Tag: millionaires

Issa tops The Hill’s 50 Wealthiest

House Oversight Committee Chairman Darrell Issa (R-Calif.) saw his fortune  rise to at least $355 million in 2012, enough to take the crown on The Hill’s 50  Wealthiest list.

Issa, who made his riches with the Viper car security system, snatched the  No. 1 spot away from Rep. Michael McCaul (R-Texas), who came in second with a  net worth of at least $101 million.

Thirty-seven of the lawmakers on the list are from the House, with the  remaining 13 coming from the Senate.

While several high-profile lawmakers are among the wealthiest — including  Rep. Nancy Pelosi (D-Calif.) and Sen. Mitch McConnell (R-Ky.) — most of the  leading contenders for the White House in 2016 missed the top 50.

Rep. Paul Ryan (R-Wis.), the GOP’s vice presidential candidate in 2012,  reported a minimum net worth of $2.3 million, while conservative star Sen. Ted  Cruz (R-Texas) posted wealth of $1.5 million.

Two other rising GOP stars, Sens. Rand Paul (Ky.) and Marco Rubio (Fla.),  reported more modest financial means. While Paul’s wealth stood at about  $455,000, Rubio was in the red with a negative net worth of roughly  $190,000.

On the Democratic side, Sen. Mark Warner (Va.) stood out among possible 2016  hopefuls with a minimum net worth of $88.5 million, good enough for third place  on The Hill’s list.

Two other Democrats in the 2016 discussion, Sens. Elizabeth Warren (Mass.)  and Kirsten Gillibrand (N.Y.), fell on opposite ends of the financial spectrum.  While Warren reported a portfolio worth at least $3.9 million, Gillibrand was  barely in the black with a net worth of $166,000.

The Hill’s Wealthiest list bid farewell to some familiar faces this year.

John Kerry — a perennial contender for richest lawmaker thanks to his wife’s  ties to the Heinz ketchup fortune — left the Senate this year to serve as  President Obama’s secretary of State.

Ex-Sen. Herb Kohl (D-Wis.), owner of the NBA’s Milwaukee Bucks and another  regular on the list, decided to retire after last year’s election.

And the late Sen. Frank Lautenberg (D-N.J.), who was the first full-time  salesman for the payroll processing company Automatic Data Processing, died in  2013.

Taking their place are several lawmakers who are serving their first terms on  Capitol Hill.

Among the new additions is Rep. Joseph Kennedy (D-Mass.), whose $15.2 million  showing continues the tradition of having a wealthy member of the Kennedy clan  in Congress.

Other first-timers include Rep. Suzan DelBene (D-Wash.), a former Microsoft  executive with wealth of at least $23.9 million; Rep. Chris Collins (R-N.Y.), a  former businessman with $22.3 million; and Rep. Steve Daines (R-Mont.), a former  tech entrepreneur with at least $9.2 million.

Other lawmakers earned a spot on the list after their assets climbed skyward.

Rep. Jim Cooper (D-Tenn.) saw his share in Kentucky and Tennessee farmland and real estate spike, helping to give him a net worth of $8.2 million. Rep. John Fleming’s (R-La.) wealth was $10.7 million in 2012 after his holdings in franchise development and properties soared in value.

But it’s Issa who stands as king of Capitol Hill, thanks in no small part to  the removal of $100 million in liabilities from his balance sheet on his 2012  form.

Issa listed several investment funds among his assets, including some that  are worth more than $50 million each. He also has properties valued in the  millions of dollars.

Before coming to Congress, Issa was a successful chief executive who founded  Directed Electronics and served as chairman of the Consumer Electronics  Association.

The runner-up on the list, McCaul, owes much of his wealth to family trusts.  His wife, Linda, is the daughter of Clear Channel Communications founder Lowry  Mays.

To come up with its rankings, The Hill used financial disclosure forms  covering the 2012 calendar year. The reports are not perfect, because they  provide value ranges instead of exact figures.

The Hill adds up the low figures in each value range for every asset and  liability. Then, the sum of a lawmaker’s liabilities is deducted from the sum of  his or her assets to calculate a minimum net worth.

Some lawmakers provide lengthy bank statements or investment reports with  their annual financial statements. The Hill uses exact figures when  possible.

The methodology is designed to provide a conservative estimate of a  lawmaker’s worth, and it’s likely that many lawmakers, such as Issa and McCaul,  are wealthier than their reports indicate.