1st: George Washington Est. 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. They obtained the data from personal financial disclosure data that each senator and representative is required to provide for public record. Perdue was also chief executive officer of Dollar General and set up its sale to investors. For instance, if three assets are listed at a value range of $1,001-$15,000, the total range of assets would be listed as a minimum of $3,003 (3 X $1,001) and a maximum value would be $45,000 (3 X $15,000). Romney reported at least $4.5 million in liabilities from his wife; each liability was listed as a "capital commitment.". In a post shared more than 14,000 times, a Facebook user claims that Ocasio-Cortez "was broke" when she was first elected to Congress in 2018 but now has a net worth of more than $1 million.. However, she has other sources of income. Between 2004-2012, the median American household[41] saw an inflation-adjusted decrease of assets from $18,990 in 2004[42] to $17,557 in 2012. Mark Warner, who has served on Capitol Hill since taking office in 2009, is the wealthiest senator on this list. Senators and Representatives during their time in office. Notable stocks that Manning or her spouse held included Alphabet, Apple, Starbucks, Disney, Microsoft, Nike, Johnson & Johnson, and Pfizer. The average yearly percentage increase for those members who increased their net worth was 43.6 percent. Members of Congress earn a salary of $174,000. 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. For the full set of data, please visit our Google spreadsheet here. Her family also owns farm equipment company Heartland Tractor. A limitation to the data set is that the whole picture of wealth growth while in Congress is unavailable for those members who entered office prior to 2004. Rep. Vern Buchanan of Florida's 16th District is worth an estimated $73.9 million. Sen. John Kennedy is in his first term as senator from Louisiana. Ro Khanna has served California's 17th District, which covers much of Silicon Valley, since 2017. See which incumbents had the largest gains in net worth. He made much of his wealth as a corporate executive, first at Chrysler in 1985 and then as CEO of Ross Education, a health industry training firm. DelBene and her husband reported at least $1.1 million worth of shares in her former company. Sen. Joe Manchin III of West Virginia. He ran Sara Lee Corp.'s Asia unit and was an executive with Haggar Clothing and footwear company Reebok. From their 2009 required candidacy filing to 2012. Congress saw a total increase of $316.5 million in assets held by all members in the study. A part of the family behind the eponymous Midwestern grocery chain, Meijer reported that the bulk of his wealth was held in a "generation-skipping trust" that contained, among other assets, stock in Johnson & Johnson, Home Depot, Tesla, and Visa. Financial disclosures that members of Congress are required to file show that it didnt. 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. Cohen started his legal practice in 1978 after serving as a legal adviser for the Memphis Police Department. The average member saw his or her net worth increase by an average of 15.4 percent per year. Hollingsworth launched his campaign in his adopted home state of Indiana with over $3 million of his own money. These five members' negative estimated wealth stemmed from high-priced mortgages: Editor's note: Rep. Frank Mrvan, a Democrat from Indiana, originally appeared among the 25 wealthiest members of Congress. Maloney & Co. from 1981 until his death in 2009. Click here to contact us for media inquiries, and please donate here to support our continued expansion. OpenSecrets.org (The Center for Responsive Politics), a self-proclaimed "nonpartisan guide to money's influence on U.S. elections and public policy," tracks the financial information, and posts it publicly under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License. The top range for item valuation is listed as "Over $50 million" on forms. In keeping with the method of calculating congressional net worth, home equity was withheld from the figure. Before venturing into politics, the 3-term senator and former Virginia governor ran a venture-capital firm, Columbia Capital, and a telecom company, Capital Cellular Corporation. Lisa Blunt Rochester has represented the state of Delaware since going to Capitol Hill in 2017. Changes in Net Worth of U.S. Wyoming. Shortly after graduating from college, he founded his own commercial building construction company, R.W. His largest investment is an interest in Lebanon House Inc., which owns the Golden Lamb Inn, the oldest continuously operating company in Ohio. 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 The Washington Free Beacon also estimated then that Pelosi's net worth had risen by $140 million since 2008. Hollingsworth's wealth is largely from his father's Knoxville-based company, Hollingsworth Capital Partners, which refurbishes old, often abandoned factories and industrial buildings. Peters reported two liabilities worth at least $30,000 in total, for "revolving credit.". Norman was elected to Congress in a special election in 2017 after President Donald Trump appointed his predecessor, Mick Mulvaney, to be the director of the Office of Management and Budget. [9] 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. This is the first part of the Personal Gain Index. Mitchell spent $3.6 million of his own fortune to win the seat. [3], The median American citizen[4] saw his or her household net worth decrease from 2004 to 2012 by an annual rate of -0.94 percent, while members of Congress experienced a median annual increase of 1.55 percent. The work paid $17,000 a year, or about $130,000 in today's dollars. Newsweek has asked Pelosi's office for comment. The wealthiest members of Congress have one thing in common. Warren received an advance of about $300,000 for her book "This Fight Is Our Fight," published in April 2017. Much of Issa's fortune comes from a car-alarm system called Steal Stopper and his time as the CEO of Directed Electronics. Manning also reported an ownership interest in Stonefield Cellars Winery in North Carolina. The first-term Montana senator won by almost 18 points in 2014 after serving one term in the House of Representatives. Rep. John Yarmuth is in his seventh term in Congress and represents the 3rd District of Kentucky that includes Louisville. Do you have a tip on a politics story that Newsweek should be covering? In the 116th Congress, public disclosures had Florida's Rick Scott in first place with a net worth of around $300 million. Eight-term Rep. Jeff Fortenberry represents Nebraska's 1st District, which is in the eastern part of the state. Hoeven eventually became president of Westbrand Inc. Bank Holding Co. and retains at least $5 million in company stock. It's not possible to know the precise net worth of members of Congress as they are only required to provide a range of values in their financial disclosures and not specific dollar amounts. Negative to positive increases Rep. Arkansas Republican French Hill is a three-term congressman who has served the state's 2nd District, in the central part of the state, since 2015. Sen. Ron Johnson was first elected to the U.S. Senate in 2010. 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). 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. Net worth of United States Senators and Representatives, Former congressional members in the Executive Branch, Reports from the financial year before members entered congress are included when available, Apply for the Ballotpedia Fellows Program, Democratic Congressional Campaign Committee, National Republican Congressional Committee, Filing requirements for congressional candidates, Staff salaries of United States Senators and Representatives, Changes in Net Worth of U.S. He reported one liability in his financial filings: a business loan worth at least $5 million from PNC Bank. 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. Income from the taco restaurant where she tended bar and from her 2018 congressional campaign totaled $25,463. He was the first former president to monetize his time in the office, according to The Washington Post. These estimates assume no change in net worth between 2011 and 2012. Bera worked as a medical doctor before choosing to run for elective office. Her student loan debt through the U.S. Department of Education at the time was listed as between $15,001 and $50,000. The period studied is 2004-2012, or from the year the incumbent took office, if it was after 2004. 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. In the private sector, she practiced law at the Indianapolis firm of Ice Miller. 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. (January 2021) This list of members of the United States Congress by wealth includes the fifty richest members of Congress as of 2018. For the 49 members who went from a negative net worth to a positive net worth, the average increase was $3.4 million per member.[29]. 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. For example, for. While an analysis of financial disclosures by the Center for Responsive Politics last year found that the majority of members of Congress are millionaires, Ocasio-Cortez would not be one of them. U.S. House of Representatives Republicans, U.S. House of Representatives Independents. First-term Sen. David Perdue of Georgia earned his wealth as a financial turnaround specialist for struggling companies. Carter started a pharmacy chain Carter's Pharmacy, Inc. in the Savannah area he now represents. Prior to his election to Congress, Marchant founded a construction and home building business. 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. Sign up to get that here. Inhofe also worked as an independent businessman for three decades and was the president of Quaker Life Insurance Company. The congresswoman filed her next financial disclosure in September 2020. The. The earliest average was then adjusted for inflation. Filers must disclose the purchase, sale or exchange of any assets that amount to more than $1,000 in the calendar year in question. The bulk of Romney's wealth derives from his success at Bain Capital, a private-equity investment firm where he rose to CEO. 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]. majority of members of Congress are millionaires. The congresswoman reported two liabilities owned by her spouse: lines of credit amounting to more than $1.5 million. One of Norman's IRA's is worth at least $5 million. The Ohio legislator was elected to the Senate eight years ago after serving in the house from 1993 to 2015. Blumenthal's only liability listed in his financial filings was a 30-year mortgage on his home that his wife took out in 2011. 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. Phillips has an ownership stake in several businesses, various stock holdings, mutual funds, government securities, various life insurance policies, and hedge funds. However, all mortgages are required to be disclosed. Rep. Chellie Pingree is in her sixth term as congresswoman who represents Maine's 1st District, which is the southeastern section of the state. Rep. Blaine Luetkemeyer is a six-term congressman from Missouri who operates a 160-acre farm and also has been in banking and insurance. lived paycheck to paycheck, according to Time. How does that happen?? Dingell worked at General Motors for more than 30 years where she was president of the GM Foundation as well as a senior executive responsible for public affairs. Biggest wealth increase in Congress, 2008-2018 Export to CSV Not all politicians come into office wealthy - but many leave that way. DelBene's wealth is spread out among mutual funds, exchange-traded funds, and real-estate funds. Click here to contact our editorial staff, and click here to report an error. If we use the average net worth category for the House and . Approximately half of McConnell's estimated wealth comes from a $5 million gift from his father-in-law in 2008. This page is about changes in net worth of U.S. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell Earning an annual salary of roughly $174,000 certainly contributes toward their wealth, but many of these lawmakers were rich to being with. Yarmuth founded several publications, including Louisville Today, and the Louisville Eccentric Observer Weekly (LEO). 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. This Ballotpedia article is in need of updates. Sen. Steve Daines served in a management position at Procter & Gamble, worked in his family's construction company, and was a vice president at a cloud-computing startup that was eventually bought by Oracle in 2012. Repiblican Roger Williams represents the 25th District in Texas a strip of land that extends from Fort Worth down to Austin. 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. 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. Designed for transparency, the disclosures provide insight into each member of Congress' wealth and assets and occasionally reveal potential conflicts of interest and violations of federal law. Bennet would be elected one year later. iHeartMedia is a leading contributor to McCaul's reelection campaign. Still, the wealthiest congressional representatives did not earn their fortunes as public servants. The second-term senator and former governor returned to practicing law in 2003 after he finished his term as governor. 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. Williams also reported a stake in two aircraft-leasing companies. Chao also collected a salary during her tenure on the boards of Wells Fargo and News Corp. Rep. Mike Kelly was first elected to the U.S. House of Representatives in 2010. He built much of his wealth from Pacur, a specialty plastics company he co-founded with his brother-in-law in 1979. Warner made much of his wealth as a venture capitalist. This includes her salary as an elected official and income from her business ventures. Members disclose the value of their assets in broad ranges. At the start of his 2020 presidential campaign Biden released his financial information disclosures as well as state and federal tax returns for 2016, 2017, and 2018 and based on those forms,. Your California Privacy Rights / Privacy Policy. Blunt Rochester previously held several high ranking positions in the Delaware state government, including secretary of labor and was previously married to a former NBA player. Do you have a question about Nancy Pelosi? Jacobs listed one liability in her financial disclosure: a mortgage on a Washington, DC, property worth at least $500,000. Net worth figures are rounded estimates derived from financial disclosure forms filed in 2018 and are not necessarily comprehensive or exact. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. Sen. Thom Tillis spent his 22-year private-sector career in technology and management consulting before he entered Congress in 2015. Matsui's listed holdings were spread out among exchange-traded funds, money-market funds, limited liability companies, and trusts. Member of Congress: Liz Cheney Chamber: House Party: Republican Estimated net worth: $14,710,513 More From GOBankingRates. Members of Congress are permitted to ask for a three-month extension. Prior to being elected to office, she made much of her wealth in the private sector. Manning's fortune is split among government securities, mutual funds, exchange-traded funds, real property, and stocks. For the purpose of our comparison to the median American citizen data below, the median congressional increase was 1.55 percent per year. Rep. John Curtis is serving his first full term as a congressman from Utah. He has been a senator since 1994. The STOCK Act requires that the terms of all mortgages, including those on non-income producing personal residences, be disclosed. She reported at least $165,000 in liabilities in the form of credit-card debt through various banks. Rep. Ralph Norman, a Republican from South Carolina, now appears among the Top 25. He. Her income is estimated to be around $174,000 annually. Though he is a Tennessee native, Trey Hollingsworth has served in Indiana's 9th District since taking office in 2017. Pingree sold the business in 1993 and now co-owns a bed & breakfast and restaurant in North Haven. The former for-profit college executive's average net worth skyrocketed from $101 million to nearly $180 million. 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. Congressional millionaires had an average yearly percentage increase of 23.9 percent. Student volunteers wanted! The 2020 financial disclosures are the most up-to-date financial documentation from Congress disclosures from 2021 are not required to be filed until mid-May. Maloney's assets include a townhouse in the Upper East Side, a six-unit rental property in Virginia Beach, and a partial stake in a rental property in Jamaica. Take Our Poll: What Do You Plan To Use Your Tax Refund For? 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. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. Compare the gains in net worth experienced by congressional incumbents with what happened to the net worth of the people they represent. 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. Rep. Nancy Pelosi, the Speaker of the House, represents California's 12th District, which includes San Francisco. The wealthiest 15 members were worth at least $1.3 billion, half of Congress' wealth. 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. Rep. Lucille Roybal-Allard, a Democrat from California: -$1,008,000, Rep. Steven Horsford, a Democrat from Nevada: -$1,047,992, Sen. Cynthia Lummis, a Republican from Wyoming: -$1,401,991, Sen. Tammy Duckworth, a Democrat from Illinois: -$1,877,936, Rep. August Pfluger, a Republican from Texas: -$2,000,002. Please email us if you would like to suggest a revision. If you would like to help our coverage grow, consider donating to Ballotpedia. 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. Pence left Congress in 2012 to become the governor of Indiana. By clicking Sign up, you agree to receive marketing emails from Insider We estimated the net worth of members of Congress by analyzing financial-disclosure reports. Or from the year the incumbent was first elected, if that year was after 2004. Rep. David B. McKinley of West Virginia. The average change in net worth for the members in this study was 72.6 percent. A newcomer to Congress in 2021, nearly all of Jacobs' wealth is stored in a trust that was created in 2009. Angus King is the only independent representative on this list, though he caucuses mostly with Democrats. Senators and Representatives (Personal Gain Index), All data relating to the average net worth of individual members of congress from. Republican Earl Carter has represented Georgia's 1st District since taking office in 2015. Kennedy has served Massachusetts' 4th District since 2013. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. Republican Michael McCaul is one of only a handful of legislators on Capitol Hill with an estimated net worth of over $100 million. McKinley founded the architectural and engineering company McKinley & Associates. Elected officials and senior staff are prohibited from receiving honoraria for speeches, articles or appearances. The company, now called iHeartMedia, is a $6.3 billion company. Ocasio-Cortezsstory of bartender-turned-congresswoman after upending an incumbent Democrat in a safely blue New York district is well documented. 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 Maloney is the widow of Clifton Maloney, who founded and ran the successful investment firm C.H.W. Malkin's father, Peter L. Malkin, is the chairman emeritus of Empire State Realty Trust a commercial office and retail leasing agency for units across Manhattan including the Empire State Building and the chairman of Malkin Holdings. Sixteen . Members of Congress are way wealthier than average Americans. Beyer reported at least $8.6 million in liabilities, almost all of which were mortgages on various properties he owned. Access your favorite topics in a personalized feed while you're on the go. In September, Democratic Representative Abigail Spanberger slammed Pelosi for her apparent inaction on legislation that would require lawmakers' investment assets to be placed in a blind trust. He went on to sell it for $10 million to McAfee . One . Note that in order to have an apples-to-apples comparison between the household net worth of U.S. The congressman owns an extensive array of real property, mutual funds, and several individual retirement accounts. When brought to my attention, I corrected the form and resubmitted it to the House where it will again be made publicly available." 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. This allows us to: For more detailed information on the actual net worth of members of Congress, rather than the growth of their net worth, please see: Net worth of United States Senators and Representatives. Senators and Representatives (Personal Gain Index). The trust contains government securities, mutual funds, and more than $6 million in stock of Qualcomm, a semiconductor company co-founded by her grandfather, Irwin M. Jacobs. During the 2020 election cycle, Ocasio-Cortezs reelection campaign spent $17.3 million after raking in $21.2 million. After representing Oregon's 3rd District for 15 years, Ron Wyden has represented Oregon as a senator since 1996. 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). Blum is an investor and the president and chairman of Blum Capital, a private equity company. 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. 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. Student volunteers wanted! 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. Rep. Susan W. Brooks is serving her fourth term in Congress. In the earliest days of American independence, members of the federal government were not paid a salary as most of them were wealthy to begin with. 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. How much are your senators and representatives worth? Rep. Denny Heck is in his fourth term serving the 10th District of Washington state, which includes the state capital of Olympia. DelBene's office denied that the congresswoman violated the law, citing an email from the Committee on House Ethics. [21], This chart shows the average yearly percentage change in net worth of the 100 congressional incumbents whose calculated net worth[22] divided by the number of years studied was the highest.[23]. :We're fact checking the news and sending it to your inbox. Prior to his election, Fortenberry worked as a publishing industry executive in Lincoln. Today, Sensenbrenner's stock portfolio includes holdings in more than three dozen companies, including Pfizer, Apple, AT&T, and Verizon. Because many members have been in office for longer than the eight years this study illustrates, the real change in net worth each member sees after initially taking office may be higher than the numbers in this data. Today, Kelly and his wife's financial filings include profits from the dealership and over 200 stocks, bonds, and mutual funds. Here are the richest members. The majority of Feinstein's wealth is from her husband, Richard Blum, according to her financial filings. Hern disclosed two liabilities: at least $500,000 used to purchase a McDonald's restaurant, and at least $1 million that his spouse used to buy a separate company. 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. The data outlined on this page comes from OpenSecrets.org. A median is the middle value of a list. Many of the wealthiest legislators first had successful and lucrative careers in the private sector. D.C.-based nonprofit OpenSecrets.org estimated Pelosi's net worth at $115 million in 2020, a rise of $41 million since 2004 - the first year OpenSecrets began tracking members' personal finances. No ban has yet been put in place. Currently, used car information website Carfax is Beyer's top campaign contributor. Sen. John Hoeven built his wealth by working in banking in North Dakota. 15. Williams' wealth comes from multiple auto car dealerships in northern Texas and some valuable real estate. 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. The documents cover 2020, a year in which the world's richest people grew their fortunes by trillions of dollars. When she took office in 2019, Ocasio-Cortez reported in her first financial disclosure that she had a checking account, a brokerage account and a 401(k)plan through the National Hispanic Institute that were worth between $3,003 and $45,000. Rep. Joseph P. Kennedy III of Massachusetts. Members of Congress are required to disclose the value of their assets only in broad ranges, such as $15,000 to $50,000.
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