Every year, every member of Congress is expected to file a complete financial disclosure report.
The filings, which are intended to increase openness, expose each member of Congress' income and holdings, as well as any conflicts of interest and breaches of federal law.
GAG analyzed hundreds of pages of documentation from members' annual declarations made this year to determine the minimum and maximum net worth of members of the US Senate and House of Representatives, including nonvoting delegates. The value of members' assets is disclosed in broad ranges.
The records cover the year 2020, a year in which the world's wealthiest people amassed billions of dollars. The 2020 financial reports are the most up-to-date financial paperwork from Congress; 2021 financial disclosures are not due until mid-May. Because of the pandemic, filers for the 2020 fiscal year have been given an extra three months to complete their declarations.
Reps. Troy Carter, Melanie Stansbury, and Jake Ellzey, all newcomers to Congress, have yet to file their official financial disclosure forms. These members' "candidate reports," some of which include financial data through 2021, were used by Insider.
Members of Congress come from many walks of life, from local politics to business and entrepreneurship to professional sports, and their fortunes are diverse. The top 15 members of Congress had a combined net worth of at least $1.3 billion, accounting for half of the entire estimated wealth in Congress.
Starting at number 25, here are the wealthiest members of Congress based on their minimum estimated net worth:
25. Rep. Sara Jacobs, a Democrat from California: $21,428,125
Jacobs has more than $100,000 invested in Apple, Microsoft, and Mastercard stocks, among other significant firms.
In her financial statement, Jacobs cited one liability: a mortgage on a house in Washington, DC, valued at least $500,000.
24. Rep. John Rose, a Republican from Tennessee: $23,362,065
Rose, who was elected to Congress in 2019, has an interest in a number of residential complexes around the country. Rose also possessed at least $500,000 in Citizens Bank shares and more than $100,000 in Alphabet stock, as well as 100% ownership of Rose Farm, which was valued at between $5 million and $25 million.
Rose provided details for only one liability: a monthly credit card balance of at least $15,001.
23. Rep. Fred Upton, a Republican from Michigan: $24,692,218
One liability was listed by the representative: a JPMorgan Chase mortgage valued at least $15,001.
22. Rep. Dean Phillips, a Democrat from Minnesota: $24,778,495
Phillips possessed more than $250,000 worth of Apple shares, at least $50,000 worth of Facebook stock, and over $1 million in the SPDR S&P 500 Trust ETF.
Phillips, who was elected to Congress in 2019, acknowledged having at least $2 million in mortgage debt.
Phillips put his assets in a qualified blind trust recognized by the House Committee on Ethics in July, which means he'll have limited influence over them while in Congress.
21. Rep. Kevin Hern, a Republican from Oklahoma: $26,761,380
Hern revealed two liabilities: at least $500,000 spent on a McDonald's restaurant and at least $1 million spent on a separate firm by his spouse.
In 2021, Hern violated the STOCK Act by failing to properly disclose stock trades worth at least $1.06 million and as much as $2.7 million. Hern joined the House of Representatives in 2018.
20. Rep. Kathy Manning, a Democrat from North Carolina: $27,202,287
Manning also owns Stonefield Cellars Winery in North Carolina, according to his disclosure.
The congresswoman listed two liabilities that belonged to her husband: $1.5 million in credit lines.
She is a newbie to Congress, having been elected in the year 2021.
19. Rep. Don Beyer, a Democrat from Virginia: $29,805,092
Beyer had at least $8.6 million in obligations, nearly entirely in the form of mortgages on different properties he owned.
18. Rep. David Trone, a Democrat from Maryland: $32,927,094
Trone's wife has ownership in Alphabet, Apple, and Pepsi, among other companies. In his financial papers, he listed only one liability: a business loan from PNC Bank valued at least $5 million.
Trone is a new member of Congress, having taken office in 2019.
17. Rep. Jay Obernolte, a Republican from California: $39,250,014
Obernolte did not disclose any debts or obligations.
16. Rep. Scott Peters, a Democrat from California: $39,738,062
Peters reported two "revolving credit" obligations totaling at least $30,000 in total.
15. Rep. Nancy Pelosi, a Democrat from California: $46,123,051
Slack, Tesla, Disney, Visa, Salesforce, PayPal, Alphabet, Facebook, and Netflix – firms that collectively spend tens of millions of dollars lobbying the federal government — were among Pelosi's husband's interests.
Pelosi's obligations totaled at least $20 million, the most of which were mortgages on houses in California and Washington, DC.
14. Rep. Frank Mrvan, a Democrat from Indiana: $49,848,004
Mrvan's fortune — estimated to be worth at least $50 million — is largely held in an Indiana public employees' retirement fund. The next-largest item in Mrvan's portfolio was his wife's 401(k), which was worth $100,000 to $250,000.
In his financial papers, Mrvan, a novice to Congress, listed three liabilities totaling at least $270,000: his house mortgage, an auto loan, and credit-card debt.
13. Rep. Suzan DelBene, a Democrat from Washington: $52,156,097
DelBene's assets are divided amongst mutual funds, exchange-traded funds, and real estate funds.
In late 2021, DelBene appeared to violate the STOCK Act by improperly disclosing her husband's massive sale of Microsoft stock days before President Joe Biden nominated him for an administration post. DelBene's office denied that the congresswoman violated the law, citing an email from the Committee on House Ethics.
12. Rep. Peter Meijer, a Republican from Michigan: $60,514,285
A mortgage, lines of credit, and promissory notes totaled at least $1.95 million in liabilities recorded by Meijer. In 2021, he was elected to Congress.
11. Rep. Roger Williams, a Republican from Texas: $67,438,045
Lines of credit, mortgages, notes outstanding, and a loan totaled $4 million in liabilities for the lawmaker. Williams recently violated the STOCK Act by failing to properly file three stock transactions by his wife.
10. Rep. Doris Matsui, a Democrat from California: $73,872,062
Exchange-traded funds, money market funds, limited liability companies, and trusts were among Matsui's publicly traded interests. She had at least $165,000 in obligations from multiple institutions in the form of credit card debt.
9. Rep. Trey Hollingsworth, a Republican from Indiana: $74,629,062
According to his financial statement, Hollingsworth's fortune is mostly derived from his work with Hollingsworth Capital Partners, a Tennessee firm that develops and distributes industrial buildings in 17 states.
8. Sen. Richard Blumenthal, a Democrat from Connecticut: $85,231,232
Blumenthal's main financial burden was a 30-year mortgage on his home that he and his wife took out in 2011.
7. Sen. Mitt Romney, a Republican from Utah: $85,269,083
Ann Romney, Mitt Romney's wife, has a sizable investment portfolio that includes millions in private equity and hedge funds.
Romney's wife had at least $4.5 million in obligations, all of which were classified as "capital commitments."
6. Sen. Mark Warner, a Democrat from Virginia: $93,534,098
Before entering politics, the three-term senator and former governor of Virginia led Columbia Capital, a venture capital firm, and Capital Cellular Corporation, a telecommunications company. Mutual funds, private-equity firms, and hedge funds are among Warner's assets.
5. Sen. Dianne Feinstein, a Democrat from California: $96,518,036
Feinstein disclosed three liabilities at a total of at least $3 million, all of which belonged to her husband.
Feinstein was one of 48 members of Congress who Insider and other media organizations found in 2021 to have violated the STOCK Act.
4. Rep. Vern Buchanan, a Republican from Florida: $113,384,088
Buchanan disclosed multiple obligations totaling at least $14 million in his financial disclosures, including loans for a jet and a boat associated with the LLC.
After Rep. Devin Nunes announced his departure to join the CEO of a new social media firm launched by former President Donald Trump, Buchanan may have the ability to dictate American tax policy in the next years.
3. Rep. Darrell Issa, a Republican from California: $115,850,012
Issa revealed only one liability: a margin account that owes him more than $50 million.
The congressman served in Congress for 18 years before stepping down to become President Donald Trump's choice to lead the United States Trade and Development Agency. In 2021, he returned to Congress.
2. Rep. Michael McCaul, a Republican from Texas: $125,880,292
Millions of dollars in limited liability companies and iShares funds, as well as at least $250,000 in Netflix stock, were disclosed by the McCaul family.
In his financial disclosure, McCaul did not identify any obligations or debts.
1. Sen. Rick Scott, a Republican from Florida: $200,327,223
Columbia Hospital Corporation (formerly HCA Healthcare) and Solantic are two of the senator's healthcare enterprises. He was also a venture capitalist, investing in a number of technology and healthcare firms.
In his files, Scott made no mention of any obligations or debts.
The five least-wealthy members of Congress
The minimal sum of liabilities for a few members of Congress substantially exceeded the minimum total of their stated assets.
High-cost mortgages were the source of these five members' negative assessed wealth:
- Rep. Lucille Roybal-Allard, a Democrat from California: -$1,008,000
- Rep. Steven Horsford, a Democrat from Nevada: -$1,047,992
- Sen. Cynthia Lummis, a Republican from Wyoming: -$1,401,991
- Sen. Tammy Duckworth, a Democrat from Illinois: -$1,877,936
- Rep. August Pfluger, a Republican from Texas: -$2,000,002
Members of Congress are only required to reveal asset values in wide categories, such as $15,000 to $50,000. Insider's assessments are cautious estimates based on members' minimal disclosures. The net worth of each member of Congress was estimated by subtracting their minimum disclosed liabilities from their minimum asset values.
Because lawmakers are not obligated to reveal certain types of personal assets, such as the value of their primary property, Insider's estimates exclude these assets.
Reps. Ro Khanna of California, Vicente Gonzalez of Texas, Kurt Schrader of Oregon, and Harold Rogers of Kentucky were among four members of Congress whose disclosures were particularly difficult and long, involving hundreds of pages of handwritten or scanned records.