Some Minnesota lawmakers in D.C. millionaires, but still not in top 1 percent
Image has not been found. URL: http://images.americanindependent.com/cash360.jpgThough none qualify as the “one percent,” at least three of Minnesota’s members of Congress are millionaires, a study by the Center for Responsive Politics released on Tuesday shows.
The study averaged the net worth of each member. When members file their financial disclosure statements, they list assets and liabilities as part of minimum and maximum bet worth and CRP averaged those. For example, Sen. Amy Klobuchar reported a minimum net worth of $345,029 and a maximum of $1,104,000 for an average net worth of $724,512.
In Minnesota politics, the Republican members are much wealthier than the DFLers.
The wealthiest member of Minnesota’s delegation was Sen. Al Franken with an average net worth of $8,747,525 followed by Rep. Michele Bachmann at $1,783,508 and Rep. Chip Cravaack in 217th place with an average net worth of $1,391,551.
Those three plus were in the top half of Congress’ 535 members.
After Klobuchar’s $724,512 comes Rep. Erik Paulsen with an average net worth of $487,017, Rep. John Kline had $471,006, Rep. Collin Peterson had $263,005, Rep. Tim Walz with $247,502, and Rep. Betty McCollum with an average net worth of $88,005.
Rep. Keith Ellison had the lowest net worth, with negative $14,497.
The generally accepted cutoff for the top 1 percent of Americans in terms of net worth is about $9 million on 2010, a threshold that none of the Minnesota delegation report.
Eleven percent of Congress is in the top 1 percent in terms of net worth.