Fortunes of Top 10 US Senators Total Over 900 Million
The passage of the STOCK Act in 2012 firmly established the financial activities and wealth of U.S. elected officials as matters of public concern. The 2020 congressional insider trading scandal further intensified public interest in these matters.
According to new research from Finbold, the combined wealth of the ten richest U.S. Senators totals around $940 million. However, official financial disclosures suggest this figure could be underestimated by up to $600 million or overestimated by the same amount.
Notably, Rick Scott of Florida stands out as the wealthiest individual in the Senate, with an estimated net worth approaching $283 million. This amount surpasses the collective wealth of Senators John Hoeven, Mitch McConnell, Jim Risch, Ron Johnson, Mike Braun, Michael Bennet, and Steve Daines, which totals just under $280 million.
Estimating the wealthiest members of Congress in 2024 poses a unique challenge. Reporting regulations allow for the exclusion of certain wealth measures, reporting of values within ranges, and generous deadlines for filing financial statements. For instance, investments equaling or exceeding $1 million may be reported within a broad range from $1,000,001 to $5 million, creating ambiguity as wealth increases.
Such imprecise reporting practices lead to significant variations in wealth estimates. Rick Scott’s fortune, for example, averages at $283 million but could range from $112 million to $453 million. Similar uncertainties apply broadly, such as Mitt Romney’s reported net worth ranging from just under $70 million to over $320 million.
Despite not ranking in the top ten, the wide ranges of assets and liabilities reported for politicians like Marsha Blackburn of Tennessee suggest they could either be millionaires or significantly indebted.
Further complicating matters are numerous reporting exemptions, including various types of gifts, liabilities, retirement accounts, and most savings accounts, which reduce the reliability of disclosed figures.
Another critical issue undermining accuracy is the permissible delay between a Senator’s stock trades and their public reporting. This has sparked calls for reforms in reporting and investment regulations, particularly given instances of suspiciously timed trades or unconventional stock selections by members of Congress.
Efforts to reform these practices have so far been unsuccessful, despite heightened concerns about fairness and potential corruption. High-profile incidents like the 2020 congressional insider trading scandal, the Justice Clarence Thomas scandal, and the Governor Rod Blagojevich corruption scandal have underscored the intertwining of private financial interests with national policymaking.
In 2024, the impact of these deficiencies has been particularly pronounced, as many instances where personal financial interests influenced national policies have been viewed as disastrous.
