Because the study focuses on percentage increases, a gap in the study it is difficult to determine a meaningful percentage for a member who had a starting net worth in the negatives but increased to a positive net worth by 2012. Brooks also worked as a criminal defense attorney for Indianapolis-based law firm of McClure, McClure and Kammen. Sign up to get that here. 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. Rep. Kenny Marchant of Texas is serving his eighth term in the House of Representatives. Apply for the Ballotpedia Fellows Program, Net worth of United States Senators and Representatives, Staff salaries of United States Senators and Representatives, Ballotpedia's profiles of the 535 congressional incumbents, Personal Gain Index: Household net worth (American citizen), http://www.census.gov/people/wealth/data/dtables.html, List of current members of the U.S. Congress, Information on financial disclosure forms from the Office of the Clerk of the House of Representatives, Older congressional financial disclosure forms available on, Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License, http://www.opensecrets.org/pfds/methodology.php, Democratic Congressional Campaign Committee, National Republican Congressional Committee, Net Worth of United States Senators and Representatives, Filing requirements for congressional candidates, Homeland Security and Governmental Affairs, United States House of Representatives Committee on Oversight and Government Reform, Cooperative of American Physicians IE Committee, Changes in Net Worth of U.S. Peters reported two liabilities worth at least $30,000 in total, for "revolving credit.". The bulk of Romney's wealth derives from his success at Bain Capital, a private-equity investment firm where he rose to CEO. A newcomer to Congress in 2021, nearly all of Jacobs' wealth is stored in a trust that was created in 2009. 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. Other major assets include several Vanguard index funds he holds jointly with his wife, Transportation Secretary Elaine Chao. The STOCK Act requires that the terms of all mortgages, including those on non-income producing personal residences, be disclosed. Troy Carter, Melanie Stansbury, and Jake Ellzey have not filed their official financial-disclosure reports. Williams' wealth comes from multiple auto car dealerships in northern Texas and some valuable real estate. U.S. Speaker of the House Nancy Pelosi (D-CA) delivers remarks from the House Chambers of the U.S. Capitol Building on November 17, 2022 in Washington, DC. It displays the net worth (the difference between assets and liabilities) for the member and their immediate family, such as a spouse or dependent children. Using his fortune from his family business, Manhattan Construction Group, Rooney donated enough to the GOP to earn an ambassadorship during the George W. Bush administration. Approximately half of McConnell's estimated wealth comes from a $5 million gift from his father-in-law in 2008. 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. Any such honoraria must be reported on the PFD by source and amount. Data is not available for a limited number of congressional members. She is an emeritus professor at Harvard University. 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. Kennedy's fortune comes from old family money specifically that of his great-grandfather, who was a businessman, and his great-great-grandfather, who was a co-founder of Standard Oil. if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Erica Shumaker Caitlin Vanden Boom Today, though all congressional representatives earn salaries, not much else has changed. 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. More than 14 months after leaving office - and while still contesting the 2020 election - former President Donald Trump has seen his net worth soar to $3 billion, according to brand . 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. He also has investments in mineral rights and oil wells in North Dakota. Data on the net worth of members of Congress came from the 2018 Wealth of Congress report from CQ Roll Call, an intelligence and advocacy group based in Washington, D.C. Net worth figures are based on recent financial filings and are representative of the time that each House member or senator was beginning his or her term in the 115th Congress. The Center for Responsive Politics, the organization that runs OpenSecrets.org, calculated each net worth by adding all disclosed assets (corporate bonds, stocks, etc.) As compared to the yearly average gains, the total average gains percentage change looks at the total change between the first year data is available for each member[36] and the 2012 data. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. Analysis: Donald Trump is getting richer again | CNN Politics Click here to contact us for media inquiries, and please donate here to support our continued expansion. Many of the wealthiest legislators first had successful and lucrative careers in the private sector. 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. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. The majority of Risch's $15.6 million net worth is tied up in real estate. Some incumbents experienced a net loss in net worth. First elected to the U.S. Senate in 1984, Mitch McConnell is one of the longest serving members of Congress. Her income is estimated to be around $174,000 annually. OpenSecrets.org gathers this information to build a range of potential values. The congressman reported $4 million in liabilities in the forms of lines of credit, mortgages, notes payable, and a loan. List of richest American politicians - Wikipedia Financial disclosures that members of Congress are required to file show that it didnt. If you would like to help our coverage grow, consider donating to Ballotpedia. U.S. House of Representatives Press Gallery, accessed March 9. Elected officials and senior staff are prohibited from receiving honoraria for speeches, articles or appearances. This was set by the "Ethics in Government Act of 1978." Blum is an investor and the president and chairman of Blum Capital, a private equity company. Blumenthal's only liability listed in his financial filings was a 30-year mortgage on his home that his wife took out in 2011. Phillips held more than $250,000 worth of Apple stock, at least $50,000 worth of Facebook stock, and over $1 million in the SPDR S&P 500 Trust ETF. Republican Michael McCaul is one of only a handful of legislators on Capitol Hill with an estimated net worth of over $100 million. Tucker Carlson ousted at Fox News amid lawsuit alleging sexism : NPR Personal Finances OpenSecrets Changes in Net Worth of U.S. 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. Your California Privacy Rights / Privacy Policy. As a starting point, congressional financial disclosure forms use value ranges, rather than precise amounts, when reporting assets and liabilities. Worth an estimated $58.5 million, California Sen. Diane Feinstein is by far the wealthiest woman on Capitol Hill. The Top 100 table includes a handful of politicians who left office during or after 2012. He went on to sell it for $10 million to McAfee . Source: Alex Wong / Getty Images News via Getty Images Alabama: Sen. Richard C Shelby (R) > Est. Help us provide information on American politics. Biggest wealth increase in Congress, 2008-2018 Export to CSV Not all politicians come into office wealthy - but many leave that way. Members of Congress are paid $174,000 a year. Income from the taco restaurant where she tended bar and from her 2018 congressional campaign totaled $25,463. Congressional millionaires had an average yearly percentage increase of 23.9 percent. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. The data used to calculate changes in net worth may include changes resulting from assets gained through marriage, inheritance, changes in family estates and/or trusts, changes in family business ownership and many other variables unrelated to a member's behavior in Congress. 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. Kennedy has served Massachusetts' 4th District since 2013. She is also a co-author of the book "This Is Not the Life I Ordered: 50 Ways to Keep Your Head Above Water When Life Keeps Dragging You Down.". Rep. Susan W. Brooks is serving her fourth term in Congress. Pelosi previously opposed such a ban, but later came out publicly in support of it. Mortgages reported on properties that were not listed as assets were excluded from the wealth calculations, but are displayed on our profiles of the corresponding officials. Rep. Chellie Pingree's dramatic net worth increase is due to her marriage. OpenSecrets gathers this information to build a range of potential values. How Much Is Sen. Mitch McConnell Worth? - Forbes Below, as part of Roll Call's Wealth of Congress analysis, we plotted the 115th Congress' minimum net worth on a vertical. First elected to the Wisconsin State Senate in 1978, Rep. Jim Sensenbrenner is currently the second longest serving member of the House of Representatives. During the defense's cross-examination of E. Jean Carroll, Trump's attorney asked the writer why she "did not scream" when she was "supposedly raped.". The McCaul family notably reported millions in limited liability companies and iShares funds, and at least $250,000 worth of Netflix stock. Two Facebook users who shared the post did not respond to requests for comment. Senators and Representatives during their time in office. The Republican, now in his fifth term, is a certified professional engineer who worked in the construction industry before he entered Congress. Rep. Vern Buchanan of Florida's 16th District is worth an estimated $73.9 million. 5 Kelly Loeffler, who served between 2020-2021 as a Republican. This was an inflation-adjusted annual percentage change of -0.94 from 2004 to 2012. How much are your senators and representatives worth? 1st: George Washington Est. Tucker Carlson ousted at Fox News following network's $787 million settlement. Fact or fiction? Still, the wealthiest congressional representatives did not earn their fortunes as public servants. Every year members of congress are required by law to disclose certain financial information regarding personal assets and liabilities. Beyer made his fortune running several car dealerships around Washington D.C. 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. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. Hern joined the House of Representatives in 2018. Rep. Steve Cohen has served six terms as the congressman from Tennessee's 9th District, which is in the southwest corner of the state.
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