California Clout: Richest Members of Congress

Members of Congress are sometimes accused of being out of touch with average Americans because of their vast wealth. This new report won’t mitigate that impression.

Roll Call has released its annual report Wealth of Congress Index, with four members of Congress from California listed in the Top 15 including the richest, Rep. Darrell Issa, whose net worth is pegged at $254.65 million.

If you’re unfamiliar with the Southern California Republican’s rags-to-riches story, Issa started out in Cleveland facing two charges of auto theft, but he was never convicted. From there, he invested a few thousand dollars in a struggling company that produced the Viper car alarm. Relocating to California, the enterprise became an enormous success. Issa sold the business in 2000. His diversified investments now include real estate as well as high yield bond funds.

• Also See: California Dominates Top 10 ‘Snobbiest’ Places to Live in America: Report

Sen. Dianne Feinstein moved up the list one slot from nine to eight. The majority of her $52.78 million is held in investments. She also has $5 million each in bank accounts and a blind trust. Just $2 million is held in real estate.

Rep. Scott Peters fell from the Top 10 this year. Don’t feel sorry for him--he’s still worth $40.9 million. According to Roll Call, he earned some of his money as an environmental lawyer, but most of his wealth came through marriage. His wife, Lynn Gorguze, heads the private equity firm Cameron Holdings, founded by her father.

Rep. Nancy Pelosi is worth $29.35 million. She and her husband Paul own nearly $25 million worth of real estate, mostly in San Francisco and the Napa Valley. Some of the properties carry mortgages, which cuts into her net worth. The other major source of the couple’s wealth is investments in such companies as Facebook, Disney, Apple, Comcast and Shutterfly.

Here’s a look at the Top 15:

1. Rep. Darrell Issa (R)
2. Rep. Michael McCaul
3. Rep. John Delaney
4. Sen. Mark Warner
5. Rep. Jared Polis
6. Rep. Dave Trott
7. Sen. Richard Blumenthal
8. Sen. Dianne Feinstein (D)
9. Rep. Vern Buchanan
10. Rep. Diane Black
11. Rep. Scott Peters (D)
12. Rep. Alan Grayson
13. Rep. James B. Renacci
14. Rep. Suzan DelBene
15. Rep. Nancy Pelosi

• Also See: How Far Does $100 Go In California?

On the flipside, Central Valley dairy farmer Rep. David Valadao (R) is the poorest member of Congress. According to Roll Call, his net worth is a negative $8.75 million. However, congressional reporting quirks may be the reason behind his apparent lack of wealth. His balance sheet shows he owns “a dairy farm, and his liabilities are primarily farm-related lines of credit to the tune of millions of dollars. That includes loans for equipment, his herd and other expenses.”

--Image via WikiMedia Commons