John Hoeven is an American politician and banker who has served as the senior U.S. Senator from North Dakota since 2011. Having a successful banking career before entering politics, Hoeven is widely recognized as one of the richest senators. This article will reveal John Hoeven’s net worth and trace back the sources of his substantial fortune.
How rich is John Hoeven?
Hoeven attended Dartmouth College and earned a B.A. in 1979. Later, he enrolled at Northwestern University’s Kellogg School of Management, from which he would receive an MBA in 1981.
John Hoeven’s father, John “Jack” Hoeven, owned First Western Bank & Trust, a bank in North Dakota, and served as its president and chairman. John Hoeven acted as the executive president of his father’s institution from 1986 to 1993. In fact, at one point, he owned 39% of Westbrand, Inc., the bank’s parent company. Afterward, he acted as the president and CEO of the state-run Bank of North Dakota until 2000.
Hoeven started his political career in 2000 when he ran for and won the office of Governor of North Dakota. In 2010, he was elected to the Senate and has held the post ever since.
Although a senator’s pay is significant, most of Hoeven’s wealth came from his financial posts and business ventures.
What is John Hoeven’s net worth?
Disclaimer: Estimating a lawmaker’s net worth is challenging because disclosure forms do not mandate exact values. Instead, lawmakers report the value of their assets and liabilities within specified ranges. While we strive to accurately estimate net worth from filings, disclosure rules have shortcomings. Personal residences, certain personal property, and federal retirement accounts are often not reported. Large assets can be listed in broad categories like “Over $1 million” or “Over $50 million,” potentially worth much more. Additionally, most Members of Congress earn $174,000 annually, but this isn’t required to be disclosed.
How did John Hoeven make his money?
John Hoeven’s net worth came from his lucrative posts and subsequent business investments, including:
- Banking: For nearly a decade and a half, John Hoeven held prominent positions in banking, first his father’s private bank and later the state-run Bank of North Dakota. While we cannot know precisely how much he has benefitted from these roles, the largest part of Hoeven’s wealth came from banking. In fact, he and his spouse own up to $55 million worth of private stocks in Westbrand, Inc., a private bank holding company;
- Politician’s salary: John Hoeven began with politics in 2000 and has since held the elected official roles of a governor and a senator. As a senator, he currently receives an annual salary of $174,000;
- Investing: Ultimately, Hoeven has put a large chunk of his net worth in various assets, such as mutual funds and savings accounts. While we cannot extract any precise values due to the nature of disclosure forms, the prominent position is in John Hoeven Qualified Blind Trust, which is valued between $5 million and $25 million.
Insider trading involvement
Senator John Hoeven has been involved in at least one major insider trading scandal. In fact, in January 2020, Hoeven invested up to $250,000 in a health sciences fund just a few days after a federal government briefing on the spread of COVID-19.
Hoeven disclosed the transaction, which occurred on January 29, in a February report. The government briefing happened on January 24, which implies that the senator had insider information that could have led to the health fund investment.
A spokeswoman for Hoeven said that the mutual fund purchase was not motivated by the briefing, which happened on the day of the fund’s initial public offering (IPO).
Who is John Hoeven?
John Hoeven was born on March 13, 1957, in Bismarck, North Dakota. His father was a prominent banker and introduced his son to the trade, which greatly influenced John Hoeven’s net worth. He holds an MBA from Northwestern University’s Kellogg School of Management.
Before transitioning to politics, Hoeven was the president and CEO of the Bank of North Dakota from 1993 to 2000. Then, he decided to enter politics and ran for the Governor of North Dakota in 2000, which he won. As a governor, he prioritized economic development, improving energy policy, and developing educational and healthcare systems.
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In 2011, Hoeven was elected to the U.S. Senate. As a senator, he advocates energy independence, agricultural policies, and the development of rural areas, which are also the main issues in North Dakota, his home state.
How much is John Hoeven’s worth – the bottom line
The affluent politician and ex-banker from North Dakota is commonly placed among the top ten richest U.S. senators. John Hoeven’s net worth is estimated to be between $22.465 million and $96.75 million, which puts him in the top wealth bracket of representatives in American politics.
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