237 Millionaires serving in Congress

There are 237 millionaires serving in Congress , according to 2008 figures:

 

237 Millionaires in Congress

237 Millionaires in Congress

That’s a slight decrease from the previous year , when 239 millionaires in the House and Senate were recorded. But still reflects the fact that the average legislator is much richer than your typical constituent. While about one percent of Americans are millionaires , 44 percent of those serving in Congress they can say the same .

“The biggest takeaway from this is that even thought the collective wealth of members of Congress seem to have diminished , members of Congress are still much richer than the average American – and even richer than many rich Americans, ” spokesman Dave Levinthal told Hotsheet CRP .

Richest member of Congress is Republican Darrell Issa of California congressman, whose net worth is estimated at more than $ 250 million. It is followed by four Democrats : Jane Harman of California ( approx. $ 245 million ) , Herb Kohl of Wisconsin ( approx. $ 215 million ), Mark Warner of Virginia ( approx. U $ S 210 million) and John Kerry of Massachusetts ( approx. $ 209 million).

Among the 25 richest lawmakers – including bold names Nancy Pelosi, Dianne Feinstein and Olympia Snowe – there are 14 Democrats and 11 Republicans , suggesting no clear divisions between wealth party.

The net value calculated for legislators is not exact, and CPR offers a wide range of possible net present values ​​for each member. Levinthal, said lawmakers tend to report assets and liabilities, income, grants and loan transactions , as required by law, in very broad ranges , figure in the list , he said, represents an estimate between two possible extremes. (Primary residences and government salaries are not reported , and therefore not included.)

The less wealthy member of Congress , according to the report, Florida Democrat Alcee Hastings, whose net worth is estimated to be negative $ 4,732,002 . (!) Other legislators to the bottom 25 are Max Baucus of Montana and Dennis Kucinich of Ohio . Note, however, that these legislators are likely to have undeclared assets , including their homes .

In the Executive Branch , Secretary of State Hillary Clinton is the second richest , with a net worth of approximately $ 21 million , which is just behind Exchange Commission Chairman Mary L. Schapiro. The figure is less rich administration Vice President Joe Biden, whose net worth is estimated at only $ 27,012 . ( President Obama comes in at $ 3,670,505 . )

The median reportable net worth of senators was reduced from $ 2,270,000 to $ 1,790,000 robust yet between 2007 and 2008. Kerry , Warner, Feinstein and Senator John McCain all experienced two -digit percentage declines in their average , estimated wealth between the two years .

The median reportable net worth for House members in 2008 was $ 622,254 .

Levinthal points out that ” in some cases [ lawmakers ‘] wealth is derived from the same companies that in many cases benefit from the taxpayers. ”

” The main companies in which members of Congress are investing , many of them are TARP recipients that have received billions and billions of dollars from you and me ,” he said .

Among the companies in which members of Congress have assets are Bank of America and Goldman Sachs.

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