Reality Check: 25 Politicians With Staggering Bank Account Balances
Politicians are used to being on a spotlight. They spend most of their time talking with people via a television set, social media or during political rallies in person.
One might say that they are rather open and easy going when it comes to sharing their persona and personal information with others.
However, there is one thing that they all would love to keep for themselves only: the size of their bank account.
How much do they earn actually so they want to keep it a secret? For example, the starting salary for a Senator is $174,000 per year – but if a politician becomes a leader, Speaker of the House, or even a member of the Cabinet, they’ll earn beyond that starting sum. Regardless of how hard they try to hide it, their finances are usually known.
Many of them are building their fortune through numerous avenues, earning millions. Read on about top 25 politicians with significant bank accounts.
You will be surprised!
25.Chuck Schumer: $550,000
Politicians usually don’t serve just for one term, or even a few. They are here to stay. Therefore, after a few decades serving the people and working in government, as their responsibilities grow, together their net worth grows as well. Chuck Schumer, the senator, is worth $550,000.
This may not sound like a big deal once compared with others on the list, but he is no droop. He earns $200,000 per year on his government salary, and his bank account is heavy in half a million dollars. In the public eye, Schumer is seen as the Senate Minority Leader, while in privacy he is a silent investor with great returns. Strong stake in long-term investments like available credit unions, help him gain nicely wealth.
24. Kamala Harris: $1 Million
Recent elections in Washington created a great base for a lot of turnovers, especially as the new politicians are entering the scene. Senator Kamala Harris is one of the newcomers. Kamala started her political path in 2017 when she served in her home state like Attorney General and District Attorney. Harris’s current wealth is $1 million, and just after a short career in politics. She is on a road of earning even more.
Kamala is a perfect example of how fast a politician can rise to the top. In addition to her powerful kick-off, Kamala Harris announced that she’ll be running for president in 2020. She already works on gathering her followers.
23. Cory Booker: $1 Million
Booker is one of those politicians that work on building their wealth while they are in the office, next to their annual earnings. Cory Booker is in general newcomer in Washington and for just a period of five-plus years in office, he got to a net worth of $1 million. He is not even in his 50s yet, so we can expect the significant rise of his wealth in years to come.
If you were wondering how he plans to boost his wealth so fast, let us tell you that Cory announced his presidential run in 2020 elections. His net worth will go higher as soon as he leaves his mark on national politics.
22. Bernie Sanders: $2 Million
Although Bernie Sanders spent a lifetime in politics, he made the most buzz during the 2016 presidential elections against Hillary Clinton. After losing the Democratic nomination, he returned to his full-time job in the Senate. Just as his presidential run was a big notice, his wealth is not less notable. Sanders is comfortably wealth regardless of his political career as he has $2 million behind him.
Surprisingly, one of Barnie’s biggest election ideas was to implement new taxes for the wealthy, putting himself in that category as well. However, Sanders announced a presidential run for 2020, so we will be seeing more of Barni’s finance-related ideas.
21. Ted Cruz: $3.5 Million
To most of the States, Ted Cruz was relatively unknown. However, he spends a significant number of years in politics, where he served on many different positions in his home state as well as within the White House. He builds up a strong resume for himself. He is known for focusing on his state and mostly for his role as an advisor to President George W. Bush. Another thing that people aren’t so much aware of Cruz, is that his net worth is $3.5 million.
His appearance exploded in 2016 when he was running his own campaign for president, finishing as the runner-up for the Republican nomination. Ted build up wealth in the long run, during his career. He is currently taking a backseat in the political world, but we are expecting a strong come back.
20. Elizabeth Warren: $5 Million
Elizabeth Warren is considered to be one of the wealthiest members of Congress. Warren has been in the office for six years already. Elizabeth’s background in finance probably helped her with building her net worth of $5 million dollars. Now she is adding even more to her wealth, with millions of dollars and a comfortable job in Senate. But how she got her wealth is rather interesting.
Warren’s wealth is a combo of interesting and different moves. She was born into an average middle-class family and was raised to be responsible for her own life. Once she got her degree in bankruptcy law, she started teaching in universities together with her husband. Together, they have created a nice and solid base. Warren entered politics as the result of the 2007-2008 financial crisis, and her worth skyrocketed. Her net worth got even bigger when she started taking more serious positions within the U.S. government.
19. Paul Ryan: $6 Million
Paul Ryan got famous while representing his home state of Wisconsin, within the House of Representatives. He run as Mitt Romney’s Vice President during the 2012 election, which literally catapulted him into the national spotlight. During his impressive political career, he earned himself a net worth of $6 million.
He is living comfortably with his millions in Courthouse Hill. It’s not known if he will re-enter politics or not, but without any doubt, he will increase his financial side for sure.
18. Beto O’Rourke: $9 Million
If you’re not sure that you ever heard this name before, don’t be ashamed, because you’re not the only one. O’Rourke is a newcomer to the national political scene, from Houston, Texas. He has been serving his state in Washington for the last 6 years. He got its popularity mostly in 2018 when he faced off Ted Cruz in a race for the Senate seat. What is even less known is his net worth of even $9 million dollars.
It’s most likely that just a few people knew about this shocking net worth of this young politician. Thanks to his short career in business before he entered politics, Beto is now one of the richest Congress members. This a one to watch, as it’s rumored he’ll be running for president in 2020.
17. George W. Bush: $35 Million
George W. Bush served as a president from 2001 to 2009. His term of office is mostly known for September 11th terrorist attacks, the Great Recession, and the war in Afghanistan. His term wasn’t easy. However, he will never have to worry about the money as his net worth is $35 million. He continues earning money even today through politics.
George W. Bush followed his father’s steps and became president in the contentious election of 2000. However, his wealth is not connected with his term in the office. He inherited his father’s wealth from the oil industry. He used that cash to co-own Texas Rangers and improve the team. Once he did that, he started selling his shares at a huge profit. Today, he makes money via every speaking engagement.
16. Barack Obama: $40 Million
When compared with members of Congress or an average worker, the presidential salary is pretty sweet. However, the presidential term is not what makes the big money in general, but what comes once the term is over. Presidents generate more cash once they leave the office. Barack Obama is not an exception. Obama is currently worth $40 million.
Before he became a president, Barack was working as a senator. Once he becomes a president he got his worth from a bigger salary, numerous investments and millions of dollars from book royalties. Nowadays, he is earning money from speaking, writing and from different projects. Therefore, he will continue making money while he is alive.
15. Hillary Clinton: $45 Million
Did you know that Hillary Clinton keeps her money separately from her husband’s money? She has her own large net worth that is at least shocking. Hillary left the White House after Bill’s presidency in debt. Until 2016 and her run for president her net worth was $45 million. And she earned it by herself.
Hillary worked together with Bill on her political career, after Bill’s presidency. She put a sky-high speaking fee, worked closely with Barack Obama as Secretary of State and has written many books. Each book earned her millions of dollars. Although she dipped into her funds during her run for president, she managed to gain even more wealth.
14. Richard Blumenthal: $70 Million
Richard Blumenthal’s bank account is worth $70 million. Although he is a senior senator, Richard is part of the wealthy company in the States. Like many other politicians, he earned his money outside of politics. Interesting enough about this persona is the fact that his wealth is supported by his wife, Cynthia.
Cynthia is the daughter of famous New York City real estate developer called Peter Malkin. She brought some significant assets to her marriage. Her wealth just made their life more comfortable. However, Richard worked hard for years. Ever since 2010 he has been serving the Senate, while the took the role of Connecticut’s most senior senator in 2012 when Joe Lieberman retired.
13. Vernon Buchanan: $79 Million
Vernon Buchanan is proof that a long political career pays off. Senators and representatives are making a nice salary every year during their work in Washington. However, not even after decades of public service, a person can’t be incredibly wealthy. But, Buchanan is. He has been working in the House of Representatives for more than a decade. Furthermore, he started his political career as Florida’s 13th district representative, ever since 2007. His net worth is $79 million.
Buchanan earns his fortune during his active years as a businessman when he worked as an investor and stakeholder in plenty of Florida businesses. Some of the business included auto dealerships. That was before he set his foot into politics. Currently, he is still in these investments, meaning he has wealth rolling in every day.
12. Bill Clinton: $80 Million
Bill Clinton earned himself a place in world history during his term as the 42nd President of the United States. At the same time, he earned an astonishing net worth of $80 million. But, Bill didn’t get rich of his presidential salary. Truth be told, he left White House completely broke. However, he used his post-presidency fame to boost his income.
Bill become a professional speaker after leaving the White House. He even wrote a book and used his free time for public speaking. He also made appearances on special events and eventually become a political consultant. All together, ever since the early 2000s these activities brought him over $189 million. He is still earning money. An average price for his appearance or speech is between $150,000 to $700,000 dollars. It doesn’t look that he will be losing that money anytime soon. Or ever.
11. Mark Warner: $90.2 Million
The chances are that you’re not that familiar with this name unless you are living within the borders of Virginia. On the other hand, this name is known to everyone in Congress, because Warner is the richest man in the U.S. Senate, with a net worth of $90 million. With this sum, he is covered in decades to come. But, how can one become the richest senator?
Warner has been serving as a senator since 2009, while his first step in politics was as the governor of Virginia from 2002 to 2006. During the 1980s he cashed in the telecom boom and was one of the early investors in cell phones. Do we need to say more? Warner knew that cell signals would be the future and he was able to profit and score millions.
10. Alexandria Ocasio-Cortez: $100k – ???
Alexandria Ocasio-Cortez or popular AOS is the youngest female member in the US House Of Representatives. Furthermore, she is the youngest female members to ever be elected for this position. She is serving district largely made up from Queens and Bronx in New York, since she was sworn on January 3, 2019. She stands out. Whether its thanks to her personality, personal story of even age or because of left political viewpoint, she is often seen in media. However, the media doesn’t spend much time in her current-and-future net worth.
Her team claims that her check account has less than $7000 and that she has between $20k to 50k in savings and less than $20k in retirement savings. This makes her above-average millennial. When it comes to her salary, its around $200,000 per year. If you add to that money-making book deals and speaking fees, AOC is heading toward 7-figure bank account in a no time. Not bad for AOC!
9. John Delaney: $92 Million
John Delaney is a representative for Maryland’s 6th district in the House of Representatives and he is one of those politicians that could easily run for a president in 2020 – with $92 million to his name he could afford an enormous campaign. He successfully turned his business into huge wealth.
After Columbia University and Georgetown Law School, Delaney started a few companies. He made so much money with his business that he the only member of Congress to have a black card, that’s also known as American Express Centurion Card. This card is rarely seen and given out.
8. Dianne Feinstein: $94 Million
Dianne Feinstein is representing the state of California since the early 1990s. Thus, she is one of the oldest members of the Senate. She also was known as the senator who earned the most popular votes in any U.S. Senate election in 2012. Her net worth is $94 million.
Currently 85, Dianne Feinstein had a chance to earn and save a significant amount of money. She gained some money after her first’s husband died when she gained a bit of cash from life insurance policies. That money helped her grow her net worth over the years. However, her financial fortune came when she married her second husband, an investment banker. Today, they are enjoying their $16.5 million home in San Francisco.
7. Michael McCaul: $113 Million
Texas is known for being a state of famous singers, politicians, and rich oil magnates. Michael McCaul, a respected representative from Texas’s 10th congressional district is no exception. He has nothing to worry about when it comes to finances as his net worth is $113 million. Originally, he worked in law, and he is highly educated – he earned degrees from Harvard University’s School of Government, Trinity University, and St. Mary’s University. He also worked as a federal prosecutor and attorney.
During his years in school, he became a legal expert for counterterrorism. Afterward, he turned that knowledge into a political career in 2005 when he run for Congress. Ever since McCaul put his expertise in use as the chair of the House Committee on Homeland Security.
6. Dave Trott: $119.1 Million
Before he run for the office, Trott worked as a lawyer for a big law firm, making its money by dealing directly with lenders with bad mortgaged and defaults. During the crash of the housing market, he made big money, by evicting hundreds of thousands of homeowners with bad mortgages. His nickname is “foreclosure king” because he was so successful at this. His net worth is $119.1 million.
Trott is far from penalizing homeowners nowadays, especially since he joined the U.S. Congress in Michigan, his home state, in far 2014. It is up to us to follow Trott’s road as he didn’t seek reelection in 2018.
5.Jared Polis: $122.6 Million
If you are a young politician you are lucky enough to have years ahead to build your net worth – but if you’re slightest like Jared Polis, you manage to secure your wealth before you even take office. His first term to Congress was in 2008, and before that, he had the good luck of earning $122 million thanks to his business acumen.
Polis founded American Information Systems, while he was a student at Princeton University. Hi started his entrepreneurial path right after college and founded companies like Proflowers.com and got his wealth. Today, he is one behind his business and he creates a new path for himself as he is first openly gay parent to ever serve in the U.S. Congress.
4. Mitch McConnell: $225 Million
Mitch McConnell is all about making the headline these days. He is playing a huge role as Senate Majority Leader and in the current presidential administration. But, his net worth is what shocks even the savviest politics fans. This professional politician is worth is $225 million.
McConnell always had one focus – politics. Ever since his college years. From there he climbed the political ladder, going up to the positions like Senate Majority Whip, Assistant Attorney General, and chair of many Senate committees. It’s reported that McConnell earns around $200,000 per year
3. Darrell Issa: $283.3 Million
You are probably well-informed about the most crucial members of Congress, but it’s less likely that you know who’s the wealthiest. That person would be Darrell Issa of California’s 49th District. He was elected to the House of Representatives nine terms ago, and he won that title once again in 2016. His current net worth is $283.3 million.
Issa earned his money from his role as CEO of Directed Electronics, an auto parts company he overlooks for years before he decided to enter politics. Today, Issa is far from politics, as he refused to seek reelection in 2018.
2. Howard Schultz: $3.1 Billion
If you never heard about this man, you probably heard about his product – Starbucks. Howard Schultz is the founder and CEO of Starbucks, the coffee chain that’s globally known. Schultz expanded the chain, formed numerous nonprofits and overall revolutionized the way coffee is sold to consumers. During that process, he created a net worth of $3.1 billion.
Schultz stepped down as CEO in 2018, and currently, he is Chairman Emeritus of Starbucks. But it seems that this man is constantly on a mission for higher goals. He announced that he’s considering running for the 2020 presidential election. Is not a full-fledged politician yet, but he is definitely on his way of becoming one.
1. Betsy DeVos: $8.1 Billion
If we asked you to tell something about Betsy DeVos a few years ago, you just might not know much about her. However, today she is one of the key role persons in the Trump presidential administration as the Secretary of Education. Nowadays you are probably familiar with her role and work. But, you likely didn’t know that her net worth is $8.1 billion.
DeVos didn’t get all that wealth thanks to politics. She is a part of the family with enormous wealth. Her husband, Dick DeVos, is the former CEO of Amway Inc. – a multi-level marketing company. Furthermore, her father and brother founded the Prince Corporation and Blackwater USA.