The 87 House Republican freshmen who were elected last November on platforms of fiscal restraint and government downsizing have turned out to be some of Congress’s wealthiest members.
More than 40 percent of House freshmen are millionaires with a median estimated wealth for of $570,418, according to the Center for Responsive Politics analysis of federal personal financial disclosure reports. In the Senate, more than 60 percent of freshmen are millionaires with a median estimated wealth of $3.96 million. By comparison, roughly one percent of Americans claim the same lofty financial status.
“Even though millions of Americans continue to struggle financially, most of the nation's newest congressional representatives are a world away from such constituents' financial realities," said Sheila Krumholz, the Center's executive director.
The Center for Responsive Politics determines the minimum and maximum possible asset values for each member of Congress to calculate a member's average estimated wealth.
Using that method, they estimate the entire 112th freshmen class is worth $533.1 million, with a minimum net worth of about $221 million and a maximum net worth of about $845.2 million.
Senator Richard Blumenthal, D-Conn., comes in first place as the wealthiest newcomer, with an average estimated wealth of $94.87 million. Coming in at a cool second is Rep. Diane Black, R-TN., with $49.4 million, followed by Rep. Rick Berg, R-N.D., with $39.2 million.
The current Senate freshmen on average were wealthier than the freshmen of the 111th Congress, while House freshmen had a slightly lower median wealth than their predecessors.
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