Here is a summary of the wealth distribution of current members of Congress:
- Overall Wealth: Over half of the members of Congress are millionaires.
- Party with the Most Millionaires: There isn’t a significant difference between parties, with both Democrats and Republicans having a high percentage of millionaires. Some sources indicate that Democrats had a slightly higher median net worth than Republicans.
- Comparison to State GDP: It’s complex to directly compare individual Congress members’ wealth to the GDP of their states. However, some data suggests that wealthier congressional districts tend to be located near economic hubs like Silicon Valley and Manhattan.
- For example, California’s 17th congressional district, near Silicon Valley, has a high percentage of households earning over $200,000.
- New York’s 12th congressional district, in Manhattan, also has a high concentration of wealthy households.
- Median Net Worth: The median net worth of members is approximately $1 million.
- Wealthiest Members: Some of the wealthiest members and their estimated wealth. It’s important to note that these are estimates based on financial disclosures, and the exact net worth of these individuals can fluctuate.
- Rick Scott (R-Florida): Estimated net worth ranging from $259.7 million to $551.63 million. His wealth comes from his background in the healthcare industry, as a founder of Columbia/HCA hospital corporation.
- Mark Warner (D-Virginia): Estimated net worth between $214.1 million and $250 million. He made his fortune in the tech and telecommunications industries before entering politics.
- Greg Gianforte (R-Montana): Estimated net worth of $189.3 million. His wealth originates from his career as a software entrepreneur.
- Dan Goldman (D-New York): Estimated net worth between $150 million and $184.23 million. He is an heir to the Levi Strauss & Co. fortune.
- Vern Buchanan (R-Florida): Estimated net worth around $157.2 million to $249 million. He built his wealth through owning car dealerships and investments in real estate and finance.
- Michael McCaul (R-Texas): Estimated net worth around $113 million to $200 million. His wealth is partly due to his marriage to the daughter of the founder of Clear Channel Communications.
- Nancy Pelosi (D-California): Estimated net worth around $114.7 million to $267.6 million. Her wealth comes from a variety of investments.
- Pete Ricketts (R-Nebraska): Estimated net worth between $79 million and $170 million. He is the son of the founder of TD Ameritrade and has a background in the financial industry.
- Don Beyer (D-Virginia): Estimated net worth of $124.9 million. His wealth comes from his family’s auto dealership business.
- Suzan DelBene (D-Washington): Estimated net worth between $70 million and $126 million. She held high-level positions at Microsoft and co-founded tech startups.
The median net worth of members of Congress is calculated using the financial disclosure reports that they are required to file annually. Here’s a breakdown of the process:
- Financial Disclosure Reports: Members of Congress must disclose their assets, liabilities, and income within specified ranges of value, rather than exact figures. These reports are made public.
- Data Aggregation: Organizations like the Center for Responsive Politics (OpenSecrets.org) and Ballotpedia collect and analyze this data from the disclosure reports for all members of Congress.
- Estimating Individual Net Worth: Since the reports provide value ranges, analysts typically estimate an individual’s net worth by:
- Taking the midpoint of each reported asset range.
- Taking the midpoint of each reported liability range.
- Summing the midpoints of all assets and subtracting the sum of the midpoints of all liabilities.
- Some analyses might also calculate a minimum and maximum possible net worth based on the lower and upper bounds of the reported ranges.
- Calculating the Median: Once the estimated net worth for each member is determined, all the values are arranged in ascending order. The median is the middle value in this ordered list. If there is an even number of members, the median is the average of the two middle values.
Important Considerations:
- Value Ranges: The use of value ranges in the disclosure reports means that the calculated net worth is an estimate, and the actual wealth of members could be higher or lower.
- Exclusions: Certain assets are not required to be disclosed, such as the value of a member’s primary residence (unless it generates income) and federal retirement accounts. This means the reported and calculated net worth may not represent the entirety of a member’s wealth.
- Spousal Assets: Disclosure rules for spouses’ assets vary, and sometimes only the presence of assets above a certain threshold is reported, without specific values. This can make it challenging to get a complete picture of a household’s total wealth.
Therefore, the reported median net worth of approximately $1 million is a statistical measure derived from the available financial disclosure data, keeping in mind the limitations of that data.