Seven of Nine Richest Lawmakers Are Democrats

NewsMax

Texas Republican Rep. Michael McCaul ranks as the wealthiest member of Congress for the second year in a row — but seven of the top nine richest members are Democrats.

McCaul reported a minimum net worth of $290.5 million for 2011. That’s nearly $100 million more than his nearest challenger and former No. 1, Democratic Sen. John Kerry of Massachusetts, who had at least $198.8 million last year, according to The Hill’s list of the “50 Wealthiest Lawmakers.”

McCaul’s father-in-law is founder of radio giant Clear Channel Communications, and Kerry’s wealth comes largely from his wife Theresa Heinz Kerry’s links to the Heinz ketchup fortune.

Third on the list is Rep. Darrell Issa, R-Calif., who made his fortune in car security systems and had at least $140.6 million last year.

The next six lawmakers on the list are Democrats:

Rep. Jared Polis of Colorado, worth $91 million, is the founder of American Information Systems, an Internet access firm.

Sen. Mark Warner of Virginia, an early investor in Nextel, was worth $85.9 million last year.

Sen. Jay Rockefeller of West Virginia’s fortune stood at $83 million in 2011. His trusts are valued at a minimum of $80 million.

Sen. Richard Blumenthal of Connecticut, whose wife is the daughter of real estate mogul Peter Malkin, was worth $80 million last year.

Sen. Frank Lautenberg of New Jersey, co-founder of Automatic Data Processing, a payroll services firm, was worth $56.9 million.

Sen. Dianne Feinstein of California, married to investment banker Richard Blum, was worth $47.2 million.

The Hill reviewed lawmakers’ 2011 calendar year financial disclosure forms. To calculate a member’s wealth, The Hill used the low figure in the value range for each asset and liability. The liabilities were then subtracted from the assets to reach a minimum net worth.

Of the 50 wealthiest, 31 are in the House and 19 are in the Senate, and 31 of the 50 are Republicans.

Senate Minority Leader Mitch McConnell of Kentucky, at No. 37, is the only GOP leader to make the top 50, with $8.9 million. Former House Speaker Nancy Pelosi of California is No. 15 with $26.4 million.

The “poorest” member on the top 50 list, Republican Rep. Cynthia Lummis of Wyoming, was worth $5.9 million.