Members of Congress Richer Than Ever

Posted on: 4:43 am, January 10, 2014, by , updated on: 05:48am, January 10, 2014

capitol

(CBS News) – Members of Congress have hit a new milestone in personal wealth, with more than half of the nation’s elected representatives clocking in at $1 million or more in their average net worth, according to an analysis by the Center for Responsive Politics.

At least 268 of the 534 current members of Congress, 50 percent, have an average net worth of $1 million or more. The median net worth of the 530 who were in Congress as of the May filing deadline for federal disclosures is $1,008,767 (that will go up when new member Rep. Katherine Clark, D-Mass., is counted – her candidate disclosures show she is a millionaire).

Democrats – the party more closely associated with working on issues like poverty at the moment – are a shade wealthier than Republicans, with a median net worth of $1.04 million, up from $990,000 last year. That figure is almost exactly $1 million for Republicans, up from $907,000 last year.

Senators are wealthier than their colleagues in the House, with their net worth increasing from $2.5 million to $2.7 million. But unlike in the House,Republicans in the Senate — with a median net worth of $2.9 million — are wealthier than Democrats. Senate Democrats were the only group to report a slight decrease in median net worth, down from $2.4 million to $1.7 million. That’s because they’ve lost two wealthy members previously included in the disclosures, Secretary of State John Kerry (net worth: $248 million) and Sen. Frank Lautenberg, ($87.5 million), who died last year.

Note: The above text is excerpted directly from an article appearing at CBSNews.com. Click here to read the full report.

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8 comments

  • Bill says:

    The sad thing here is, the folks who could truely do a GOOD job on Capital Hill and here in our own state CAN’T afford to run. These millionaire politicans made their money by managing it correctly(we hope) but when they get in to office they get a case of the dumba–.
    We the people need to take our country back!!!!!!!! Do your homework and get out an vote!!!!!

  • sharon says:

    government of the people by the people… these ‘people’ are not ‘the people’ – they are the 1% and that is the only ‘people’ they are governing on behalf of… I also heard that their approval rating is around 9% – I sure hope that has an impact on election day! We need ‘THE people’ in these positions!!!

  • Nuclear Mike says:

    And our Mayor is enriching himself in the same manner as Congress…

  • skillpot says:

    One would assume that the increase in wealth, when in office, has something to do with ‘insider trading information!’

    • Harold says:

      I think it has more to do with the payouts from corporate America for services the office renders. Our reps don’t represent us anymore because votes are outside of our financial means. If We the People could manage to payoff our elected officials as well as big business does America might be in a totally different place than it currently is.

  • Branko Pezdi says:

    The turnover rate in both houses of Congress is less than the turnover rate was in the Supreme Soviet during the heydays of Stalin. This fact alone is sufficient for the people to push for term limits via a Constitutional amendment. In a little over two centuries of the existence of this “free” country, the politicians have succeeded in gaming the system to keep themselves in power in perpetuity as a true ruling class. The days of this Republic are numbered, just as the days of the Roman Republic were numbered for virtually the same reason.

    • skillpot says:

      Yes, After Four, Maybe Eight, Must Vacate! And add, this important change: No State Shall Have Less Than Two Congresspersons (better yet, only Male), and No State Shall Have More Then Eight Congressmen!

  • Randy says:

    Not surprised, since Greed runs our once great Country.. but hey!! we the Sheeple just let it go on…

Comments are closed.