by Adam English, Wealth Wire:
The Hill has published its annual list of the wealthiest lawmakers in the USA and once again we’re reminded of how little our elected representatives resemble the rest of America. No wonder their approval rating is at or below 10%.
The values shown could be huge understatements depending on the information provided by the lawmakers. Even after the STOCK act, exact figures and some assets do not need to be reported. The Hill used the lowest figure in the reported range of value for each asset and liability.
In an interesting twist, the list is dominated by Democrats. The party may claim to champion populist ideas for the poor and middle-class, but many of the members are doing it as outsiders.
Here are the top ten richest lawmakers in the USA…
#1- $290.5 million: Rep. Michael McCaul’s (R- TX) minimum net worth of $290.5 million for 2011 puts him in the top spot. McCaul’s father-in-law is the founder of Clear Channel Communications and his disclosures state “certain assets owned by spouse were acquired via gift from spouse’s parents.”