The Hill’s 50 Wealthiest lawmakers
Republicans dominate The Hill’s annual rankings of the 50 wealthiest lawmakers for the second year in a row, with Rep. Michael McCaul (R-Texas) retaining the crown as the richest member of Congress.
This year’s wealthy list tilts decisively once again toward the right side of the aisle, with 31 of the 50 richest coming from the GOP. Thirty-one of the lawmakers on the list are from the House, with the remaining 19 coming from the Senate.
{mosads}Senate Minority Leader Mitch McConnell (Ky.), at No. 37, is the only GOP leader to make the top 50. The Republican Party’s fastest-rising star, GOP vice-presidential candidate and Wisconsin Rep. Paul Ryan, comes nowhere near making the list, having a net worth of at least $2.2 million, a modest sum among members of Congress.
McCaul reported a minimum net worth of $290.5 million for 2011, a more than $3 million jump from 2010 that kept him nearly $100 million ahead of his nearest challenger, Democratic Sen. John Kerry (Mass.).
The Texas Republican’s wealth stems from several family trusts. His father-in-law, Lowry Mays, is the founder of the radio broadcasting giant Clear Channel Communications.
Kerry, the runner-up, reported a net worth of at least $198.8 million for 2011, much of it coming from wife Teresa Heinz Kerry’s ties to the Heinz Ketchup fortune. The senator is the richest Democrat in Congress by a sizable margin, and topped The Hill’s Wealthiest lists in 2009 and 2010 before being dethroned by McCaul last year.
The Massachusetts senator reclaimed the No. 2 spot on this year’s list from Rep. Darrell Issa (R-Calif.), who saw his minimum net worth fall by almost $80 million. Issa, a powerful House chairman who made his fortune in car security systems, had at least $140.6 million in 2011, placing him third on The Hill’s list.
Issa listed four liabilities on his financial disclosure form, including $75 million in loans that he reported paying off in early 2011. Every liability that is reported on a lawmaker’s yearly disclosure report is counted against his or her wealth under The Hill’s methodology.
This is the first time The Hill has published its rankings in the midst of a presidential election year. The race between Republican Mitt Romney and President Obama has been dominated by a debate over wealth and how it should be taxed, with Obama calling for higher taxes on the wealthy.
The Hill reviewed lawmakers’ 2011 calendar year financial disclosure forms to develop the rankings. Lawmakers do not have to report exact figures for their assets and liabilities on the forms, instead providing the values in ranges.
To calculate the wealth of each lawmaker, The Hill uses the low figure in the value range for each asset and liability. The liabilities are subtracted from the assets to reach a minimum net worth.
Some lawmakers chose to provide exact figures for their holdings, often by attaching bank statements to their disclosure forms. In those cases, The Hill used exact figures when possible to calculate a lawmaker’s wealth.
A new wrinkle for this year’s Wealthiest list was that lawmakers had to disclose mortgages on their personal residences for the first time. That was required by the STOCK Act, in response to the Countrywide scandal in which lawmakers and congressional aides received preferential treatment on their mortgages.
This year’s list includes a few newcomers.
Democratic Rep. Chellie Pingree (Maine) clocked in at No. 12 after coming nowhere near the top 50 in 2010. Her net worth skyrocketed from at least $500,000 to $31.8 million last year after her marriage to hedge-fund manager Donald Sussman.
Sen. Ron Wyden (D-Ore.), meanwhile, returned to the list at No. 22 with a minimum net worth of $14.5 million. His spouse’s holding in the famed Strand Book Store in New York City jumped from a minimum value of $1 million to being worth at least $5 million. His wife, Nancy Bass Wyden, helps run the store.
Other lawmakers posted impressive gains.
Sen. Richard Blumenthal (D-Conn.) solidified his status among the very wealthiest lawmakers with a net worth of at least $80.1 million in 2011 — a spike of almost $25 million from 2010. The former Connecticut state attorney general stayed in the top 10, coming in at No. 6.
One of Blumenthal’s Senate colleagues, Mark Warner (D-Va.), also had a good run last year. His wealth increased by more than $9 million to $85.9 million, placing him fourth on the list.
Some lawmakers didn’t fare as well, and reported substantial losses.
Rep. Vern Buchanan (R-Fla.), who was cleared in July by the House Ethics Committee of misleading Congress about his finances, slipped out of the top 10 after reporting a drop of more than $5 million in his net worth. The congressman’s $36.5 fortune ranks him 11th, just behind freshman Rep. Jim Renacci (R-Ohio), who was worth at least $36.7 million in 2011.
Due to the limitations of the forms, it’s likely that some lawmakers are far richer than The Hill’s list indicates.
Sen. Herb Kohl (D-Wis.), as owner of the Milwaukee Bucks, is certainly one of the richest members of Congress. But his status as a NBA basketball team owner only counts for $50 million under the value ranges given on financial disclosure forms. Fortune magazine estimates the team is worth nearly $270 million.
Coupled with some substantial liabilities, Kohl ends up having a minimum net worth of $10.1 million for 2011, placing him at No. 32 on the list.
Rachel Leven, Julie Ershadi, David Kaner, Lydia Nuzum, Gunnar Sidak and Jennifer Smola contributed to this report.
Update: This story was corrected on Friday, Aug. 24 to show that Rep. Jared Polis (D-Colo.) has a minimum net worth of $72.2 million. Incorrect information appeared in an earlier version of this story.
Click below to see The Hill’s ranking of the 50 wealthiest lawmakers.
McCaul remains in the stratosphere of the very richest members of Congress.
His wealth rose slightly in 2011, up about $3 million from 2010. That might be explained by a footnote on his financial disclosure form for last year: “interests in various partnerships increased during 2011 due to the withdrawal of other partners.”
{mosads}Specifically, one family trust credited to a dependent child went from $1 million in value in 2010 to $5 million in 2011. All of McCaul’s assets are attributed to either a dependent child or the lawmaker’s spouse, Linda. Several family trusts, worth at least $50 million each, are responsible for the bulk of McCaul’s wealth.
Lowry Mays, McCaul’s father-in-law, is the founder of radio-broadcasting behemoth Clear Channel Communications, which might help explain the congressman’s massive net worth. Another footnote on McCaul’s 2011 report says that “certain assets owned by spouse were acquired via gift from spouse’s parents.”
Unlike in 2010, McCaul reported a liability last year, likely due to new reporting requirements for personal mortgages. The Texas lawmaker has a Bank of America mortgage worth at least $500,000.
– Kevin Bogardus
Kerry’s net worth climbed by more than $5 million in 2011 as he remained the wealthiest Democrat in Congress.
The Massachusetts senator, who has long been near or at the top of The Hill’s 50 Wealthiest list, saw his net worth buoyed last year by a decline in his liabilities.
{mosads}Several contractual agreements attributed to his wife, Teresa Heinz Kerry, were no longer listed as a minimum value of $1 million or more, reducing the senator’s debts from 2010.
Much of Kerry’s fortune stems from his spouse, who is connected to the Heinz Ketchup fortune through her late husband, former Sen. John Heinz (R-Pa.).
Teresa is chairwoman of the Heinz Endowments and the Heinz Family Philanthropies and is linked to numerous family trusts, worth millions of dollars, that hold assets in investment funds, land in Pennsylvania and even an airplane charter company based in Pittsburgh.
Kerry holds some assets as well, including trusts that have investments in major companies like Cisco Systems, Exelon and Intel.
– Kevin Bogardus
The California Republican checked in at No. 2 on last year’s Rich List, with his wealth rising by nearly $60 million. But he reversed those gains and more in 2011, with his net worth plunging by nearly $80 million.
In 2010, Issa created several limited partnerships from DEI LLC, a commercial property management company in Vista, Calif. At least one of those DEI-owned properties was worth at least $5 million in 2010 but was listed as having no value last year. A sizable amount of Issa’s other assets also lost value.
{mosads}Some of his largest holdings include a high-yield trust worth more than $50 million and several bonds worth at least $25 million.
Issa added two large liabilities in 2011: personal loans from Union Bank and Merrill Lynch accounting for $50 million each. Issa kept two other two liabilities from 2010, reportedly worth a total of $75 million, though he listed them as being paid off in 2011 on his form. Under The Hill’s methodology, every liability that is reported on the forms is counted against a lawmaker’s wealth for the year.
Issa made his fortune with Directed Electronics, a company he founded that is the nation’s largest manufacturer of car security systems.
– Megan R. Wilson
Warner recorded substantial gains in 2011, with his wealth rising more than $9 million.
The former Virginia governor saw many of his assets rise in value last year. For example, an investment fund with Hound Partners, based in New York City, went from at least $1 million in value in 2010 to $5 million last year.
{mosads}Other assets held by Warner worth at least $5 million include bonds and other investment funds. He also has a Minnesota Mutual life insurance policy worth at least $1 million.
Warner had a successful business career before entering politics. The senator has experience in venture capital and was an early investor in Nextel.
The Virginia Democrat reported one liability for 2011: a loan guarantee from Virginia Commerce Bank worth at least $15,000.
– Kevin Bogardus
Rockefeller’s wealth rose $1.5 million in 2011 thanks to investments and asset acquisitions that helped balance out declines in his portfolio.
The senator’s trusts — valued at a minimum of $80 million — account for a majority of his wealth. Rockefeller and his spouse also hold a joint PNC Bank account in Washington worth at least $100,000.
{mosads}The West Virginia senator’s wife took out a mortgage on a condo in New York City last year, adding a liability worth at least $1 million. She is also a board director for PepsiCo and holds more than $1 million in stock in the company. Rockefeller also holds home and land in West Virginia, located about 140 miles away from each other, worth a total of at least $1.5 million.
Much of Rockefeller’s fortune comes from his great-grandfather, John D. Rockefeller, who became one of the richest men in history with the earnings from Standard Oil.
– Megan R. Wilson
Blumenthal’s minimum net worth skyrocketed by nearly $25 million last year when compared to his wealth in 2010.
The former Connecticut state attorney general saw his fortune increase partially because several of his assets went up in value. A JPMorgan checking account, jointly owned by Blumenthal and his wife, went from being worth at least $50,000 in 2010 to $1 million last year. Further, several properties in care of Malkin Holdings — including many commercial office buildings in New York City — went up in value in 2011, and are newly estimated to be worth at least $1 million each.
{mosads}Blumenthal’s spouse, Cynthia, is the daughter of real estate mogul Peter Malkin. Some family trusts attributed to her on the lawmaker’s financial disclosure form are worth at least $1 million each.
Likely because of new STOCK Act requirements, the Connecticut senator reported one liability for 2011: a JPMorgan Chase mortgage on a personal residence for at least $500,000.
– Kevin Bogardus
Polis’s minimum net worth jumped by more than $6 million in 2011.
The increase can likely be attributed to the sheer number of assets that the Colorado Democrat reported holding last year. Polis released 13 pages detailing his assets on his 2011 form, nearly doubling the seven pages he released in 2010.
{mosads}One of the congressman’s larger assets is a qualified blind trust worth at least $25 million. But the lawmaker has one of the more interesting and diverse portfolios on Capitol Hill, investing in several tech companies, including a $15,000 holding in the video game advertising company TapMe Inc.
Polis is already familiar with tech and the Internet. He started American Information Systems, an Internet access firm, while at Princeton and also helped to launch other websites, including ProFlowers.com.
In 2011, Polis reported a number of liabilities totaling more than $3.5 million. Some of those debts included a $500,000 mortgage on a Berthoud, Colo., vacation home and another mortgage on his personal residence in Boulder, Colo., for at least $1 million.
– Kevin Bogardus
Update: This story was corrected on Friday, Aug. 24 to show that Rep. Jared Polis (D-Colo.) has a minimum net worth of $72.2 million. Incorrect information appeared in an earlier version of this story.
Lautenberg’s wealth rose by almost $2 million in 2011.
The increase can be partly explained by good fortune in the stock market. Lautenberg added at least $1 million in Amazon.com stock to his portfolio last year.
{mosads}One of the senator’s larger assets is a qualified blind trust worth at least $5 million. His spouse, Bonnie, also has substantial holdings, including $1 million investments in office buildings in New York City and shopping centers in Texas, along with some commercial real estate in Miami, Fla., worth at least $250,000.
Lautenberg consistently ranks among the richest lawmakers on Capitol Hill, which isn’t surprising considering his business history. He co-founded Automatic Data Processing, the payroll services company, and still has at least $1 million in stock in the firm.
The New Jersey senator reported close to $1.8 million in liabilities last year. That included a $1 million mortgage with Bank of America on a personal residence as well as a JPMorgan Chase Bank mortgage on another personal residence for at least $250,000.
– Kevin Bogardus
The former San Francisco mayor is married to investment banker Richard Blum, who has a sizable portfolio of stocks and investments that boosts the lawmaker’s wealth.
In addition, real estate plays a big part in Feinstein’s worth.
Blum has an investment in Lucky Bluff, an asset that includes land in the Coachella Valley and single-family property in Lake Tahoe, Calif. The asset was worth at least $1 million in 2011.
The couple have a condo on the Hawaiian island of Kauai worth at least $1 million. They also have at least $5 million invested in a San Francisco hotel.
Feinstein reported having at least $2 million in liabilities, including a Bank of America term loan listed to her husband.
— Megan R. Wilson
Update: This story was corrected to show that Feinstein has a minimum net worth of $41.8 million. Incorrect information appeared in an earlier version.
The self-made millionaire had one less liability in 2011, pumping up his net worth by $1 million.
Renacci, who founded the healthcare company LTC Management Services, lists assets in five individual funds, each of which contains investment funds, and holdings at the state and municipal level, as well as corporations. The one-term congressman has more than $31 million in those five accounts.
{mosads}Among his largest investments are a minimum $500,000 stake in Harley-Davidson dealerships and at least $3.2 million invested in real estate. Each of his children also has at least $250,000 in life insurance.
Renacci reported one liability, a line of credit worth at least $1 million.
– Megan R. Wilson
Buchanan saw yet another dive in his net worth, slipping from $41.8 million in 2010 to $36.5 million in 2011.
The decline continues a downward trend in the entrepreneur-turned-congressman’s portfolio. His net worth stood at more than $50 million in 2008.
The three-term Florida Republican made his fortune at first growing a printing company franchise and later entering the auto dealership business.
{mosads}The congressman’s decline is partly attributed to his assets decreasing in value. In 2010, Buchanan had eight assets valued at at least $5 million each, while in 2011 there were only seven. Among his largest listed assets is a personal loan to Habitat for Humanity for the sale of a Florida property worth at least $1 million.
Though Buchanan’s total assets amount to more than $63 million, he has also racked up close to $26.8 million in debt — including several mortgages, a mortgage for a yacht and financing for the purchase of three jets.
A few of his debts fluctuated from last year, and two new liabilities included at least $150,000 in “professional fees” to two prominent law firms. Buchanan was under investigation by the House Ethics Committee for allegedly misleading Congress about his finances. The panel cleared him of those allegations earlier this year.
– Megan R. Wilson
Pingree’s net worth soared in 2011, placing her among the wealthiest members of Congress for the first time.
The congresswoman’s sudden rise in fortune can be attributed to her marriage last year to hedge fund manager Donald Sussman; most of the assets on Pingree’s 2011 report are credited to him. Those holdings include money in solar power and real estate as well as stock and investment funds, many of them worth at least $1 million.
Sussman has been described in media reports as a billionaire, so the true size of the couple’s wealth could be far greater than $31 million. The top category on the disclosure form for assets held independently by a spouse is $1 million or above.
{mosads}Pingree does have a JPMorgan Chase Bank account worth at least $1 million and holdings of $500,000 in Nebo Lodge, a restaurant and inn in North Haven, Maine. The lodge was listed as the only asset on her 2010 form.
The congresswoman’s husband is credited for all of the lawmaker’s liabilities, which come to more than $2 million. They include at least $15,000 on an American Express credit card, as well as a $1 million line of credit with JPMorgan Chase Bank.
– Kevin Bogardus
Thanks to the gains she saw in 2010, the House minority leader maintains her status as one of the richest members of Congress, despite a big drop in her wealth in 2011.
Pelosi’s minimum net worth fell from $35.2 million in 2010 to $26.4 million in 2011.
{mosads}Much of the drop can attributed to two mortgages that were listed on her 2011 form. The loans, worth at least $6 million, were listed for properties in Washington, D.C., and San Francisco.
Some of the assets owned by Pelosi’s spouse, Paul, lost value last year. His partnership in Matthews International Capital Management, worth at least $5 million in 2010, is now worth nothing, and his investment in undeveloped real estate in Sacramento, Calif., went from being worth at least $5 million to at least $1 million.
Paul Pelosi is a major backer of the United Football League, with partnership stakes in teams in Jacksonville, Fla., and Sacramento, Calif., worth a minimum of $6 million.
– David Kaner
Black’s wealth took off in 2011, rising by more than $14 million.
The increase can be partly attributed to her spouse’s gains in the stock market. A money market fund held by Dr. David Black went from $100,000 in value in 2010 to being worth at least $5 million.
{mosads}The couple jointly hold some serious real estate, including a property in Nashville worth at least $5 million and a property in Panama Beach, Fla., valued at a minimum of $500,000.
Along with her assets improving, Black reported a decline of almost $3 million in her liabilities. The former nurse listed about $3 million in debts for 2011, including two mortgages worth at least $1 million apiece.
– Kevin Bogardus
Rick Berg’s personal fortune rose $1.2 million in 2011 as he held his own among the richest members of Congress. In June, the congressman issued an amendment to last year’s form, adding another $1 million to his minimum net worth in 2010.
Much of the congressman’s wealth comes from North Dakota farmland that he owns with his wife through real estate investment companies. The couple has more than $1 million invested in farmland, $500,000 in cattle and $500,000 in “ranch equipment,” in addition to a minimum of $15,000 invested in residential land.
{mosads}Berg has investments in other commercial and residential real estate in North Dakota, Iowa and Minnesota — many of those assets are worth hundreds of thousands of dollars. Berg also has several loans listed as assets, including a campaign loan worth at least $50,000.
The congressman, who is running for the Senate this year against Democrat Heidi Heitkamp, reported over $1 million in liabilities, including at least $800,000 in business and real estate loans, a farm equipment loan and a farm line of credit, worth at least $15,000 each.
– Julie Ershadi
Frelinghuysen’s net worth increased by more than $1.3 million last year despite some declines in his stock portfolio.
Scattered throughout family trusts, some of the lawmaker’s holdings made significant gains. Frelinghuysen’s holding in IBM went from being valued at at least $500,000 in 2010 to a floor of $1 million last year. His investment in Pfizer went from at least $15,000 in value to at least $50,000.
{mosads}The New Jersey Republican’s form lists several seven-figure investments, including one $5 million Proctor & Gamble asset. Other large assets include stock in Lowes Corp., a piece of undeveloped land, a life insurance policy and a stake in a rental home, accounting for at least $250,000 apiece.
A Treasury Bond that matured in 2011 worth a minimum of $250,000 has been replaced by three Treasury Bonds valued at a minimum of $100,000 that are set to mature in 2012 and 2013.
Frelinghuysen listed no liabilities.
– Megan R. Wilson
The Tennessee senator saw a drop of about $1.5 million in his net worth after a downward shift in the value of his assets.
One trust that was recorded as being worth at least $5 million in 2010 went down to zero in 2011. Further, several stocks and bank accounts attributed to a dependent child on Corker’s 2010 financial disclosure report were not included on last year’s form.
{mosads}The bulk of Corker’s wealth is in real estate. The former Chattanooga mayor has investments in an office building and a shopping center in his home state, each worth $5 million. Assets attributed to his spouse include real estate, such as land worth at least $15,000 in Sevierville, Tenn. In addition, Corker has a UBS bank account worth at least $5 million.
The senator listed two liabilities — two mortgages valued at at least $1 million each.
– Kevin Bogardus
Risch’s minimum net worth fell roughly $700,000 last year.
The senator added a new liability in an M&T Bank home equity loan, worth at least $250,000, for a personal residence. Lawmakers have to report mortgages on personal residences under new requirements from the STOCK Act.
{mosads}Some of his assets decreased in value, too, including a note owed by his Senate campaign, which went from $15,000 in value in 2010 to a minimum of $1,000 last year.
In Idaho, the senator has at least $16 million in farm and ranch land in Ada and Canyon counties. He also has several investment properties — including three assets in Boise worth at least $100,000 each — and a condo in Washington worth at least $250,000.
– Kevin Bogardus
One contributing factor to the decline was the balance in Miller’s account with the California Christian Credit Union, which fell from at least $1 million to at least $500,000.
{mosads}Miller started G. Miller Development Co. while in his early 20s, which went from building single-family homes to developing planned communities. He keeps much of his wealth in land holdings, predominantly in Oregon and California.
The congressman’s most valuable asset is 382 acres of vacant land in Rancho Cucamonga, Calif., worth at least $5 million. Six of his other properties are worth at least $1 million, as is his Commercial Bank account.
The lawmaker reported no debts in 2011.
– David Kaner
Kelly’s fortune jumped by about $3 million in 2011.
In a change from 2010, the Pennsylvania Republican included an account statement with his 2011 form. That document gave exact figures for his holdings in stock, municipal bonds and other investments, which are worth a total of more than $13.2 million.
{mosads}Kelly made his wealth in car dealerships. He took over from his father in the family auto business in the 1990s and still employs over 100 people, according to his congressional website.
He still has $1 million, at a minimum, in the family business. Kelly also has an asset worth at least $1 million in Pennsylvania real estate.
Kelly listed a mortgage for a Butler County, Pa., property worth at least $1 million as his lone liability.
– Kevin Bogardus
McCaskill’s net worth fell by about $2.4 million last year due to many of her husband’s assets falling in value.
The Missouri senator has assets in UMB Bank worth a minimum of $50,000 as well as at least one IRA valued at $15,000. Her spouse, St. Louis businessman Joseph Shepard, has a diverse investment portfolio that includes stock in companies such as Bank of America, PNC Bank, Clorox Co., Johnson & Johnson and a range of investment and housing tax funds.
{mosads}Shepard built his fortune constructing nursing homes and low-income housing projects. The couple’s largest non-housing assets include stock in Berkshire Hathaway worth more than $500,000 and in Enterprise Financial Services Corp. that is worth at least $1 million.
McCaskill listed two liabilities on her federal form: a line of credit taken out by her husband for at least $50,000 and a mortgage refinancing of at least $250,000.
– Megan R. Wilson
A senator since 1996, Wyden’s wealth increased so much from last year — a whopping $8.7 million — that he rocketed up among the richest lawmakers in 2011.
Wyden’s affluence is mostly attributable to his wife, Nancy Bass Wyden, who runs the Strand Book Store in New York City with her father, Fred Bass. The famous bookseller is listed on Wyden’s form as worth at least $5 million. That’s a huge increase from last year, when the business’s value was at least $1 million.
{mosads}Wyden’s wife owns a diverse portfolio of mutual funds, money market savings accounts and stock in many companies, including CVS Caremark, eBay, General Electric, Microsoft and Urban Outfitters. She also has a stake in Bass Real Estate that jumped in value from a minimum of $1 million to at least $5 million.
The couple’s liabilities include mortgages for homes in Washington, D.C., and Portland that are worth a minimum of $500,000 together.
– Megan R. Wilson
The New York Democrat’s minimum net worth fell by more than $1 million in 2011.
The drop might come from the sale of Lowey’s larger assets, including a hedge fund that was worth at least $1 million in 2010 but was valued at zero last year.
{mosads}Much of Lowey’s wealth is in hedge funds, private equity funds and property holdings. Her husband, Stephen, has at least $500,000 in the profit-sharing plan at the law firm Lowey, Dannenberg, Cohen & Hart. His ownership interest in the firm is worth at least $1 million.
Lowey has also invested heavily in Arbiter Partners, a business risk consultancy company, and has holdings in the firm totaling at least $1.5 million with her spouse.
They manage a rental property in the Washington area valued at approximately $250,000. The lawmaker’s husband also holds a $1 million asset in Lowey Family Investment LLC, a limited-liability company located in Rye, N.Y.
Lowey claimed no liabilities in 2011.
– Lydia Nuzum
Hanna’s wealth stayed relatively stable in 2011 as he kept his place among the richest on Capitol Hill.
Hanna has numerous assets scattered throughout an individual retirement account and stock holdings. That includes investments in major corporations like Boeing, Chevron and Coca-Cola. He also has a life insurance policy with MetLife worth at least $250,000 and a loan to his congressional campaign valued at a minimum of $500,000.
{mosads}The New York Republican earned his fortune in construction. Hanna started Hanna Construction after graduating from college, becoming a successful businessman. On his 2011 form, he reported having no holdings in the company.
Hanna included two liabilities on his 2011 form: revolving charge accounts with American Express and Chase, together worth at least $20,000.
– Kevin Bogardus
Hayworth’s wealth rose substantially last year, from $9.3 million in 2010 to $12.3 million in 2011, as some of her assets gained in value.
A former ophthalmologist who worked in both private practice and as an attending physician at Northern Westchester Hospital, Hayworth’s wealth is largely derived from the medical services industry.
{mosads}Some of her investments last year include holdings in the savings and profit sharing plan of Mt. Kisco Medical Group, where she once worked. Her husband, Dr. Scott Hayworth, owns several properties in Westchester and Dutchess Counties in New York. He also holds a large number of bonds from various municipal authorities in the New York area.
Hayworth reported no debts.
– David Kaner
Johnson saw his wealth surge by at least $3.8 million in 2011, solidifying his place among the ranks of Capitol Hill’s richest lawmakers.
A large portion of the increase came from a 401(k) account, which increased from a minimum value of $50,000 in 2010 to at least $500,000 last year. Johnson, who formerly ran the plastic company PACUR, has a Charles Schwab account with his wife worth at least $5 million.
{mosads}The Wisconsin Republican also saw an increase of investments in Minnesota commercial real estate rentals jump from a minimum of $50,000 to at least $100,000.
The first-term senator reported no liabilities for 2011.
– Julie Ershadi
Rep. Trent Franks, the former head of Liberty Petroleum Corp., saw his net worth hold steady at $11.6 million last year.
The congressman has listed only five total assets in the last two years, including his holdings in oil companies. He has at least $6 million in Trinity Petroleum and a minimum of $500,000 in Liberty Petroleum.
{mosads}Franks also holds a patent worth at least $100,000 for a pepper spray container design called the LP 1000 Life Pager, so named because it is actually shaped like a beeper.
The congressman reported no liabilities for 2011.
– Julie Ershadi
Rigell saw a small uptick in his net worth, from $10.7 million in 2010 to $10.8 million last year.
The congressman made his fortune in auto businesses and still has assets in many car dealerships, including one worth a minimum of $5 million. The Virginia Republican also holds several commercial real estate investments, some valued at as much as $1 million.
{mosads}Rigell sold municipal bonds from California and Arizona cities worth a total of at least $65,000, but has kept hold of several 401(k) accounts.
He listed four liabilities totaling more than $2 million in 2011, made up of credit card debt, lines of credit and a mortgage valued at at least $500,000 on his personal residence in Washington. Under the STOCK Act, lawmakers have to disclose mortgages on their personal residences.
– Julie Ershadi
Marchant saw a slip in his wealth of more than $6 million from 2010 to last year, according to his latest financial disclosure report.
That drop can be explained partly by Marchant’s investment in Bonita Land and Cattle — which has 3,500 acres of land, cattle and equipment — being valued at a minimum of $1 million in 2011, down from a $5 million estimate in 2010.
{mosads}The Texas lawmaker also has several stock investments. He reported a joint Ameritrade account held with his spouse that was worth more than $594,000. Marchant also has an account with First Dallas Securities worth more than $2.5 million.
Marchant releases one of the longest financial disclosure reports among members of Congress; his 2011 statement clocks in at more than 1,900 pages. For its estimate of Marchant’s wealth, The Hill included exact figures, when possible, from bank statements the lawmaker attached to his report.
Marchant reported four liabilities for 2011 worth close to $2.3 million. That included a North Dallas Bank line of credit worth at least $1 million and mortgages with Lone Star Land Bank, also valued at at least $1 million.
– Kevin Bogardus
Sensenbrenner’s wealth changed very little from last year, increasing roughly $59,000.
The lawmaker has released exact figures for his assets and liabilities during his 33 years in Congress, entering the information annually into the Congressional Record. In 2011, his assets included millions of dollars in stocks — Exxon Mobil, Abbot Laboratories and Pfizer being among the most valuable — and three automobiles: a 2007 Chevrolet Impala, a 1994 Cadillac Deville and a 1996 Buick Regal.
{mosads}Sensenbrenner also has two large boats, a 17-foot Boston Whaler and a 20-foot pontoon boat, worth an estimated total of $13,000. His prized stamp collection has appreciated an estimated $10,000 and is now worth at least $150,000.
The Republican lawmaker also disclosed that he paid more than $213,000 in property taxes and federal and state income taxes last year. He has no debt.
– Megan R. Wilson
Maloney’s net worth remained relatively stable between 2010 and 2011 as she retained her spot among the richest members of Congress.
The representative for some of the country’s most expensive addresses in the “silk stocking district” of New York City draws her wealth from real estate investments in North Carolina, Virginia, Florida and Jamaica.
{mosads}Maloney’s single most valuable asset is a rental property on East 92nd Street in New York City worth at least $5 million. She also owns a house on Capitol Hill valued at a minimum of $1 million.
She listed more than $2 million debt in mortgages and real estate acquisition loans, including at least $500,000 for the estate of Ralph G. Bosher that was incurred in 2005. Maloney also listed a $500,000 mortgage for her Capitol Hill house.
This is the first year that mortgages for personal residences had to be disclosed — a result of the STOCK Act — but Maloney also listed those mortgages on her 2010 form.
– Julie Ershadi
Retiring Wisconsin Sen. Herb Kohl is undoubtedly one of the richest members of Congress, but just how rich is anyone’s guess.
Kohl’s wealth rose somewhat last year, from $9.2 million in 2010 to $10.1 million in 2011, thanks in part to a $1 million decline in the minimum value of his reported liabilities, which now stand at a minimum of $100 million.
{mosads}None of those figures quite capture the senator’s fortune, however, which mostly comes from his ownership of the Milwaukee Bucks. Although the least valuable of the NBA’s 30 teams, Forbes magazine estimates the Bucks are still worth nearly $270 million — a plum return on Kohl’s original $19 million investment.
Under The Hill’s methodology, however, the team is valued at a minimum of $50 million, since that is the top asset range on lawmakers’ financial disclosure forms.
– David Kaner
Harkin’s net worth fell almost $300,000 last year due to a slight decline in the value of his stocks, bonds and mutual funds.
The Democratic senator and his wife, Ruth, have assets in Johnson & Johnson, Walt Disney, Berkshire Hathaway, Home Depot, PepsiCo and Microsoft, among others. The couple also have a vacation home in the Bahamas worth at least $500,000.
{mosads}Harkin’s wife also had holdings worth a minimum of $500,000 in ConocoPhillips and more than $1 million in shares of United Technologies. Ruth is the former senior director of international affairs and government relations for United Technologies.
The senator had no liabilities in 2011.
– Megan R. Wilson
The Wisconsin congressman’s wealth dropped more than $1 million because of an increase in his liabilities.
{mosads}Petri’s largest asset is a sizable stock holding in Walgreens valued at at least $5 million. He also holds large shares in Berkshire Hathaway, which is controlled by American investor Warren Buffett, and McGraw-Hill Co., an educational and publishing company. In addition, Petri holds a large share — at least $1 million — of insurance firm Lloyd’s of London.
Petri reported two liabilities in 2011 totaling close to $1.3 million. They were a $1 million loan from Merrill Lynch and a Washington mortgage of at least $250,000.
– Lydia Nuzum
Berkley, who hopes to unseat Republican incumbent Dean Heller in the 2012 Senate race in Nevada, saw her wealth remain somewhat level, at $9.2 million, in 2011.
The mortgage on her personal residence in Las Vegas, however, increased her total liabilities to at least $1.6 million last year. Lawmakers were required for the first time to report their mortgages for their personal residences on the 2011 forms.
{mosads}Berkley also added a frozen yogurt franchise in New Mexico to her assets.
The congresswoman’s wealth is largely attributable to her husband, Dr. Lawrence Lehrer, whose medical and real estate assets include RRT, a Las Vegas dialysis services company worth at least $1 million.
The holdings in the dialysis business have become an issue for Berkley’s campaign. In July, the House Ethics Committee opened an investigation into whether she used her position in Congress to advocate for policies that furthered her husband’s financial interests.
– David Kaner
Snowe’s worth fell almost $1 million in 2011, due in part to a new requirement for lawmakers to disclose mortgages on their personal residences.
A portion of the senator’s wealth is tied up in stock of Education Management Corp., a private post-secondary education company. Her husband, former Maine governor John McNernan Jr., serves as chairman of the company’s board of directors, and has assets in the firm worth at least $2 million.
{mosads}Snowe’s husband also received board director fees from Houghton Mifflin Harcourt, a major textbook and reference publisher, and BorgWarner, an automotive parts supplier.
Another large portion of the senator’s assets are in core and money market funds, as well as a life insurance fund listed to her spouse valued at approximately $500,000.
Snowe reported three liabilities in 2011, including the mortgage on a Maine house, incurred in 2003, and two additional mortgages on a residence in Florida that were taken out in 2008.
– Lydia Nuzum
Sen. Mitch McConnell (R-Ky.) lost about $1 million last year after a $2 million increase in 2010.
According to his latest financial disclosure form, the Senate minority leader and his wife, Elaine Chao, are no longer renting out their Washington carriage house, which was valued at a minimum of $1 million. A spokesman for McConnell said the senator is not currently renting out the house and deriving income from it, so it’s not required for him to list the property as an asset.
{mosads}The Republican leader’s wealth is held mostly in savings and retirement accounts, including a tax-exempt money market account with Vanguard worth at least $5 million and a Sun Trust money market account worth at least $1 million. McConnell and Chao, a Heritage Foundation distinguished fellow and former secretary of Labor, have at least $1 million in another account with Vanguard.
Chao sits on the board of directors at Wells Fargo and the Dole Food Co. and has shares in the two companies totaling at least $51,000.
McConnell listed no liabilities for 2011.
– Megan R. Wilson
Doggett saw his wealth climb by about $400,000 in 2011 after his assets grew in value.
Doggett has a varied portfolio with holdings in several companies, including at least $50,000 in Berkshire Hathaway. Other assets of Doggett’s include investments in Dell, Exxon Mobil and Home Depot.
{mosads}The lawmaker also has an asset worth at least $1 million in a Travis County, Texas, property. Doggett has other real estate properties throughout Austin, Texas, including three holdings valued at at least $250,000 each.
Like in 2010, Doggett reported one liability last year: a line of credit worth at least $250,000 on a property in Travis County.
– Kevin Bogardus
Campbell saw an increase of more than $500,000 in his wealth last year.
The bulk of the California congressman’s assets are in commercial real estate, including several car dealerships in Santa Ana and Anaheim, Calif., that are collectively worth at least $5 million. Campbell also holds several bank accounts with Goldman Sachs, including an individual retirement account valued at more than $250,000.
{mosads}Campbell has assets in several corporations, including Allstate, Chevron, Bristol-Myers Squibb, Exxon Mobil, General Electric and DirecTV. He reported additional equity inherited through the Campbell & McNee Family Farm in Cottonwood, Kan.
As in previous years, Campbell reported no liabilities in 2011.
– Lydia Nuzum
Isakson saw his wealth grow by about $2 million last year.
Isakson holds stock in numerous companies, and increased his holdings in Starbucks, MasterCard and Wells Fargo, which are all worth at least $100,000. Other stock holdings include a minimum of $250,000 in BB&T Bank, $100,000 in Apple, $50,000 in Chipotle and $50,000 in Inuit, which produces TurboTax and other financial software.
{mosads}Many of Isakson’s highest-valued assets are in real estate, including a Washington condo worth at least $250,000 and 12 acres of land in Georgia’s Rabun County. He also has $50,000 invested in a condo in Athens, Ga. And the senator has a $250,000 certificate of deposit with Citibank.
Isakson’s only liability is a $15,000 Wells Fargo line of credit on a home.
– Megan R. Wilson
Hoeven’s wealth climbed by about $500,000 in 2011, mostly due to stock purchases.
The senator’s largest assets include two investments worth at least $5 million each in Westbrand Inc., a bank holding company based in Minot, N.D., and Northwest Respiratory Services, located in St. Paul, Minn. The North Dakota Republican also has a bank account worth a minimum of $1 million.
{mosads}Hoeven was active in the stock market, picking up shares in AT&T, BlackRock Inc., General Mills, Google, Intel, Kraft Foods, Union Pacific and Procter & Gamble, among others.
Hoeven’s only liability is valued at at least $5 million and is with State Bank & Trust.
– Megan R. Wilson
Price saw a decline of about $1 million last year from his 2010 minimum net worth.
The doctor’s wealth comes from several investment funds, some of which dropped in value last year. A Fidelity investment fund, for example, went from more than $2.1 million in value in 2010 to close to $1.8 million in 2011.
{mosads}Price also has holdings in real estate. He has an interest in a medical office building in Roswell, Ga., worth at least $250,000, and a $1 million investment in a vacant lot in St. Simons, Ga.
Price attached detailed bank statements to his 2011 financial disclosure report. The Hill used exact figures, when possible, in estimating the Georgia lawmaker’s wealth.
As in 2010, Price reported no liabilities last year.
– Kevin Bogardus
The chairman of the House Energy and Commerce Committee saw his minimum net worth slide slightly, from $7.9 million in 2010 to $7.7 million in 2011.
The decline was due to the disclosure of a home mortgage worth at least $250,000, raising the congressman’s total liabilities to at least $265,000. Lawmakers were required for the first time to report mortgages on their personal residences on the 2011 forms.
{mosads}Upton’s fortune is largely inherited. His grandfather was one of the co-founders of the Whirlpool Corp., which celebrated its 100th anniversary last year. The home appliances manufacturer is headquartered in the district Upton represents. He and his wife own stock in Whirlpool worth at least $1 million, and their holdings in various family trusts are worth at least $5 million.
The couple also has at least $30,000 worth of stock in one of Whirlpool’s chief competitors, General Electric.
– David Kaner
Rep. Steve Pearce saw his worth drop by $550,000 in 2011, partly due to a decrease in one of his primary investments — holdings in LFT, an equipment and property rental company.
Pearce has assets in the company that decreased in value from at least $1 million to a minimum of $500,000. Further, two of his bank accounts — one with Congressional Federal Credit Union and a money market account with the Lea County State Bank — each decreased to at least $100,000 from a 2010 value of at least $250,000.
{mosads}But there was one bright spot for the congressman last year: His stock holdings in Gree LTD, an equipment rental company in New Mexico, skyrocketed to a minimum of $250,000 after being worth a minimum of $1,000 in 2010.
Pearce holds at least $5 million in stock in Trinity Industries, another equipment rental company in New Mexico. Pearce is a shareholder and president of the company, according to his form.
Pearce reported no liabilities for 2011.
– Julie Ershadi
Flores saw a drop in his minimum net worth of about $1 million in 2011.
The Texas Republican’s liabilities grew by roughly $1.4 million from 2010 to 2011. His debts from last year included a Wells Fargo mortgage on a “primary” Texas residence worth at least $1 million. Another Wells Fargo mortgage on a “secondary” Colorado residence is valued at a minimum of $500,000.
{mosads}Under the STOCK Act passed earlier this year, lawmakers had to report mortgages on their personal residences for the first time.
Flores made his wealth in the oil and gas industry, serving as president and CEO of Phoenix Exploration Co. But some of the lawmaker’s assets are not in energy.
Along with large investment accounts, Flores has at least $250,000 invested in an aircraft hangar in Bryan, Texas, and $500,000 in loans receivable from his congressional campaign. He also holds $50,000 in insurance policies.
– Kevin Bogardus
Neugebauer’s wealth rebounded in 2011, increasing almost $1 million from 2010 after he ceased listing a $500,000 mortgage incurred in 2007 for a Washington property.
A large portion of the Republican lawmaker’s assets are tied up in bonds and savings accounts in Texas, as well as several property holdings in Lubbock, Texas, his hometown. Neugebauer operated a real estate development and residential construction business in Lubbock before coming to Capitol Hill.
{mosads}The congressman’s largest single asset remains his property in Washington, which is worth at least $1 million. Neugebauer also holds municipal bonds from cities across the country and has invested in a company that rents out watercraft.
Neugebauer claimed three liabilities in 2011, including two revolving charge accounts.
– Lydia Nuzum
Portman’s net worth rose by more than $1 million last year thanks to several municipal bonds increasing in value.
The senator’s largest assets include an interest in Lebanon House Inc., which has rental commercial property, buildings and vacant land in Kentucky and Ohio, worth at least $1 million. Portman also has a money market savings account worth at least $1 million. He claimed a mineral interest in five acres of land located in Gaines County, Texas, but did not report a value range for the asset.
{mosads}Portman reported two liabilities in 2011: a PNC line of credit for at least $500,000, and a 15-year mortgage on a personal residence incurred in 2010 worth at least $250,000.
– Lydia Nuzum
Yarmuth almost doubled his net worth in 2011 thanks to a sizable increase in the worth of his holdings in the restaurant business.
The Kentucky Democrat and founder of Louisville-based LEO Newsweekly is a silent partner of Sonny’s Barbecue, a restaurant founded in 1968 in Gainesville, Fla., with more than 120 locations in nine Southern states. Yarmuth earns royalties and other income from the restaurant chain. The restaurant asset went from an estimated value of at least $1 million in 2010 to at least $5 million last year.
{mosads}Yarmuth also holds a claim for at least $1 million in Almost Family, a home health nursing, rehabilitation and personal care services company.
The congressman claimed four liabilities in 2011 totaling approximately $1.1 million, including a mortgage on a rental property located in Doonberg, Ireland, valued at a minimum of $500,000.
– Lydia Nuzum
Nelson’s minimum net worth fell about $500,000 last year.
The senator’s biggest assets are in rental and development properties, stakes in investment real estate and a holding in a Columbus, Neb., metal manufacturing company. Those assets, along with retirement funds and stock in Berkshire Hathaway, account for much of his wealth.
{mosads}Nelson has at least $500,000 invested in Warren Buffett’s Berkshire Hathaway, while his wife has more than $1 million. Other holdings in his portfolio include at least $100,000 in Union Pacific and Ford Motor Co., and a minimum of $15,000 in Wal-Mart held by his spouse.
The senator, who is retiring from Congress after the election, has no debt.
– Megan R. Wilson
Wyoming’s only House member, Lummis saw her wealth grow from $5.6 million in 2010 to $5.9 million in 2011. Although her reported liabilities doubled, from at least $250,000 to $500,000, the increase in debt was offset by gains in several of her investments.
Lummis derives most of her wealth from interests from a variety of businesses, including Lummis Livestock, Arp and Hammond Hardware Co. and Old Horse Pasture Inc.
{mosads}{mosads}Her husband — Al Wiederspahn, a former Wyoming state legislator and prominent lawyer — has stakes in several companies, as well as numerous commercial property holdings around Wyoming.
Lummis disclosed a Wells Fargo mortgage on a personal residence, valued at $250,000, likely because of new STOCK Act requirements.
– David Kaner
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