About two-thirds of United States senators were millionaires in 2008, according to a recent analysis of politicians’ fortunes conducted by the Center for Responsive Politics.
The research organization, which also tracks political donations, recently analyzed the assets and liabilities of lawmakers based on 2008’s required annual financial disclosures. The center estimated each politician’s net worth by adding together the lawmaker’s range of assets and then subtracted the range of liabilities.
The midpoint of that resulting range was used to rank the politicians.
In the Senate, 68 legislators were estimated to be worth at least $1 million, led by Herb Kohl, a Democrat from Wisconsin, who was worth an estimated $214,570,011 in 2008. The average net worth across the Senate was $13,989,022.98.
Here is the center’s list of the 25 wealthiest senators from 2008:
Source: Center for Responsive Politics The estimated net worth of United States senators in 2008.In the House, 240 legislators were worth at least $1 million. The richest representative was likely Darrell Issa, a Republican from California, who was worth an estimated $251,025,020 in 2008. The average net worth across the House was $4,670,831.
Here is the center’s list of the 25 wealthiest representatives from 2008:
Source: Center for Responsive Politics The estimated net worth of United States representatives in 2008.The center’s site is missing a few entries (and since the data are from 2008, not all of the numbers are still relevant for the current Capitol Hill crowd; the late Senator Edward M. Kennedy is included, for example). But the site contains a wealth of useful information on legislators’ assets nonetheless.
This chart, for example, shows the most popular investments among legislators, with General Electric and Bank of America topping the list.
From 1 to 25 of 35 Comments
This is probably little different than at any other time in US history. Can’t remember a time when the Senate was dominated by people with a middle class income. And I can’t imagine there are too many people who would vote for someone who was running for the Senate so they could get a bigger paycheck. Also, there appears to be no correlation between wealth and political leanings just glancing at the table. The content of this post seems to rest somewhere between gratuitous and superficial.
— Mark TIt’s a conundrum, for sure. Look at the NY state legislature, and it’s “part time” elected officials. They can’t wait to get on that gravy train (check out the trial for Joe Bruno that just went to jury – the irony is that he may go free because his blatant corruption may have been legal).
I’m not a huge fan of Michael Bloomberg, either, but, hey, you know the guy won’t be taking any bribes – hell, he probably gives them every now and then.
— MMMark T (post #1): Why so sensitive?
Needless to say, if you don’t have any money worries and your neighbor does, it’s difficult to relate to your neighbor’s situation.
— AndrewAmazing that the six richest Senators are all Democrats. I thought the Republicans were the party of the rich. Now I see the Democrats really are the rich ones.
— JoanGWhat I would want to know is, how much did they have before they become a Senator or member of Congress, and what are the sources of the increase in their assets?
— eliHmm… Wonder what their class bias is.
— s keilNow we know why Mitch McConnell is so opposed to health care reform…he has no idea what it means to be too poor to buy any or to be able to pay for your own health care.
— DonThis would explain why Senators seem to think that family health insurance with almost $12,000 annual out of pocket is afforadable.
And why they can be so calm about the current unemployment rate and take their time to carefully craft and debate further stimulus proposals. A few months or years of unemployment wouldn’t hurt them.
— Wonks Anonymoushow did Yvette Clarke get those millions?? really interested in her story there…it was not brought up at all during her election a few years ago.
— m#2 is right. We are probably better off with millionaires. It would be hard for “regular” folks to avoid the temptation to use their position to enrich their personal coffers. Especially once they were exposed to the “celebrity” life style of a politician and mingling with folks who have alot more money than them.
— Suc Mi WangLike Eli, I wonder how much of this wealth has been accumulated since congressmans term in Washington. Odd to me that so many Senators who have never really had a lucrative career (outside of politics) seem to accumulate such wealth. Wonder also how our Ways and Means Chairman accumulated his wealth.
Very interesting…
— michael WhitneyMakes you wonder if these people have any idea what they’re talking about when they use the term “average American.”
— Jeffrey FitzgeraldThe only important policy issue in the USA today is campaign contributions to ellected officials; please publish the detailed campaign contributions to the President, all Senators and Representatives so we can see who has purchased our elected government.
— GlennersThe newest senator, George LeMieux of Florida, pays himself $1,651,578 a year from his law firm. He was appointed recently to complete the term of Mel Martinez, who quit for no good reason. LeMieux was appointed by Gov. Charlie Crist, who is a candidate himself for the US Senate seat in the 2010 election.
— Larrywhat a useless article, I did not get what the author was trying to say on a premium national newpaper.
— Anantstop waste everybody’s time
I cannot believe that many Con & Sen are multi millionares. I just was reading about Tom Datchle former Sen who is playing both ends from the middle as Lobbiest on Heath Care . He is said to ha ve made 5 Million last year . When your party loses Sen resign & become a lobbiest & millionaire in the same year. I just checked Google on Sen. Joe Lie berman on his ties to Pharma & Pfizers . His wife is on Pfizer board & adds from Pfizer have asked Ct. people to call Joe Lie= berman to ban public opt. because it cost too much. All Lies. Pfizers have Added 9% on all drug in the last year, They made a pre vious commitment to the White House to save 80 Million dollars a year.
— Ri chard PacelleContinued, Joe Lie=berman. cannot win another election in Ct. but will retire a Billionare from his lobbying when he thrown out of office in 2012. Thanks Joe, whom to you represent in Ct.
— Ri chard PacelleNo Ghandi’s there.
— Tom Walker@10 – these are the same folks, AFTER their personal coffers have been enriched. There was an interesting piece a while back in NPR (Marketplace) about how Senators and Representatives do far better in the ‘market’ than the average ‘Joe.’
— JinniWhat a hoot! What possible use is a “disclosure” mechanism that leads us to determine that, for example, Nancy Pelosi’s net worth is somewhere between minus 33 million and plus 95 million? The info on the guy from Florida is even worse. “Average” is just a meaningless contrivance that tries to give the impression that we know something (that we don’t.)
— RCatalanoThough interesting, these figures would be much more informative if they included the source of wealth, composition (cash, real estate, gold, stock, etc), and time accumulated (relative to terms in the legislature). It would be equally interesting to see a list of the 25 poorest members in each chamber.
That said, if average net worth in the Senate is $13.9 million and $4.6 million in the House we seem well embarked on a path to oligarchy and/or corporate feudalism.
— DauphinéAmazing that the six richest Senators are all Democrats. I thought the Republicans were the party of the rich. Now I see the Democrats really are the rich ones.
— JoanG
Republicans are just the party of the selfish.
— PatrickPlutocracy for the masses..
— Ajit, (Sunnyvale, CA)Some people think if you don’t need money you won’t steal money. These are people who haven’t been around the block.
— Ron Tthe rich steal steal more than the poor, not out of need but because they can.
do you think the rich in congress would call to tax the rich if they didn’t have a place to hide the riches they have?
Mitch McConnell has been in political office for the past 28 years at least. How did he make 17 million while he was a full time political office holder? Lucky investments? Must be a very shrewd investor. Looks like quite a few others in the same boat. We have Joe Bruno who managed to get rich while a state senator and now he is on trial. I’ll bet quite a few others have been just as “lucky” with their investments.
— Sam Caldwell