representative including both senators and House members has an estimated net worth of over $500,000, or roughly five times the median U.S. household net worth. Prior to his election, Fortenberry worked as a publishing industry executive in Lincoln. Notable stocks held by Hern and his family included more than $250,000 worth of Amazon, at least $100,000 worth of Alphabet, and more than $530,000 worth of Microsoft. Data on the year each House member or senator started serving as a member of Congress, district served, and party affiliation came from Congress.gov. A Pioneer of Paid Speeches
Every Member of Congress' Wealth in One Chart - Roll Call The 2004 figure was adjusted for inflation to 2012 dollars. This data affords constituents the ability to see the real increase (or decrease) of each member's net worth. Help us provide information on American politics. Student volunteers wanted! Williams' wealth comes from multiple auto car dealerships in northern Texas and some valuable real estate. Gianforte amassed his fortune after founding a software company in the mid 1980s, which he eventually sold to McAfee Associates. By then, she reported that the same three accounts held between $2,003 and $31,000 and that her student loan debt remained the same at between $15,001 and $50,000.
List of current members of the United States Congress by wealth Warner's wealth is divvied up among mutual funds, private-equity funds, and hedge funds. Before the success he found in Florida, Buchanan founded American Speedy Printing in Michigan in the mid-1970s, growing the business to 730 locations across 44 states before declaring bankruptcy. Net worth figures are by no means comprehensive or exact, as members of Congress are not required to report their principal residences or their contents (the largest assets for most Americans), and they report their financial assets and liabilities in broad ranges of value. A median is the middle value of a list.
Majority of lawmakers in 116th Congress are millionaires He is the longest-serving Indian American currently in Congress. Only House members and senators currently serving in the 116th congress were considered. Prior to his first term, the Johnson campaign announced that he had liquidated all of his stocks, bonds, and mutual funds to avoid any conflict of interests. Rep. Denny Heck is in his fourth term serving the 10th District of Washington state, which includes the state capital of Olympia. Pelosi's husband had holdings in corporations such as Slack, Tesla, Disney, Visa, Salesforce, PayPal, Alphabet, Facebook, and Netflix companies that together spend tens of millions of dollars each year lobbying the federal government. The Washington Free Beacon also estimated then that Pelosi's net worth had risen by $140 million since 2008. Research: Josh Altic Vojsava Ramaj Sign up to get that here. Its content is produced independently of USA TODAY. Rep. Nancy Pelosi, the Speaker of the House, represents California's 12th District, which includes San Francisco. Members disclose the value of their assets in broad ranges. In 1997 Gianforte founded RightNow Technologies, a cloud-based customer service program, which was bought for over $1 billion by Oracle Corp in 2012. Trone's wealth is divvied up among mutual funds, exchange-traded funds, and ownership of several shops across the country specializing in wine, beer, and spirits: Total Wine & More. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. The. Like several other lawmakers on this list, Blumenthal married into his vast fortune. The year each House member or senators current term ends came from nonprofit political encyclopedia Ballotpedia. To ensure consistency among data sets, home equity was withheld in a similar fashion to primary residences not being counted as assets for congressional data. Speier is of counsel at the law firm of Hanson Bridgett LLP in San Francisco. Williams also reported a stake in two aircraft-leasing companies. Congress saw a total increase of $316.5 million in assets held by all members in the study. Hollingsworth's wealth primarily comes from his involvement with Hollingsworth Capital Partners, a Tennessee group that builds and markets industrial facilities in 17 states, according to his financial disclosure. Four-term Rep. Markwayne Mullin serves Oklahoma's 2nd District in the eastern part of the state.
AOC's net worth over $1 million? That's Pants on Fire! Obernolte, who joined Congress in 2019, also reported several investments worth millions in Vanguard tax-managed mutual funds. Mitchell won't seek reelection this November. In the private sector, she practiced law at the Indianapolis firm of Ice Miller. For a direct comparison to each individual member's figures (as shown on his or her Ballotpedia profile), the yearly change will correspond with each member's average yearly change. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell Before he was elected to Congress in 2016, Dunn was a medical doctor who worked in Panama City and founded the Advanced Urology Institute, a 45-physician practice with more than 400 employees. Foster sold his stake in the business before he ran for Congress. He serves as chairman of the Senate Committee on Appropriations. The study is able to have figures for freshman members of the 113th Congress from 2011, despite their terms beginning in 2012, because they were required to file Personal Finance Disclosure forms during their candidacies in 2011. Changes in Net Worth of U.S. He was founder, chairman, and chief executive officer of Little Rock-based Delta Trust & Banking Corp. Richard C. Shelby of Alabama is in his sixth term as senator from Alabama and is the fifth-ranked Republican in seniority.
Meet the 25 Wealthiest Members of Congress - Business Insider Republican Rick Allen has represented Georgia's 12th District since taking office in 2015. Or her she could be worth up to $12,000. One . The data for American citizens is a large sampling of the population that includes many households on either end of the distribution (high or low wealth), so median numbers were also included.