The Ethics in Government Act requires many elected officials on a yearly basis to file a financial disclosure statement that reveals their various assets, investments as well as business interests. Unsurprisingly, senators are one of the groups of people who must make this disclosure. Thanks to such documents people have the opportunity to learn more about officials.
The U.S. Senate consists of 100 senators. All of them have a specified salary paid by the government which as of 2021, is $174,000 per annum. Nonetheless, many senators make much more than that annually and have a high net worth.
It is no secret that there are many millionaires in the U.S. Senate. This is typically the case because many of them started their careers in business and made the bulk of their fortunes before joining the political world.
Besides, senators are high-profile people with a lot of power. So, they have access to various business opportunities and other important people, which allows them to make investments to further increase their wealth.
List of wealthy Senators
Mitt Romney is the wealthiest senator, with a net worth of $250 million. As in the case of most wealthy senators, he made his fortune in business before he got started in politics. Mitt Romney founded and ran the private investment firm, Bain Capital.
Mark Warner is one of the wealthiest members of the U.S. Senate as well as Congress, which consists of all the members of the House of Representatives and the Senate. Warner’s net worth is approximately $215 million based on the data from 2018.
The vast majority of Mark Warner’s wealth came from Columbia Capital. Warner founded Columbia Capital shortly after graduating from law school. Warner’s venture capital firm made several successful early investments in companies that operated in the telecommunication industry, including XM Satellite Radio and Nextel Communications.
As stated above, many senators made a lot of money and Rick Scott is one of them. He has an estimated net worth of $220 million. He was elected in 2019 and before that Scott was the governor of Florida.
Florida’s former governor started his career in business, which is where he made the bulk of his wealth. Scott created one of the largest hospital networks, the Columbia Hospital Corporation.
Dianne Feinstein is also quite rich. As of 2018, Feinstein’s estimated net worth is $88 million. Her husband Richard Blum founded Blum Capital in 1975. A private equity firm founded by her husband more than 40 years ago is the source for most of that wealth.