Congress is now mostly full of millionaires: Who are the richest?
Posted on January 10, 2014 | By jmullins@sfchronicle.com (Jessica Mullins)
Richest millionaires in Congress Image 9 out of 13Scott J. Ferrell dw100929105.jpg5. Michael T. McCaul, R-Texas, has an average net worth of $143,153,910, which could range between $102,547,780 and $183,760,040. Away from Congress, he is an attorney.
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By John Boyd
For the first time in history, a majority of the members of the United States Congress are millionaires. And California is the only state with multiple representatives among the top 12 richest members. Scroll through the above slideshow to see who’s on the list.
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According to the number crunchers at Slate, who used data from the government watchdog Center for Responsive Politics, 268 of the 534 members of the U.S. House and Senate are worth at least $1 million when the value of their debts is subtracted from the value of their assets.
Nailing down the specific net worth of any particular member of Congress can be an inexact math. Members are required to disclose a range – rather than single specific number – for both their assets and debts. From that, an overall net worth range is calculated, but that number often provides a murky picture of the politician’s actual worth.
Here’s what Slate and the CRP were able to decipher:
- Overall, the average member of Congress has a net worth of $1,008,767.
- Senators earn three times as much as Representatives, with an average net worth of $2.9 million to just under $900,000.
- Democrats hold income bragging rights over their Republican rivals, with an average net worth of $1.04 million compared to the GOP members’ $1 million.
