News & Politics

Congress Is Officially A Millionaire’s Club

Report reveals more than half of congressional members are worth at least $1 million.

Photo Credit: Richard A. McMillin/Shutterstock.com

As politicians continue to grapple over income equality in the nation, a new report shows that the majority of lawmakers on Capitol Hill are worth at least $1 million.

The Center for Responsible Politics found that of the 534 current member of Congress, more than half (268 to be precise) had an average net worth of $1 million or more in 2012, reported Time.

In calculating the figures by analyzing financial disclosure data, the Center combined members' assets including bonds and stocks and subtracted their liabilities such as loans and credit card debt. It also investigated the members investments.

The numbers were up from the previous year. Senators were considerably richer than House members, with the median net worth of $2.5 million compared with $896,000. Democrats were worth about $1.04 million while Republicans sat at $1 million even.

The richest member was Republican Darrell Issa (R-California) who oversees the House Oversight and Government Reform Committee. His average net worth was a whopping $464 million in 2012, which was mostly amassed through the car alarm business.

The least-wealthy member was Republic David Valadao (R-California) with a net worth of negative $12.1 million.

The most popular investment amongst members was General Electric followed by Wells Fargo, Microsoft Corp, Procter & Gamble and Apple Inc.

Such figures raise a burning issue of whether it is possible for policy makers to address or even begin to understand poverty in light of such an income disparity divide. 

Jodie Gummow is a senior fellow and staff writer at AlterNet.

 

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