Dave McCormick’s net worth 2025: How rich is the new Pennsylvania senator?

Ex-CEO of Bridgewater Associates, one of the world’s largest hedge funds, and one of the wealthiest newcomers to the Senate — what is Dave McCormick’s net worth?

Who is Dave McCormick?

Dave McCormick is an American politician, U.S. Army veteran, and public servant currently serving as the junior United States senator from Pennsylvania, having narrowly defeated Democratic Senator Bob Casey in the 2024 elections. 

McCormick was born August 17, 1965, in Washington, Pennsylvania, graduated from West Point, served in the Gulf War, and later earned a Ph.D. from Princeton. Earlier in his political career, McCormick served in the Treasury Department under President George W. Bush. He was likewise known as the CEO of Bridgewater Associates, one of the largest hedge funds in the world. He is the husband of Dina Powell, a former Goldman Sachs executive and White House official.

Dave McCormick’s net worth

A multi-millionaire with a background in executive compensation, investments, and equity in Bridgewater Associates, McCormick is one of the richest new U.S. senators, surpassing the likes of Ruben Gallego by a long shot.

Disclaimer: Estimating a U.S. Senator’s net worth is challenging because disclosure forms do not mandate exact values. Instead, they 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.

Dave McCormick’s assets

According to his 2024 Candidate Disclosure, most of McCormick’s wealth comes from assets such as:

• Investment funds: McCormick has invested millions in investment and private equity funds;
• Real estate: McCormick has likewise invested millions into real estate and real estate investment trusts (REITs);
• Securities: Securities and corporate bonds feature heavily on McCormick’s list of assets.

McCormick disclosed limited liabilities, mostly mortgages and capital commitment expenses.

How Dave McCormick made his money

Dave McCormick’s wealth stems primarily from three key areas:

• Hedge fund compensation: McCormick joined Bridgewater Associates in 2008 as president. In 2017, he became the fund’s co-CEO before assuming full control in 2020. During this period, McCormick made tens of millions before switching his focus to the senatorial elections;
• Government roles: McCormick worked as the Under Secretary of Commerce for Industry and Security. Later, he served as Deputy National Security Advisor for International Economic Policy and represented President George W. Bush during G8 negotiations. From 2007 to 2009, McCormick also worked as the Under Secretary of the Treasury for International Affairs. In addition, he helped organize the international response to the 2008 financial crisis;
• Investments: McCormick has invested heavily in funds and real estate property.

Controversies

During his campaign, McCormick faced a lot of scrutiny over alleged toxic workplace culture during his time as Bridgewater Associates CEO, including sexual harassment and silencing of victims by means of non-disclosure agreements (NDAs). As McCormick relied heavily on his business background during his run, his critics saw the allegations as directly contradicting his platform. Bob Casey, McCormick’s opponent during the elections, even launched a campaign ad calling out the allegations. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.