Understanding the financial standings of US Senators is key for all American citizens. Hence, in this piece, we take a look at Missouri’s Eric Schmitt’s net worth, assets, investments, and all other relevant information.
Who is Eric Schmitt?
Eric Schmitt pursued a career in law before entering politics. He earned a Bachelor’s degree from Truman State University and later obtained his Juris Doctor from Saint Louis University School of Law. Schmitt served as an alderman for Glendale, Missouri, and later as a Missouri state senator.
In 2016, he was elected Missouri State Treasurer, and in 2018, he became Attorney General of Missouri. His political career reached a new high in 2022 when he was elected to the US Senate, representing Missouri.
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Eric Schmitt’s net worth
Based on Eric Schmitt’s financial disclosure report for the year 2022, his total assets value is between $368,024 and $1,170,000. Also, he has no liabilities, which means that his total asset value is his actual 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 Eric Schmitt make his money?
Eric Schmitt’s wealth primarily comes from his career as a lawyer and politician. Additionally, he made certain strategic investments that have contributed to his net worth. That said, let’s take a closer look at his primary sources of income:
- Legal career: Before entering politics, Schmitt worked as a lawyer, which provided him with a steady and substantial income;
- Political salary: His roles as State Senator, State Treasurer, Attorney General, and now US Senator have come with significant salaries;
- Investments: Schmitt has made investments in various financial instruments, including mutual funds and exchange-traded funds (ETFs).
Eric Schmitt’s assets
As mentioned, Eric Schmitt’s minimum asset value is $368,024, and the maximum is $1,170,000. His portfolio is pretty diverse, with assets ranging from mutual funds and retirement accounts to bank deposits. Out of all of Schmitt’s assets, his most valued ones are:
- SPDR S&P 500 TRUST ETF SPY mutual fund, valued between $100,001 and $250,000;
- VANGUARD TOTAL STOCK ETF MARKET ETF, valued between $50,001 and $100,000;
- US TREASURY NOTES government securities, valued between $15,001 and $50,000.
Was Eric Schmitt ever involved in insider trading?
What is insider trading?
Although several members of the US Senate were involved in a major congressional insider trading scandal in 2020, Missouri representative Erich Schmitt was not mentioned in any official document. Moreover, Schmitt has been active in legal actions against scammers and price gougers during the COVID-19 pandemic, when the whole scandal occurred.
How much is Eric Schmitt worth?
Senator Eric Schmitt’s net worth remains pretty solid, ranging from $368,024 to $1,170,000. Nevertheless, this estimate makes him part of the lower-tier echelon of US Senators based on their personal wealth. Even if his actual net worth is closer to the upper estimate figure, and he’s a millionaire, Schmitt is nowhere near the likes of Rick Scott and Mitt Romney.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
