OpenSecrets combines all assets and liability to form a total potential range of values, and then provides an average value as the best guess of each individual's net worth.[5]. The second-term senator and former governor returned to practicing law in 2003 after he finished his term as governor. 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. Phillips, who joined Congress in 2019, reported at least $2 million in liabilities in the form of mortgages. 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. The typical congressional representative - including both senators and House members - has an estimated. Senators and Representatives (Personal Gain Index), All data relating to the average net worth of individual members of congress from. Rose, who joined Congress in 2019, reported an ownership stake in several residential buildings across the country. Apply for the Ballotpedia Fellows Program. Pelosi's net worth in 2021 was estimated to be as much as $171.4 million in an October report by The Washington Free Beacon, a conservative news outlet that arrived at that figure "by taking into account the ranges of all the individual assets and liabilities" in Pelosi's financial disclosure statement. Take Our Poll: What Do You Plan To Use Your Tax Refund For? After that report, the Center for Responsive Politics OpenSecrets.org ranked Ocasio-Cortez as one of the poorest members of Congress, where more than half of members have a net worth of at least $1 million. We estimated the net worth of members of Congress by analyzing financial-disclosure reports. He also invested in the digital entertainment company Real Networks, which streams media on the Internet. Her student loan debt through the U.S. Department of Education at the time was listed as between $15,001 and $50,000. 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. The first-term senator from South Dakota Mike Rounds made his wealth by running insurance and real estate businesses with locations all over the state. Members of Congress are permitted to ask for a three-month extension. Fact or fiction? Pelosi reported at least $20 million in liabilities that mostly involved mortgages on properties in California and Washington, DC. Scott, who assumed office in 2019, cemented his No. Today, Sensenbrenner's stock portfolio includes holdings in more than three dozen companies, including Pfizer, Apple, AT&T, and Verizon. 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. Pelosi, the speaker of the House, reported personal wealth spread out among property holdings, mutual funds, and stocks owned by her husband. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. Vicky Hartzler is serving a fifth term as congresswoman representing the 4th District in western Missouri. Rose also owned at least $500,000 worth of stock in Citizens Bank and more than $100,000 worth of Alphabet stock, and he reported 100% ownership of Rose Farm, worth between $5 million and $25 million. More than half of Isakson's estimated wealth is held in a blind trust he established in 2012. Rep. Brad Schneider served Illinois' 10th District from 2013 through 2015 and began serving once again in 2017. Conditions for re-employment, severance payments, buyout agreements, profit-sharing plans. Rep. Ann Wagner held management posts at Hallmark Cards and Ralston Purina before she was elected to the first of her four terms as a congresswoman from Missouri. A text image . And much of Romney's fortune is in Goldman Sachs mutual funds. This list of richest American politicians includes current and former office-holders and political appointees, and is not necessarily adjusted for inflation. Income from the taco restaurant where she tended bar and from her 2018 congressional campaign totaled $25,463. Based on the $19,000 in student loan debt Ocasio-Cortez said she had in September 2019, she could be in the hole to the tune of nearly $17,000. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Maloney & Co. from 1981 until his death in 2009. In July, Phillips placed his assets in a qualified blind trust approved by the House Committee on Ethics, meaning he'll retain little control over his assets while he's a member of Congress. This percentage reflects the median annual percentage growth of all members of Congress. 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. The second-term congressman representing South Carolina's 5th District in the northern part of the state keeps most of his wealth in real estate holdings. Sen. Richard Blumenthal of Connecticut. Comenity Direct Savings and CDs: Safe Places To Make the Most of . Republican Rick Allen has represented Georgia's 12th District since taking office in 2015. DelBene and her husband reported at least $1.1 million worth of shares in her former company. He was the first former president to monetize his time in the office, according to The Washington Post. 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. In September 2019, Sensenbrenner announced he would not seek reelection in the 2020 election. Because of this, Ballotpedia removed Pingree when calculating the averages for this study, while continuing to list her in the chart. Williams also reported a stake in two aircraft-leasing companies. subscribe to our print edition, ad-free app or electronic newspaper replica here. Sign up to get that here. As illustrated in the "Top 100" chart above, the average yearly percentage gain was found by dividing each member's total net worth growth percentage by the number of years included in the calculation. However, what the study is missing is how much he was worth in 1982 compared to 2012. Williams recently violated the STOCK Act by failing to properly file three stock transactions by his wife. A medical doctor and military veteran, Rep. Ralph Abraham is serving in his third term as a congressman from Louisiana. Feinstein herself reported over $1 million in a deposit account, while a considerable portion of her wealth at least $25 million was held in a blind trust. Blum is an investor and the president and chairman of Blum Capital, a private equity company. The earliest average was then adjusted for inflation. In the private sector, she practiced law at the Indianapolis firm of Ice Miller. He joined Congress in 2021. Sen. Michael Bennet first became senator in 2009 to fill the vacancy created by the resignation of Kenneth Salazar. Members of Congress come from a wide range of backgrounds from local politics to business and entrepreneurship to professional sports and their fortunes vary greatly. Dodgett has a stake of at least half a million on the Whole Foods grocery store chain, which is headquartered in Austin, a city that falls partially with the district he represents. Filers must disclose positions they hold with non-governmental organizations, except for their membership in religious, social, fraternal or political organizations. Grandson of Robert F. Kennedy, Joseph Kennedy is the only member of the political dynasty to be currently serving on Capitol Hill. Rep. Debbie Dingell is serving her third term as representative of Michigan's 12th District, which is located in the southeast corner of the state. 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. Rose submitted information for one liability: a monthly balance on his credit card amounting to at least $15,001. One could say that the new retirement plan is to get elected and then re-elected (that is the key) to Congress and you will be set for life. Troy Carter, Melanie Stansbury, and Jake Ellzey have not filed their official financial-disclosure reports. Rep. Chellie Pingree is in her sixth term as congresswoman who represents Maine's 1st District, which is the southeastern section of the state. The congressman reported $4 million in liabilities in the forms of lines of credit, mortgages, notes payable, and a loan. Much of his wealth is from investments he made with his earnings from years as a corporate tax attorney. She reported at least $165,000 in liabilities in the form of credit-card debt through various banks. Rep. Blaine Luetkemeyer is a six-term congressman from Missouri who operates a 160-acre farm and also has been in banking and insurance. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell In the private sector, Coons was an attorney with Delaware-based manufacturing company W.L. Romney's wife, Ann, also boasts an extensive portfolio that includes millions invested in private-equity and hedge funds. Earning an annual salary of roughly $174,000 certainly contributes toward their wealth, but many of these lawmakers were rich to being with. Though he is a Tennessee native, Trey Hollingsworth has served in Indiana's 9th District since taking office in 2017. These estimates assume no change in net worth between 2011 and 2012. DeLauro is married to political strategist and best selling author Stanley Greenberg. 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. How much are your senators and representatives worth? Manning's fortune is split among government securities, mutual funds, exchange-traded funds, real property, and stocks. The latest batch of numbers shows that the 113th Congress had a median net worth of $1,008,767. He is serving his fifth term as congressman. Congressional disclosure forms don't provide a precise number, but the midpoint. Hoeven eventually became president of Westbrand Inc. Bank Holding Co. and retains at least $5 million in company stock. The ten current senators and representatives listed below experienced the highest overall net worth gains (by percentage) from 2004-2012. She has represented the most populous state in the Senate since taking office in 1992. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. 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. For the first time in history, the majority of America's elected officials in Washington, D.C. are millionaires. Click here to contact us for media inquiries, and please donate here to support our continued expansion. Those from personal acquaintances, contributions to legal defense funds and commemorative items. The only assets that Pelosi reported owning or joint-owning were her home in Napa, California, and a Wells Fargo bank account containing less than $15,000. Operations: Meghann Olshefski Mandy Morris Kelly Rindfleisch McCaul is thought to be the second-richest person in Congress, though none of the assets or holdings reported in his 65-page financial disclosure were his alone, belonging to his wife or dependent children. 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. In 1982, after serving for five years as a U.S. Attorney for Connecticut, Blumenthal married Cynthia Malkin, daughter of Manhattan real estate mogul Peter Malkin. lived paycheck to paycheck, according to Time. 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. 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. Much of his money is held in bonds and mutual funds, though he has real estate holdings worth about $1.4 million. One of Norman's IRA's is worth at least $5 million. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. We rate the claim that Rep. Alexandria Ocasio-Cortez has racked up more than $1 million in net worth as a member of Congress FALSE, based on our research. Sen. Lamar Alexander of Tennessee, serving his third term as senator, is the 15th-highest ranking Republican senator in the Senate. Prior to his election as representative for the 11th District outside of Chicago, Rep. Bill Foster was a physicist who made his wealth by starting, with his brother Fred, Electronic Theatre Controls, which provides lighting for entertainment locations. Allen's net worth of $11.7 million is largely self-made. If a member gains, expect the gain to be large. Buchanan earned much of his fortune through car dealerships and through his involvement in charter jet and yacht leasing. Wyoming. Today, Kelly and his wife's financial filings include profits from the dealership and over 200 stocks, bonds, and mutual funds. 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. Filers must disclose the purchase, sale or exchange of any assets that amount to more than $1,000 in the calendar year in question. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Rob Portman's family founded and expanded a material-handling distributor. 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. Each year, every member of Congress is required to file a detailed report disclosing their financial holdings. Much of his $27 million fortune came from a career as an economist and intellectual property lawyer. Below, as part of Roll Call's Wealth of Congress analysis, we plotted the 115th Congress' minimum net worth on a vertical. A median is the middle value of a list. The tables and graphs on this page show some of the highlights of the study. Matsui's listed holdings were spread out among exchange-traded funds, money-market funds, limited liability companies, and trusts. In late 2021, DelBene appeared to violate the STOCK Act by improperly disclosing her husband's massive sale of Microsoft stock days before President Joe Biden nominated him for an administration post. When she scored a surprise victory during the 2018 Democratic primary, Ocasio-Cortez spent about $1.8 million of the $2.2 million she raised. Through most of her 20s, Ocasio-Cortez lived paycheck to paycheck, according to Time. Senator must file.[8]. For example, Sen. John McCain, who has been in Congress since 1982, shows a total net worth decrease of -74.5 percent during the period of 2004-2012. Ro Khanna has served California's 17th District, which covers much of Silicon Valley, since 2017. He reported one liability in his financial filings: a business loan worth at least $5 million from PNC Bank. He got his start in banking as a bookkeeper at First Western Bank & Trust in Minot, which was bought by his father. However, she has other sources of income. Warner made much of his wealth as a venture capitalist. He is worth an estimated $31.2 million. 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. He built much of his wealth from Pacur, a specialty plastics company he co-founded with his brother-in-law in 1979. Federal Election Commission, accessed March 9. From 2011 to 2012, the average net worth change of a freshman member of the 113th Congress in one year was: The following 15 freshman senators and representatives of the 113th Congress saw their net worth increase the most out of their incoming class of new members: From 2009 to 2012, the average net worth change of a freshman member of the 112th Congress in three years[55] was: The following 15 freshman representatives of the 112th Congress (no senators made the top 15 list) saw their net worth increase the most out of their incoming class of new members: The amount of assets held by individual members increased by a total of $316.5 million between 2004 (or later, depending on when the member joined Congress) and 2012.[56]. Fox News host Tucker Carlson speaks at a National Review Institute event on March 29, 2019, in Washington, D.C. This is the first part of the Personal Gain Index. Buchanan may have the authority to write American tax policy in coming years, as the congressman is likely to become the leading GOP member of the Ways and Means Committee after Rep. Devin Nunes announced his resignation to become the CEO of a new social media company founded by former President Donald Trump. This Ballotpedia article is in need of updates. He also edits and owns Kentucky Golfer. Worth an estimated $58.5 million, California Sen. Diane Feinstein is by far the wealthiest woman on Capitol Hill. Yarmuth founded several publications, including Louisville Today, and the Louisville Eccentric Observer Weekly (LEO). The speaker has been criticized by some in her own party for not moving fast enough on a ban that would prevent members of Congress from trading in stocks while in office. The data starts in 2004 for any member who started either in 2004 or prior, or at a later year for anyone who was elected after 2004. Estimated wealth is at least $100 million in 2012 dollars, for all the people listed here. Feinstein was one of 48 members of Congress who Insider and other media organizations found in 2021 to have violated the STOCK Act. Now married to another Microsoft executive, she is worth an estimated $28.4 million. This is the first . She is a newcomer to Congress, joining the ranks in 2021. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. 618 members are included in the congressional data, compared to the millions sampled in the census data. Census figures were unavailable for the raw, excluding home equity figure -- this figure is an estimate calculated by applying the 2005 ratio of net worth excluding home equity to the net worth figure available for 2004 (which included home equity). 1st: George Washington Est. The bulk of Obernolte's fortune stems from his ownership of FarSight Studios, a video-game company in Big Bear Lake, California, that he launched in 1988. Congress saw a total increase of $316.5 million in assets held by all members in the study.[5]. Sen. Thom Tillis spent his 22-year private-sector career in technology and management consulting before he entered Congress in 2015. But this year Trump's net worth dropped to $2.5 billion. 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. Your California Privacy Rights / Privacy Policy. In her most recent financial disclosure, filed in September 2020, Ocasio-Cortez reported between $2,003 and $31,000 in assets, compared with student loan debt of between $15,000 and $50,000. Coming from a long line of Tennessee politicians, Jim Cooper served Tennessee's 4th District from 1983 through 1995 and District 5 since 2003. (Note that elected officials and senior staff may only earn outside income up to $26,100 a year. Some longtime members of Congress watched their wealth rise to record levels in 2018. Like several other lawmakers on this list, Blumenthal married into his vast fortune. U.S. House of Representatives, accessed March 9. 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. OpenSecrets gathers this information to build a range of potential values. During the 2020 election cycle, Ocasio-Cortezs reelection campaign spent $17.3 million after raking in $21.2 million. Senators and Representatives (Personal Gain Index). Two Facebook users who shared the post did not respond to requests for comment. Thank you for supporting our journalism. "As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked 'SP' for Spouse. A newcomer to Congress in 2021, nearly all of Jacobs' wealth is stored in a trust that was created in 2009. He is currently serving his second term as senator from Colorado. For information on which members saw the highest change during their tenure, please see Ballotpedia's page on the Changes in Net Worth of U.S. For the second year in a row, Representative Darrell Issa tops the lot with a net worth of $357.25 million, largely the result of. Feinstein is married to Richard Blum, founder of Blum Capital, an equity investment firm that has stakes in multiple industries, including health care, media, retail, finance, and transportation. The first-term senator from North Carolina was an executive at PricewaterhouseCoopers and IBM. Republican Michael McCaul is one of only a handful of legislators on Capitol Hill with an estimated net worth of over $100 million. The McCaul family notably reported millions in limited liability companies and iShares funds, and at least $250,000 worth of Netflix stock. Warren and her husband Bruce, also a law professor at Harvard, have homes in Cambridge, Massachusetts, and in Washington, D.C. Sen. Chris Coons is in his first full term as senator from Delaware after defeating Tea Party candidate Christine O'Donnell by almost 17 points in a special election.

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