As of 2020, more than half of the 535 lawmakers in Congress were listed as millionaires. The median net worth of members of the House and Senate is $1 million, although their salaries are just $174,000 per year.
Some of them began their careers in Congress already wealthier than most, but it appears many elected officials do quite well at boosting their net worth while in office. In fact, it’s been calculated the average increase in their net worth is 114 %. It’s no wonder folks want to be elected to Congress - and never want to leave.
Every so often, someone in Congress falls from grace when greed gets the best of them. There are examples throughout history of Senators and Representatives abusing their considerable privileges and getting caught doing so.
The latest prominent politician to get into trouble is Sen. Bob Menendez, a Democrat from New Jersey. He and his wife have been indicted in New York on federal bribery charges. Menendez was elected to the Senate in 2006 and was the powerful chairman of the U.S. Foreign Relations Committee, but has now stepped down following his indictment.
Menendez refuses to resign as Senator, however, and insists he has done nothing wrong. He was tried before in 2017 on federal corruption charges, but that ended with a hung jury. One might think after that scare, he would have bent over backward to avoid any hint of corruption. These new charges are far more than a hint.
Menendez is accused of giving sensitive U.S. government information to Egyptian government officials and of helping them in ways that are not in line with his responsibilities in the Senate. He’s accused of using his position to influence criminal probes of two businessmen, and of pressuring U.S. Agricultural Department officials to protect a business monopoly in Egypt for a third businessman.
When the Menendez home was searched, $480,000 in cash was found hidden in clothing, closets and a safe. Gold bars estimated to be worth $155,000 were also found, and computers in the home showed Google searches for their estimated value. A Mercedes-Benz luxury car was additional evidence of a bribe.
Regardless of whether Menedez is found guilty of bribery, he should be finished as a Senator. More and more Democrats are calling for his resignation, and others will follow as more details of his alleged crimes are reported. Sen. John Fetterman, one of the newest elected Senators, was the first among Democrats to call for him to resign. By law, Menendez is presumed innocent of these crimes, but he’s already violated his oath of office with ample evidence of corrupt conduct. His constituents deserve better.
Members of Congress are in a favorable position to become rich without committing crimes. There are many Senators who were wealthy before running for office: Mitt Romney, Mark Warner and Rick Scott are examples. Interestingly, eight out of the 10 wealthiest Senators are Republicans, while eight of the 10 poorest Senators are Democrats. It’s interesting also to check the net worth of Congressional members when they first entered office, compared to where they stand today. The information is online.
Serving in Congress can be profitable and there are good reasons for it. They have generous benefits to start with. The majority of their flights are free, along with free airport parking, free on-site gym, good health benefits and an excellent retirement plan. They have up to 239 days off, and the entire month of August not in session. Members of Congress each receive a $250,000 annual budget for travel and office expenses. There’s $900,000 for each Representative to hire staff, and $3.5 million for each Senator, per year. There is also a death benefit of one year’s salary for the family of anyone who dies during service in Congress.
The greatest perk, however, and this may explain how the net worth of elected officials increases while in office: Serving in Congress gives members access to influential king makers and numerous investment opportunities. They rub elbows every day with wealthy, important people, many of them lobbyists, with valuable experience in how to enrich oneself.
Members try to avoid the appearance of taking advantage of access not available to others. Nevertheless, there’s a lot of money-making information floating around that Capitol building.