How Many Millionaires in Congress? Try 238

Lawrence Delevingne Clusterstock November 12, 2009

Did you know there are 238 millionaires in Congress?

That's according to a new study by the Center for Responsive Politics, which shows that more than 44% of Senators and Representatives are in the seven-figure club, compared to about one percent of all Americans.

Just as startling: 50 members of Congress boast estimated wealth of at least $10 million, according to 2008 data. And 7 are worth more than $100 million!

Overall, congressional median wealth uncharacteristically dropped nearly 5% in 2008 from 2007, but they're doing just fine.

"Generally speaking, members of Congress are wealthy by comparison with the vast majority of Americans. That doesn't mean they're immune to the effects of this ailing economy -- they're not," said Sheila Krumholz, CRP's executive director in a statement. "But they are much better positioned to withstand financial pressures than the people they represent."

NOTE ON METHODOLOGY FROM CRP: It is difficult to gauge what a lawmaker is worth based on what they file because the disclosure forms do not require exact values. Instead, the lawmaker reports the range of value into which an asset, for example, falls. As the values increase, the ranges get broader. To calculate net worth, shown here, CRP added together the lawmaker's range of assets and then subtracted their range of liabilities. We then calculate the midpoint of the resulting range and use this figure to rank the filers. Using this method provides a ranking that more closely reflects reality than using either the minimum or maximum values. (Read more about our methodology.) Valuation of very large assets is limited by the top range being over $50 million. When further research definitively revealed a more accurate figure, it was used in place of the range.

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Here's how out-of-touch the Bear Stearns prosecutors were: they actually thought they were winning the case.

How Many Millionaires in Congress? Try 238

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