By Kevin Bogardus - 06/14/12 02:45 PM EDT
House Minority Leader Nancy Pelosi (D-Calif.) and Speaker John Boehner (R-Calif.) both saw their wealth tumble in the last year.
Pelosi suffered the bigger loss as her wealth tumbled by nearly a quarter, according to a financial disclosure report released Thursday.
Pelosi’s minimum net worth dropped by roughly $8.8 million in 2011, the report suggests. It valued Pelosi’s wealth as at least $26.4 million at the end of the 2011 calendar year, down from at least $35.2 million the previous year.
Pelosi also has more to lose the Boehner.
Pelosi reported almost $39.3 million in assets as well as close to $12.9 million in liabilities for 2011, according to the report. Her drop in wealth can be partly attributed in her rise in liabilities last year. For 2010, Pelosi reported about $8.3 million in liabilities.
Boehner's (R-Ohio) minimum net worth dropped by about 14 percent, according to his disclosure form. Boehner’s minimum dropped from $2.1 million in 2010 to $1.8 million in 2011, according to his financial disclosure report, released Thursday.
Boehner’s assets include a pension plan from the state of Ohio worth at least $50,000, and several investment funds, also valued at least $50,000 each.
Like the prior year, the Ohio Republican reported no liabilities in 2011.
Lawmakers’ financial disclosure reports were released Thursday. The reports can give a good estimate of their wealth, though exact figures for assets and liabilities are not reported. Instead, the forms list a range of values.
The Hill uses the lowest number in each value range to come up with a lawmaker’s minimum net worth. The sum of a lawmaker’s liabilities is subtracted from the sum of their assets, giving a conservative estimate for their wealth.
Pelosi jointly owns a vineyard in St. Helena, Calif., with her husband that is worth at least $5 million. The lawmaker’s spouse also owns by himself a commercial property in San Francisco valued at least $5 million and a four-story commercial building in the same city worth at least $1 million.
Paul Pelosi also has at least $1 million in Apple common stock as well as another $1 million in a partnership investment for a Tiburon, Calif., restaurant company. In addition, he has some interests in the United Football League — specifically in Jacksonville, Fla., and Sacramento, Calif. — ranging from at least $1 million to $5 million in value.
Pelosi’s liabilities include several mortgages on properties, including the St. Helena vineyard, valued at at least $1 million.
Despite the drop in wealth, Pelosi is likely to remain among the wealthiest members of Congress.
Senate Majority Leader Harry Reid (D-Nev.) also saw a decline in his wealth, reporting a minimum net worth of $2.6 million on his financial disclosure form for 2011. That’s nearly a 24 percent drop from 2010, when he reported at least $3.4 million in wealth.
Reid reported more liabilities for 2011, which partly explains his drop in wealth. That included a campaign loan worth at least $50,000 — which he reported paying off in 2011 — and a Wells Fargo mortgage on a personal residence in Searchlight, Nev. valued at least $100,000.
In 2010, Reid only reported the campaign loan as a liability. The STOCK Act, which passed earlier this year, requires lawmakers to report the terms of their personal mortgages on their financial disclosure reports for the first time.
Among his assets, Reid reported having several real estate holdings throughout the West, including a Searchlight, Nev. mine worth at least $1,000 and 160 acres in Bullshead City, Ariz. valued at least $250,000.
Unlike Reid, Pelosi and Boehner, Senate Minority Leader Mitch McConnell (R-Ky.) saw his minimum net worth increase, though not substantially.
McConnell reported his wealth was at least $9.9 million, according to his financial disclosure form. That’s a slight jump from the $9.8 million the Kentucky senator reported for his minimum net worth in 2010.
McConnell’s wife, former Labor Secretary Elaine Chao, earned fees from Fox News, Dole Food Company, Protective Life and Wells Fargo. Chao also takes a salary from the Heritage Foundation, and picked up speaking fees from the Human Capital Institute, Boston Scientific and the Biotechnology Industry Organization.
Because of disclosure requirements for lawmakers’ spouses, McConnell only has to report that Chao made “over $1,000” for each of those jobs.
The couple jointly own a Vanguard tax-exempt money market fund that’s worth at least $5 million. Other holdings include a Washington carriage house valued at least $1 million and a Vanguard 500 index fund worth at least $1 million.
Like the prior year, McConnell reported no liabilities in 2011.
—Rachel Leven contributed to this report.
This story was updated at 12:31 p.m.