For First Time, Most Members of Congress Are Millionaires
More than half qualify, says new tally
By John Johnson, Newser Staff
Posted Jan 9, 2014 6:15 PM CST
Rep. Darrell Issa, R-Calif., is thought to be the richest member of Congress, with a net worth of about $464 million.   (AP Photo/ Evan Vucci, File)

(Newser) – It isn't too much of a stretch to say that John Boehner now presides over a millionaires' club, reports the Center for Responsive Politics. Its analysis of financial disclosure forms reveals that more than half of the members of Congress qualify. Specifically, 268 of the 534 current members had a net worth of at least $1 million in 2012, up from 257 members (48%) the previous year. It's the first time in history that millionaires are in the majority.

Darrell Issa, who made a mint selling car alarms, is in the top spot at around $464 million. But before you feel too poor, consider the plight of Rep. David Valadao, R-Calif. He's in the last spot (again) with a net worth of a negative $12 million, thanks to loans for his family's dairy farm. USA Today and CNBC note a few other details: Real estate is the No. 1 investment vehicle for members of Congress; GE is the most popular stock pick for those who play the markets, with 71 members owning shares; and Democrats, with a median net worth of $1.04 million, are richer than Republicans, at $1 million. Also, senators are generally wealthier than their House counterparts, with a median net worth of $2.7 million, compared with $896,000.

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Showing 3 of 102 comments
Jerman
Mar 23, 2014 5:42 AM CDT
We already have term limits decided by votes. What we're really talking about is a limit due to all of us dummies that keep reelecting them. Today, our government is so complicated, not sure one or two terms could achieve anything. Freshmen congressmen have bailed finding they could do little due to the bureaucracy.
augie2
Jan 11, 2014 11:49 PM CST
Just shows how immoral politicians are now. Term limits for ALL and this should include judges, especially the lifetime appointment judges. None of us are guaranteed lifetime employment so why should we be giving it to them.
Nona
Jan 10, 2014 12:47 PM CST
This is why term limits are important. People can serve their two terms and then they have to return to private life. Otherwise we have what we have now: People who stay in office and become rich off the influence and power that they wield. Their only concern is how to get re-elected. Secondly, the voters should choose the salary levels of their representatives. (Of course probably 90% of voter would give them two bits now) People who serve get no retirement. Serving your country shouldn't be a way to get rich, it should be a way to help the people who most need the help: the disabled, poor and underprivileged. Call it a pipe dream, but I will still continue to advocate my point of view.