Members of Congress Richer Than Ever
(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.