The 50 Richest Members of Congress in 2014 hail from both parties.
By Adriel Bettelheim and Jay Hunter
Posted at 9 p.m. on Sept. 7, 2014
They invested in an Italian soccer team, an aquaculture business, Subway sandwich franchises, the ride-share phenomenon Uber and good old blue chip stocks and bonds.
The richest members of Congress found myriad ways to get wealthier in 2013, CQ Roll Call’s annual survey of congressional wealth shows.
It took a minimum reported net worth of at least $7.4 million just to crack the exclusive 50 richest club, up from $6.7 million when we did the project one year ago. Many lawmakers’ portfolios shrugged off the effects of a government shutdown, the civil war in Syria and the botched rollout of the health care law to ride a wave that sent the Dow Jones industrial average to its biggest gain in 18 years.
The 50 richest won’t set new standards for diversity. All are white. Women comprise 18 percent. There were 20 Democrats and 30 Republicans.
Although Republicans took the top two spots this year, Democrats filled out the rest of the top 10. Fifteen were senators, 35 are representatives. And the list is dominated by veteran members such as seven-term Rep. Darrell Issa, R-Calif., the wealthiest lawmaker, whose car-alarm fortune and high-yield bonds drove his net worth to more than $357 million and earned him the No. 1 spot for the second year in a row.
No. 3 on the list, Democratic Rep. John Delaney of Maryland increased his net worth by more than 60 percent.
That’s not to say everyone prospered. Sen. Richard Blumenthal, D-Conn., registered a year-to-year dropoff in net worth of more than $20 million, though the actual decline could have been far less given the wide asset value ranges allowed by the reporting system, and an amendment he filed to his 2012 report.
50RichestLogo 240×240 Roll Calls 50 Richest Members of Congress for 2014Lawmakers are required to file annual disclosure forms revealing such details as stock market holdings, real estate investments, bank accounts, credit card balances, student loans and other assets and liabilities.
To read entire story, click here.