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March 10, 2011 at 10:56 AM
According to data from the Center for Responsive Politics released Wednesday, the newest crop of members of Congress hold considerable wealth in both public and private investments, and are richer than their constituents by a considerable measure. Holdings in real estate, public and private companies, and limited liability corporations (LLCs) make up a considerable proportion of their wealth.
Although disclosure requirements provide for a wide spread when accounting for personal net worth, the spans of freshmen congressmen and senators indicate that most are very well off indeed. Calculations by the Center show that 60% of Senate freshmen and 40% of House freshmen are millionaires.
Their median estimated wealth is $3.96 million for fledgling senators, $570,418 for representatives. Based on disclosure statements from 2009, the most recent available, the median net worth of the 112th House is a bit lower than that of the 111th House; however, the 112th Senate freshman average chalks up a higher total than the 111th.
