The wealthiest 15 members were worth at least $1.3 billion, half of Congress' wealth. Issa did not report owning any individual stocks his wealth is largely held in diversified stock funds and his ownership of properties in California and Ohio. Do you have a tip on a politics story that Newsweek should be covering? See which incumbents had the largest gains in net worth. know the precise net worth of members of Congress, SCOTUS Now Just Another Congressional Committee, Secret Chinese Police Stations in Europe Are 'Tip of the Iceberg', Trump's Attorney Just Blew Carroll Rape Case, King Charles Says Royals Require 'Acting Ability', Ukraine Will Regain 'Significant Territory' From Russia, Florida GOP Paves the Way to Help Ron DeSantis Challenge Trump. Newsweek has asked Pelosi's office for comment. 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. Although the 2012 freshmen only saw moderate growth after one year in office, the growth for the 112th freshmen was staggering. The data outlined on this page comes from OpenSecrets.org. Rep. Judy Chu (D-Calif.) was worth less than six figures in 2008. 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). Perdue was also chief executive officer of Dollar General and set up its sale to investors. Fox News host Tucker Carlson speaks at a National Review Institute event on March 29, 2019, in Washington, D.C. DeLauro is married to political strategist and best selling author Stanley Greenberg. In 2021, Hern violated the STOCK Act by failing to properly disclose stock trades worth at least $1.06 million and as much as $2.7 million. He snagged his first job in D.C. in 1968, working as the chief legislative assistant to Kentucky Sen. Marlow Cook. Grandson of Robert F. Kennedy, Joseph Kennedy is the only member of the political dynasty to be currently serving on Capitol Hill. Buchanan earned much of his fortune through car dealerships and through his involvement in charter jet and yacht leasing. The period studied is 2004-2012, or from the year the incumbent took office, if it was after 2004. He also has investments in mineral rights and oil wells in North Dakota. But this year Trump's net worth dropped to $2.5 billion. Top editors give you the stories you want delivered right to your inbox each weekday. 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]. Much of Issa's fortune comes from a car-alarm system called Steal Stopper and his time as the CEO of Directed Electronics. 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. Before becoming vice president of mobile connections marketing for Microsoft which is headquartered in her district Delbene launched two successful internet startups. The wealthiest members of Congress have one thing in common. majority of members of Congress are millionaires. They obtained the data from personal financial disclosure data that each senator and representative is required to provide for public record. Entrepreneurship. Gore & Associates. Still, the wealthiest congressional representatives did not earn their fortunes as public servants. Khanna's wife, Ritu Khanna, also has millions of dollars thanks largely to her father's work as an executive at investment firm Mura Holdings. Issa listed one liability: a margin account holding him liable for over $50 million. A Pioneer of Paid Speeches The Ohio legislator was elected to the Senate eight years ago after serving in the house from 1993 to 2015. 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. The data also includes some former members, whose net worth would have been calculated at the end of their term in the 112th Congress. Rep. Steve Cohen has served six terms as the congressman from Tennessee's 9th District, which is in the southwest corner of the state. Much of his $27 million fortune came from a career as an economist and intellectual property lawyer. Roll Call published its Wealth of Congress report, which ranks the net worth of the 115th Congress.. The representative reported one liability: a mortgage worth at least $15,001 through JPMorgan Chase. 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. Like several other lawmakers on this list, Blumenthal married into his vast fortune. If a member gains, expect the gain to be large. Before entering politics, two-term Sen. Joe Manchin worked at his family's furniture store, managed a carpet store, and then joined a coal brokerage. Rep. David B. McKinley of West Virginia. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. Changes in Net Worth of U.S. Rep. Kenny Marchant of Texas is serving his eighth term in the House of Representatives. Those in Congress who held assets above the median net worth of $1 million in 2012 also saw a hefty annual percentage increase. Members of the United States Congress and candidates for Congress are required to file an annual Personal Financial Disclosure (PFD) on or before May 15 of every year. 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. The latest batch of numbers shows that the 113th Congress had a median net worth of $1,008,767. She has represented the most populous state in the Senate since taking office in 1992. Rep. Vicente Gonzalez is serving his second term in Congress, representing the 15th District in the southern part of Texas. She has amassed her wealth through the business activities of her husband, Paul Pelosi. Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000. 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. Peters' wife, Lynn Gorguze, also has a small fortune from serving as president and CEO of private equity firm Cameron Holdings since 1993. Republican Rick Allen has represented Georgia's 12th District since taking office in 2015. Wyden's wife, Nancy Wyden, owns the famous Strand Bookstore in New York City. Congress saw a total increase of $316.5 million in assets held by all members in the study.[5]. The majority of Feinstein's wealth is from her husband, Richard Blum, according to her financial filings. We're fact checking the news and sending it to your inbox. Today, though all congressional representatives earn salaries, not much else has changed. Its content is produced independently of USA TODAY. The average yearly percentage increase for those members who increased their net worth was 43.6 percent. In addition to serving his constituency, Cooper teaches part time at Vanderbilt. Before serving in Congress, Mullin dropped out of college to manage the family's plumbing company, building it into a regional business. Speier is of counsel at the law firm of Hanson Bridgett LLP in San Francisco. 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. 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. Filers for the 2020 fiscal year were allotted an extra three months to submit their disclosures because of the pandemic. Congressional millionaires had an average yearly percentage increase of 23.9 percent. In 1997 Gianforte founded RightNow Technologies, a cloud-based customer service program, which was bought for over $1 billion by Oracle Corp in 2012. [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. Repiblican Roger Williams represents the 25th District in Texas a strip of land that extends from Fort Worth down to Austin. That $600 million decline led Trump to drop from the 275th richest person in America in 2019 to the 352nd richest in 2020 - a drop of . 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 anet worth of more than $1 million. Lisa Blunt Rochester has represented the state of Delaware since going to Capitol Hill in 2017. The tables and graphs on this page show some of the highlights of the study. Troy Carter, Melanie Stansbury, and Jake Ellzey have not filed their official financial-disclosure reports. 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. 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. Other major assets include several Vanguard index funds he holds jointly with his wife, Transportation Secretary Elaine Chao. 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. Before his election to Congress, Hill was a commercial banker and investment manager. . 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. Her family also owns farm equipment company Heartland Tractor. Upton's fortune mainly derives from an appliance company that his grandfather founded, Whirlpool, which the congressman reported holding at least $1 million of stock in. Only lawmakers with an estimated net worth of more than $3 million are included on this list. The latest batch of numbers shows that the 113th Congress had a median net worth of $1,008,767. Shortly after graduating from college, he founded his own commercial building construction company, R.W. Now married to another Microsoft executive, she is worth an estimated $28.4 million. Of the "Top 100", 56 are Republicans, 43 are Democrats and one is an Independent. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. 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. He holds another $1 million in funds in a personal account at First Western. Maloney is the widow of Clifton Maloney, who founded and ran the successful investment firm C.H.W. 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. Both the average and median for congressional and American citizen net worth growth are provided below. Bera worked as a medical doctor before choosing to run for elective office. Democrat Rosa DeLauro has represented Connecticut's 3rd District which covers the central part of the state along the coast since 1991. The average increase in net worth in the Top 100 was 114% per year. Blumenauer has a law degree from Lewis and Clark Law School, and before becoming a legislator, he worked as the assistant to the president of Portland State University for seven years. In September 2019, Sensenbrenner announced he would not seek reelection in the 2020 election. "The embarrassment is just going to keep growing over this," Laura Harth, the campaign director at Safeguard Defenders, told Newsweek. Carter recently sold more than $1 million of his stake in his company, and he owns a more than $5 million stake in an index fund. 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. The average change in net worth for the members in this study was 72.6 percent. Each member of Congress' wealth was calculated by subtracting the sum of their minimum reported liabilities from the sum of their minimum asset values. 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. Norman and his wife also hold more than $100,000 in stock in Exxon Mobil. However, there were substantial increases in wealth of the members who fell into this category. When possible OpenSecrets tried to determine a more accurate figure. The year each House member or senators current term ends came from nonprofit political encyclopedia Ballotpedia. Her investments in the stock market have also earned her substantial capital gains. Beyer made his fortune running several car dealerships around Washington D.C. Currently, the top industrial contributors to Williams's campaign are oil and gas and automotive. This percentage reflects the median annual percentage growth of all members of Congress. Republican Michael McCaul is one of only a handful of legislators on Capitol Hill with an estimated net worth of over $100 million. After receiving his medical degree and following his residency, Marshall returned to Kansas and established his medical practice in the town of Great Bend. Rep. Susan W. Brooks is serving her fourth term in Congress. Ami Bera is serving his fourth term as representative of California's 7th District, which covers the state capital of Sacramento. Insider used these members' "candidate reports," some of which include financial data from 2021. Take Our Poll: What Do You Plan To Use Your Tax Refund For? In the 116th Congress, public disclosures had Florida's Rick Scott in first place with a net worth of around $300 million. "Medians are often used when data are skewed, meaning that the distribution is uneven. We estimated the net worth of members of Congress by analyzing financial-disclosure reports. Rep. Nita M. Lowey has served in Congress since 1989, and currently represents New York's 17th District located in southern New York State, just north of New York City. Any such honoraria must be reported on the PFD by source and amount. Other notable stocks owned by Jacobs includes more than $100,000 invested in stocks of Apple, Microsoft, and Mastercard. Almost a quarter of voting members have a negative net worth. Rep. Denny Heck is in his fourth term serving the 10th District of Washington state, which includes the state capital of Olympia. Jacobs listed one liability in her financial disclosure: a mortgage on a Washington, DC, property worth at least $500,000. 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. Sheldon Whitehouse is a third-term senator from Rhode Island who was re-elected by about 30 points in 2012. Your California Privacy Rights / Privacy Policy. All other content, including data analysis of net worth change, is posted under Ballotpedia's standard content license. 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 Norman also reported four liabilities worth a total of at least $2 million, each in connection to his property investments. J ust because you're . 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. While financial disclosures show that Ocasio-Cortezs personal wealth has not skyrocketed during her time in Congress, her political fundraising has taken off alongside her national profile, according to Federal Elections Commission filings. Sen. 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. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. The congresswoman reported two liabilities owned by her spouse: lines of credit amounting to more than $1.5 million. Republican Earl Carter has represented Georgia's 1st District since taking office in 2015. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Feinstein listed three liabilities, each of which belonged to her husband, for a combined amount of at least $3 million. 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. The Center for Responsive Politics, the organization that runs OpenSecrets.org, calculated each net worth by adding all disclosed assets (corporate bonds, stocks, etc.) 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. Insider's calculations are conservative estimates based on the minimum values disclosed by members. 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. 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.

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