For the first time ever, most members of congress have a net worth of $1 million or more, according to the financial disclosures released by the Center for Responsive Politics on Thursday. 268 of the 534 current members of Congress had an average net worth of a $1 million in 2012. In the House of Representatives, the median net worth is $896,000, with Democrats averaging a net worth of $929,000 compared to $884,000 for House Republicans. In the Senate, the median net worth is $2.7 million and Republicans have the edge over Democrats. Senate Republicans reported an average net worth at $2.9 million compared to $1.7 million for Democrats.
By contrast, the median household net worth for the average American was $68,828 as of 2011, according to the Census Bureau. This means the average member of Congress is over 14 times wealthier than the average American – an important fact to point out as Congress debates issues of poverty, extending unemployment benefits, and raising the minimum wage. “The fact that now a majority of members — albeit just a hair over 50 percent — are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code,” the CRP report read.
Here are the top 10 wealthiest members of Congress (seven Democrats and three Republicans):
1. Republican Congressman Darrell Issa of California
Congressman Issa had a net worth of $464 million in 2012
2. Democratic Senator Mark Warner of Virginia
Senator Warner had a net worth of $257 million in 2012
3. Democratic Representative Jared Polis of Colorado
Congressman Polis had a net worth of $198 million in 2012
4. Democratic Representative John Delaney of Maryland
Congressman Delaney had a net worth of $155 million in 2012
5. Republican Representative Michael McCaul of Texas
Congressman McCull had a net worth of $143 million in 2012
6. Democratic Representative Scott Peters of California
Congressman Peters had a net worth of $112 million in 2012
7. Democratic Senator Richard Blumenthal of Connecticut
Senator Blumenthal had a net worth of $104 million in 2012
8. Democratic Senator Jay Rockefeller of West Virgnia
Senator Rockefeller had a net worth of $101 million in 2012
9. Republican Representative Vernon Buchanan of Florida
Congressman Buchanan had a net worth of $89 million in 2012
10. Democratic Representative Nancy Pelosi of California
House Minority Leader Nancy Pelosi had a net worth of $88 million in 2012
[Images via POLITICO]
