A Government of the Millionaires, By the Millionaires and For the Millionaires
January 17, 2015
Andrew V. Pestano / United Press International
It's frequently charged that Congress is "out of touch" with the American people. There may be something to this. It turns out that more than half of Congress -- almost 51 percent -- is composed of millionaires. At the same time, the average American household has seen their net worth decrease 36 percent from $87,992 in 2003 to $56,335 in 2013. In 2013, the median net worth of a member of Congress was $1,029,505 -- 18 times the worth of an average American home.
Congress Is Worth $4.3 Billion:
Individual Median Net Worth $1 Million
WASHINGTON, DC (January 13, 2015) -- The median net worth of a member of Congress was $1,029,505 in 2013 -- 18 times the worth of an average American home.
Almost 51 percent of Congress is composed of millionaires while the average American household has seen their net worth decrease 36 percent from $87,992 in 2003 to $56,335 in 2013.
With the exclusion of 2008, the net worth of members has increased since 2006. This year's analysis sees an increase of 2.5 percent, which is greater than the rate of inflation.
Congress was worth $400 million more in 2013, totaling $4.3 billion, than in 2012, according to the Center for Responsive Politics' latest analysis of congressional wealth.
"Whether voters elect them because they are successful or because people of modest means do not run... is unclear," CRP's Executive Director Sheila Krumholz said. "But struggling Americans should not assume that their elected officials understand their circumstances."
Congress has seven members, three Republicans and four Democrats, who are worth at least $100,000,000. There are about two dozen members whose worth is in the negatives.
The wealthiest member is Rep. Darrell Issa, R-Calif., with a net worth of $448.4 million. In second place is Sen. Mark Warner, D-Va., with $254.1 million.
House Minority Leader Nancy Pelosi, D-Calif., was worth $87.9 million in 2012, but joined the hundred-millionaire club in 2013. She is now worth $100.8 million.
Contrarily, Rep. David Valadao, R-Calif., had a net worth of negative $11.5 million, making him the poorest member of Congress in 2013.
For median net worth, Republicans were slightly wealthier than Democrats -- $1.1 million to $946,500 respectively.
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