(Drew Angerer/Getty Images)

The story is part of a series about lawmakers’ personal financial disclosures. OpenSecrets recently updated its personal finances database to include data from lawmakers’ most recent filings released last May.

Congress is an exclusive club. It’s also a wealthy one.

More than half of those in Congress are millionaires, data from lawmakers’ most recent personal financial disclosures shows. The median net worth of members of Congress who filed disclosures last year is just over $1 million.

Much of the wealth in Congress is concentrated at the top. The top 10 percent of wealthiest lawmakers have three times more wealth than the bottom 90 percent. While some lawmakers are still paying off student loans, others are paying off their third or fourth mortgage. The group of wealthiest members includes career politicians who boosted their portfolios over decades in Congress and recently elected lawmakers.

According to estimated net worth calculations, Sen. Rick Scott (R-Fla.) is the wealthiest lawmaker with nearly $260 million in net assets. Scott dethroned Sen. Mark Warner (D-Va.) for the top spot after he won election in 2018, despite injecting nearly $64 million of his own money into his campaign.

Rep. Greg Gianforte (R-Mont.), who made his wealth through a software company, is the richest House member with $189 million. Gianforte chose to disclose his exact assets last year rather than showing them in wide ranges, providing a clearer picture of the state of his finances.

Lawmakers filed their most recent annual financial disclosures last May, revealing their finances through 2018. The reports disclose lawmakers’ finances in ranges. To estimate net worth, OpenSecrets averages the maximum and minimum value of lawmakers’ assets and debts.

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Some lawmakers have not filed one of these reports yet. They include recently appointed Sen. Kelly Loeffler (R-Ga.), who is estimated to be worth over $500 million. Loeffler recently announced she would sell all of her stocks amid controversy over her stock trades that appeared to be related to the coronavirus pandemic.

The leaders of both chambers make the top 10 list. House Speaker Nancy Pelosi (D-Calif.) has seen her wealth increase to nearly $115 million from $41 million in 2004, the first year OpenSecrets began tracking personal finances. Senate Majority Leader Mitch McConnell (R-Ky.) saw his net worth increase from $3 million to over $34 million during that time. Both political leaders are married to affluent individuals who are driving those increases.

The 116th Congress is flush with newcomers, and many of them have substantial cash. Sen. Mitt Romney (R-Utah), a former private equity executive, is worth an estimated $174 million. Sen. Mike Braun (R-Ind.), who spent $10.5 million of his own money boosting his 2018 campaign, is worth roughly $137 million. Another self-funder and midterm winner, Rep. Dean Phillips (D-Minn.) holds an average of $124 million in net assets.

Two-term Rep. Paul Mitchell (R-Mich.) saw the largest growth in wealth between 2017 and 2018. The former for-profit college executive’s average net worth skyrocketed from $101 million to nearly $180 million. Mitchell won’t seek reelection this November.

Some longtime members of Congress watched their wealth rise to record levels in 2018. Rep. Collin Peterson (D-Minn.) was worth an estimated $123,500 in 2008. The House Agriculture Committee chairman’s average net assets stood at $4.2 million as of his most recent financial disclosure.

Rep. Judy Chu (D-Calif.) was worth less than six figures in 2008. One decade later her estimated net worth sat at $7.1 million. Sen. Roy Blunt (R-Mo.) increased his wealth from $602,000 to $10.7 million over the last decade.

Alex Baumgart, Grace Haley and Ilma Hasan contributed to this report.



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