The Senate’s ultrawealthy club: Meet the 8 senators worth $50 million or more
In recent financial disclosures, it has been revealed that eight U.S. senators boast net worths exceeding $50 million, highlighting a stark contrast between the wealth of lawmakers and the average American. Notably, six of these affluent senators are Republicans, with four of them newly elected in 2024. This trend aligns with the Republican Party’s strategy to recruit wealthy business figures to run for Senate seats, allowing candidates to self-fund their campaigns and lessen the financial strain on traditional party donors. Among this elite group, Senator Jim Justice of West Virginia stands out as potentially the only billionaire in the Senate, although questions about his actual net worth persist due to significant debts reported by Forbes.
Senator Justice’s wealth is largely tied to his ownership of coal and mining companies, as well as the luxury Greenbrier resort. Following closely is Senator Rick Scott of Florida, whose net worth ranges between $243 million and $744 million, primarily derived from his investments and properties, including a notable collection of aircraft. Other wealthy senators include David McCormick of Pennsylvania, who has assets worth at least $135 million, and Tim Sheehy of Montana, whose wealth is estimated to exceed $100 million. The financial profiles of these senators illustrate not only their individual successes but also a broader trend of wealth concentration within the Senate, raising questions about the implications of such affluence on policymaking and representation in the United States.
Sens. Jim Justice and Rick Scott, two of the richest members of the Senate, high-fiving at the Capitol in April.
Bill Clark/CQ-Roll Call via Getty Images
Members of Congress tend to be wealthier than the American public.
But some are ultra-rich: There are eight US senators worth roughly $50 million or more.
Half of them were only elected last year, and six of them are Republicans.
You probably already knew that members of Congress
tend to be wealthy
. What you may not realize is that some of them are
ultrawealthy.
Eight members of the US Senate are worth about $50 million or more, according to their most recent financial disclosures. One of them may be a billionaire. And there are several others who, though not nearly as wealthy, are still
multi-millionaires
.
Six of the eight wealthiest senators are Republicans. And four of those six were only elected last year.
That’s no coincidence: Ahead of a 2024 election cycle in which costly Senate races were expected in several states, GOP leaders explicitly sought to
recruit wealthy businessmen
to run for seats in the upper chamber.
That allowed the party to rely on self-funding by those candidates, decreasing the burden shared by the party’s donor base.
This list is based on an analysis of the assets and liabilities disclosed in each senator’s annual financial disclosures covering 2024, which are the most recent available. Assets owned by their spouses are included.
Members of Congress are not required to disclose the exact dollar values of their assets and liabilities, but rather a range of values. They are also not required to disclose the value of their personal residences.
Senators are listed in descending order based on the sum of the minimum value of their assets.
Sen. Jim Justice of West Virginia
Republican Sen. Jim Justice of West Virginia may be the sole billionaire serving in the US Senate.
Kayla Bartkowski/Getty Images
Sen.
Jim Justice
is by far the wealthiest senator — at least on paper.
The West Virginia Republican disclosed owning over $1 billion worth of assets in 2024. The bulk of that value is tied up in various coal and mining companies that Justice owns, along with the luxury Greenbrier resort.
However, there’s some reason to doubt that Justice is a billionaire.
Though he was listed as a billionaire by Forbes for several years, he was removed from the list in 2021 after it was revealed that he
owed a significant amount of debt
. Last year,
Forbes reported
that Justice and his companies were in so much debt, he had a negative net worth.
Spokespeople for Justice did not return a request for comment.
After serving as governor since 2017, Justice was elected to the Senate in 2024, succeeding retiring Sen. Joe Manchin, who was also wealthy.
Sen. Rick Scott of Florida
Republican Sen. Rick Scott of Florida is worth more than $240 million.
Michael M. Santiago/Getty Images
Sen.
Rick Scott
is worth somewhere between $243 million and $744 million, according to his financial disclosure.
The Florida Republican’s largest assets include his personal residence in Naples and a series of airplanes he owns, both of which are valued between $25 million and $50 million. The rest of mostly held in various investment funds.
Scott was elected to the Senate in 2018. He first entered politics in 2010, when he ran for governor of Florida and narrowly won the election.
Before that, he co-founded a chain of for-profit hospitals and was an investor.
Earlier this year, the Florida senator got into something of a
spat with a colleague over wealth
.
During a hearing on a bill to ban stock trading in July, Sen. Josh Hawley — while seated beside Scott — noted that he’s “not a billionaire, unlike others on this committee.”
Scott later said it was “disgusting” to criticize lawmakers for their success.
“I don’t know when in this country it became a negative to make money,” Scott said at the hearing. “This idea that we’re going to attack people because they make money is wrong. It’s absolutely wrong.”
Sen. David McCormick of Pennsylvania
Republican Sen. David McCormick of Pennsylvania owns assets worth at least $135 million.
Scott Eisen/Getty Images
Republican Sen.
David McCormick
of Pennsylvania owns assets worth at least $135 million, according to his 2024 disclosures.
That includes over $50 million in equity in Bridgewater, the hedge fund where he was CEO from 2020 to 2022.
McCormick also owns a ranch investment property in Colorado worth between $25 million and $50 million, plus other multimillion-dollar properties in Dallas, Washington, DC, and Pennsylvania. He and his wife also have significant investments in corporate, municipal, and US Treasury bonds.
He also has a
“dynasty trust,”
which allows their holders to pass wealth on to future generations without incurring certain
wealth transfer taxes.
The Pennsylvania Republican disclosed liabilities worth between $14 million and $66 million, including a mortgage and a line of credit he took out in 2024.
McCormick was elected to the Senate in 2024 after defeating Democratic Sen. Bob Casey.
Sen. Tim Sheehy of Montana
Republican Sen. Tim Sheehy of Montana is worth more than $100 million.
Anna Moneymaker/Getty Images
Sen.
Tim Sheehy
is worth at least $100 million — but he could be worth north of $300 million.
The Montana Republican’s 2024 disclosure includes an ownership interest in an entity called “Turtle Lake Holding Company” worth over $50 million.
That holding company holds millions of shares in
Bridger Aerospace
, the aerial firefighting company that Sheehy founded before entering politics.
He also disclosed owning two properties in Montana valued between $5 million and $25 million. His one liability, a mortgage, is valued between $1 million and $5 million.
Earlier this year, Sheehy put one of his properties
up for sale
for $10.25 million.
The Montana Republican was elected in 2024, defeating Democratic Sen. Jon Tester.
Sen. Mark Warner of Virginia
Democratic Sen. Mark Warner of Virginia is worth more than $76 million.
Andrew Harnik/Getty Images
Sen.
Mark Warner
is the wealthiest Democratic senator on Capitol Hill, boasting a net worth between $76 million and $303 million.
Much of the Virginia senator’s wealth is tied up in various investment funds.
For example, he and his wife have between $7 million and $35 million in SPY, an exchange-traded fund that holds stock in all companies in the S&P 500 index. He also has millions of dollars invested in municipal bonds.
Warner was elected to the Senate in 2008. He was previously governor of Virginia, and before he entered politics, he was a venture capitalist who invested in a variety of tech companies.
Sen. Pete Ricketts of Nebraska
Republican Sen. Pete Ricketts of Nebraska is worth more than $74 million.
Kevin Dietsch/Getty Images
Sen.
Pete Ricketts
is worth between $74 million and $293 million, according to his disclosure.
The Nebraska Republican is the
son of Joe Ricketts
, who founded the stockbroker TD Ameritrade and whose family owns the Chicago Cubs.
TD Ameritrade was acquired by Charles Schwab in 2020, and between $26 million and $155 million of the younger Ricketts’s net worth comes from Charles Schwab stock.
He also has personal residences in Omaha and Washington, DC that are each worth between $1 million and $5 million.
Ricketts was appointed to the Senate in 2023, succeeding fellow Republican Sen. Ben Sasse. He was previously the governor of Nebraska.
Sen. Richard Blumenthal of Connecticut
Democratic Sen. Richard Blumenthal of Connecticut is worth more than $70 million.
Andrew Harnik/Getty Images
Sen. Richard Blumenthal and his wife own at least $70 million in assets, making him the second-wealthiest Democrat in the Senate.
The Connecticut Democrat’s disclosures indicate that the vast majority of that sum comes from various investments held by his wife, Cynthia, who is a member of the
Malkin family
.
Blumenthal’s father-in-law, Peter Malkin, is the chairman emeritus of Empire State Realty Trust and Malkin Holdings. The family owns a stake in the Empire State Building.
Blumenthal was elected to the Senate in 2010, succeeding Sen. Chris Dodd.
Sen. Bernie Moreno of Ohio
Republican Sen. Bernie Moreno of Ohio is worth roughly $50 million.
Andrew Harnik/Getty Images
Sen.
Bernie Moreno
owns at least $50 million in assets, according to his 2024 disclosure.
Much of that wealth comes from real estate holdings, including two residences in Florida, one residence in Washington, DC, and land in Ohio. He also has significant investments in mutual funds.
Prior to entering politics, Moreno owned a series of car dealerships and founded a blockchain company.
Moreno was elected to the Senate in 2024, defeating Democratic Sen. Sherrod Brown.
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