History reveals that in the earliest days, members of the government were not paid for public service. The reason is, these people were wealthy to begin with. These members include both congressional representatives and senators.
Today, there have been a lot of changes, but one thing remains: most senators have vast fortunes that did not come from serving the public. Although they earn salaries, most of the members of the senate are already high net worth Americans who had successful careers in private sectors.
Senators in the United States only make approximately $174,000 annually. If you are going to think about it, these senators only serve six-year terms and making millions out of their salaries is questionable. Here are the 10 US senators who are millionaires.
10. Steve Daines
Net worth: $6.9 million
Prior to his senate position, Senator Steve Daines served one term in the House of Representatives from 2013 to 2015. Being a Republican, he was considered as one of the richest congressmen in Montana.
Daines dedicated his early years working at Procter & Gamble as a management staff. Afterward, he took over his family’s construction company for a while before landing a vice president position at a cloud-computing startup. He was elected in 2013 and his term will end in 2021.
9. Rob Portman
Net worth: $8.6 million
Another bigshot senator in the United States is Rob Portman of the Republican Party. Most of his money came from bonds, mutual funds, and real estate portfolios. According to sources, Portman has real estate holdings worth an estimated $1.4 million.
Portman’s family is also well off because of their business being a distributor of handling materials. Establishing his own path in real estate paved the way for him to enter politics and land a position in the Senate. Currently, he is serving as a junior US Senator from Ohio.
8. Johnny Isakson
Net worth: $9.7 million
Although Johnny Isakson recently retired from his seat in Senate, he is still considered as one of the wealthiest senators in the United States. His net worth is estimated at $9.7 million, which mostly came from the blind trust he established way back in 2012.
Isakson announced August 2019 that he would resign from office by December last year. He cited Parkinson’s disease as the reason for ending his Senate career with three years left in his term.
7. Mitch McConnell
Net worth: $10.4 million
Marrying a woman from a wealthy family definitely made Senator Mitch McConnell’s road to politics swift. Receiving a $5 million gift from his father-in-law, shipping magnate James Chao, is not bad at all. His net worth is around $10.4 million, comprising index funds from Vanguard and other properties.
McConnell was elected in 2014, however, he was first elected to the Senate as early as 1984. Therefore, he is one of the longest-serving members to date.
6. James Risch
Net worth: $15.6 million
Junior US Senator James Risch started out his political career as a lieutenant governor in the Idaho state in 2003. After his term, he moved to become the governor from 2006 to 2007. Two years later, Risch was able to occupy a position in the Senate as a junior senator.
Prior to his political career, Risch practiced as a private attorney. His income was used to purchase farming and ranching lands in Idaho. Much of Risch’s fortune is related to real estate properties, which explains why he helped lowered property tax in the state by 20 percent.
5. David Perdue
Net worth: $15.8 million
A member of the Republican Party, David Perdue, surely knows his way to money being a financial turnaround specialist in his early days. In fact, he served as an executive with Haggar Clothing and Reebok before moving on to be chief executive at Dollar General.
Perdue entered the Senate in 2015 as a senior US Senator. His political path was simplified with the help of his cousin, former Georgia governor, Sonny Perdue, who is now acting as US Agriculture Secretary.
4. John Hoeven
Net worth: $17.9 million
Thanks to his father, Senator John Hoeven was able to practice bookkeeping at First Western Bank & Trust, which is their company. Eventually, Hoeven climbed a higher position in a different company, which is Westbrand Inc. Bank Holding Co. According to reports, Hoeven retained at least $5 million company stock in Westbrand Inc.
Hoeven servesdas the 31st Governor of North Dakota, from the years 2000 to 2010. A year later, he occupied a seat in the Senate under the Republican Party.
3. Dianne Feinstein
Net worth: $58.5 million
Dubbed the wealthiest woman on Capitol Hill, next is the senior senator from California Dianne Feinstein. She took the Senate office way back in 1992 and prior, she acted as Mayor of San Francisco from 1978 to 1988.
She and her husband Richard Blum have a long line of investments, from properties and healthcare to transportation and finance to media and retail. Feinstein herself has a $25 million stake at the Carlton Hotel Properties, which explains her massive wealth.
2. Richard Blumenthal
Net worth: $70 million
Just like other politicians, Richard Blumenthal was also married into a vast fortune. His wife, Cynthia Malkin, is the daughter of real estate mogul Peter Malkin, who acted chairman of the Empire State Realty Trust.
Blumenthal served five years as an attorney for Connecticut before marrying into a powerful family. He then pursued a political career and was elected to Senate office in 2011. Blumenthal is a known supporter of women, bringing justice to sex trafficking survivors.
1. Mark Warner
Net worth: $90.2 million
The number one on the list is venture capitalist Mark Warner. Serving on Capitol Hill since 2009, Warner made most of his wealth from investments. According to reports, Warner had an early stake in Nextel, a wireless service company bought by Sprint.
Currently, Warner sits as a Vice-Chair of the Senate Democratic Caucus and the Vice-Chair of the Intelligence Committee. At the age of 65 years old, he has an estimated net worth of $90.2 million.
Even before senators occupied the Senate seat, they already had power and a vast fortune. With money, they are able to fund election campaigns, which costs millions.
Now that they are in a higher position, they can influence the new laws to be passed and propose necessary amendments.
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