10 richest members in the US Congress and how they made their millions: From Mitt Romney to David Trone
10 wealthiest members of the US Congress: Who they are and how they made their fortunes
In an era where transparency is given major attention, the Ethics in Government Act mandates that federal elected officials disclose their financial standings annually. This practice aims to prevent conflicts of interest by revealing the assets, investments, and business interests of public servants. Senators, among other officials, are required to make these disclosures, providing the public a glimpse into their financial statuses. Despite the government-paid salary of $174,000 per year for senators, many boast substantial fortunes amassed from various business ventures and investments. Here are the top 10 wealthiest members of the US Congress, showcasing their impressive financial portfolios and the sources of their wealth, as per DemList.
1. John Hoeven
Senator John Hoeven of North Dakota, with a net worth of $47 million, built his wealth through banking before his political career. As the former CEO of First Western Bank and the Bank of North Dakota, Hoeven’s financial background has been a cornerstone of his economic success. He continues to hold a stake in First Western Bank, adding to his substantial net worth.
2. Richard Blumenthal
Senator Richard Blumenthal of Connecticut holds a net worth of $86 million, mainly attributed to his wife, Cynthia Malkin. Her family's investments in hedge funds, stocks, and real estate partnerships, particularly through Empire State Realty Trust, have significantly boosted their wealth. Despite listing a 30-year mortgage as his only liability, Blumenthal's financial position remains robust.
3. David Trone
David Trone, who entered Congress in 2019, has a net worth of $100 million, derived largely from his chain of wine, beer, and spirits stores known as Total Wine & More. Trone's investments in mutual funds and exchange-traded funds further enhance his wealth. His wife’s independent stock holdings in major companies like Alphabet, Apple, and Pepsi contribute to their combined financial standing.
4. Vern Buchanan
Florida Congressman Vern Buchanan's $114 million fortune comes primarily from his ownership of several car dealerships and a limited liability company involved in aircraft holding and leasing. Buchanan also founded American Speedy Printing in the late 1970s. Despite listing liabilities worth at least $14 million, Buchanan’s diverse business ventures have secured his place among the wealthiest members of Congress.
5. Michael McCaul
Republican Congressman Michael McCaul, with a net worth of $126 million, owes much of his wealth to his wife Linda, whose father founded iHeartRadio. McCaul has served in Congress since 2004, bringing his expertise in counter-terrorism and national security to his political role. The McCaul family’s financial interests extend to limited liability companies, iShares funds, and significant stock holdings, including Netflix.
6. Mike Braun
Senator Mike Braun of Indiana, worth an estimated $137 million, transitioned from business to politics after a successful career as CEO of Meyer Distributing, a company specializing in truck parts and equipment. Braun's significant fortune reflects his successful tenure in the private sector before entering the political arena.
7. Mitt Romney
Mitt Romney, the senator from Utah, is widely recognized for his 2012 presidential run. Romney’s net worth stands at approximately $175 million, largely due to his role in co-founding Bain Capital, a private investment firm. His business ventures have laid a strong financial foundation that supports his political career, underscoring his status as one of the wealthiest senators.
8. Mark Warner
Senator Mark Warner of Virginia is not only one of the wealthiest members of the Senate but also of the entire Congress. With a net worth around $215 million, Warner's financial success stems from his ventures in the telecommunications industry. As the founder of Columbia Capital, a venture capital firm, he made lucrative early investments in companies like XM Satellite Radio and Nextel Communications.
9. Rick Scott
Florida Senator Rick Scott, who took office in 2019, made his wealth in the healthcare sector. As the founder of Columbia Hospital Corporation, Scott established one of the largest hospital networks in the country. His net worth is estimated to exceed $300 million, making him one of the richest members of Congress.
10. Darrell Issa
Darrell Issa, who represented California’s 49th district from 2003 until 2019, made his initial fortune with Viper car alarms. Capitalizing on the surge in auto thefts in California, Issa launched and later sold his company, reaping significant profits. His net worth is now estimated at $460 million, bolstered by substantial investments in real estate and securities. After a brief hiatus from politics, Issa returned to represent California’s 50th district in 2020 and reclaimed the 49th district in 2022.
