Who Are the Richest U.S. Senators?

In an effort to be transparent and prevent conflicts of interest, the Ethics in Government Act requires many federal elected officials to file an annual financial disclosure statement that reveals their assets, investments, and business interests. Senators are one of the groups of people who must make this disclosure. Their statements are made available to the public and can give a good idea of the financial position of their filers.

Here, we take a look at the list of the ten wealthiest senators as of the 118th Congress in 2024.

Understanding Congressional Wealth

All senators have a government-paid salary which, as of 2024, is $174,000 a year. However, many senators make much more from other sources and have a high net worth. Many of them started their careers in business and made the bulk of their fortunes before joining the political world.

On top of that, senators are high-profile people with a lot of power and influence. Through that, they have access to various business opportunities and to other important people, allowing them to increase their wealth through further investments.

Under the Senate code of conduct, senators, candidates, and staffers must disclose any assets or investments worth more than $1,000 at the end of each calendar year. They also have to report any transactions worth more than $1,000. Under the Stop Trading on Congressional Knowledge (STOCK) Act, these disclosures are electronically published on the Senate website.

Based on these disclosures, it is possible to estimate the value of each senator's portfolio. The following rankings are based on the live portfolio tracker compiled by Quiver Quantitative, a hedge fund, calculated from their reported trades. Note that these estimates are largely based on trades of liquid securities, such as stocks and bonds. Real estate, private companies, debts, and other illiquid assets are not included, which could have a significant effect on the senators' net worth.

1. Rick Scott (R - Florida)

The former governor of Florida was elected to the Senate in 2019.

Sen. Rick Scott of Florida started his career in business, which is where he made the bulk of his wealth. He created one of the largest hospital networks, the Columbia Hospital Corporation.

Scott has an estimated net worth of more than $327 million as of 2024.

2. Mitt Romney (R - Utah)

Sen. Romney needs no introduction, having been the unsuccessful Republican candidate for the presidency in 2012. The U.S. senator for Utah is the second-wealthiest senator, with a net worth estimated at $246 million.

Like most of the wealthiest senators, Romney made his fortune in business before he got started in politics. He co-founded and ran the private investment firm, Bain Capital.

3. Mark Warner (D - Virginia)

Sen. Mark Warner of Virginia is one of the wealthiest members of the U.S. Senate and in fact of the entire Congress. Based on his annual disclosures, his net worth is approximately $195 million.

Born in 1954, Warner grew up in a middle-class family. From as early as his college years, Sen. Warner had political aspirations. At one point during his time as a political science student, he even suggested to his parents that he would one day become president.

The bulk of Warner’s wealth came from Columbia Capital, a venture capital firm he founded shortly after graduating from law school. Under his direction, the firm made several successful early investments in companies in the telecommunication industry, including XM Satellite Radio and Nextel Communications.

4. Pete Ricketts (R - Nebraska)

Pete Ricketts was appointed to serve as Nebraska's senator after Ben Sasse resigned in 2023. Ricketts previously served as Nebraska's governor for two terms, from 2015 to 2023. He is expected to serve until the end of Sasse's term in 2025.

Before entering politics, Ricketts worked for his family business, which is now known as Ameritrade. Ricketts has an estimated net worth of $161 million, according to Quiver Quantitative.

5. Markwayne Mullin (R - Oklahoma)

Markwayne Mullin was sworn into the Senate in 2023, after five terms in the House of Representatives. His net worth is estimated to be around $63 million.

Mullin made his initial wealth through the family plumbing business, which he expanded over several decades and went on to found several other companies.

6. John Hoeven (R - North Dakota)

Sen. John Hoeven has served as the senior U.S. senator from North Dakota since 2011. Before that, he was the state’s governor for 10 years. Hoeven's net worth has been estimated at $59 million.

Sen. Hoeven worked in banking before he started his political career, and served as the CEO of First Western Bank and the Bank of North Dakota. Sen. Hoeven remains an owner of First Western Bank and sits on its board of directors.

7. Bill Hagerty (R - Tennessee)

William Hagerty was elected to the Senate in 2020, having previously served as an economic advisor to several administrations and politicians. He was also on the transition team for President Trump, who appointed Hagerty to serve as ambassador to Japan in 2017.

Hagerty made his money in business. After a career at Boston Consulting Group, he became a venture capitalist, expanding his fortune by investing in new companies. His 2024 net worth is estimated at $55 million.

8. Ron Johnson (R - Wisconsin)

Wisconsin Senator Ron Johnson started in the late '70s as an accountant at PACUR, a Wisconsin-based polyester and plastics manufacturing company owned by his brother-in-law. He moved up through the ranks and became the company's CEO by the mid-'80s.

Sen. Johnson has an estimated net worth of $54.13 million.

9. James E. Risch (R - Idaho)

James Risch has been the junior senator from Idaho since 2009. He was previously the state's governor.

He has an estimated net worth of $55.11 million, much of it in farm and ranch land in Idaho.

10. Sen. Mitch McConnell (R - Kentucky)

Sen. Mitch McConnell of Kentucky, currently the minority leader of the U.S. Senate, has an estimated net worth of $48 million as of 2024.

McConnell has been a senator since 1984. The bulk of his wealth comes from a gift his father bestowed on him in 2008. He and his wife, Elaine Chao, also reported a gift of between $5 million and $25 million from her family in his 2008 disclosure. Chao, who is an economist, was a cabinet secretary in the administrations of George W. Bush and Donald J. Trump.

Most of McConnell's wealth is reported to be held in a Vanguard 500 Index fund.

The Bottom Line

Despite being a democracy, it takes time, money, connections, and clout to become elected to the U.S. Senate. It's no surprise, then, that nearly all of the senators today in Washington are millionaires. Most of them earned their money before entering politics, working as businessmen, financiers, and entrepreneurs.