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How rich is Utah senator Mitt Romney; Mitt Romney’s net worth revealed

How rich is Utah senator Mitt Romney; Mitt Romney's net worth revealed
Bogdan Stojkov

As a former presidential candidate, business leader, and current Utah senator, Mitt Romney’s net worth places him among the richest politicians in America. In this piece, we focus on his wealth while also taking a look at his assets and investments, as well as any insider trading controversies associated with him.

Who is Mitt Romney?

Mitt Romney is the junior United States senator from Utah. Born on March 12, 1947, in Detroit, Michigan, Romney hails from a well-known political family. His father, George W. Romney, was the governor of Michigan and a presidential candidate in the 1960s.

Making a name for himself in business before entering politics, Mitt Romney co-founded Bain Capital (NYSE: BCSF), a private equity investment firm, back in 1984. His business experience played a significant role in his rise to wealth and prominence.

In 2012, Mitt Romney ran as the Republican candidate for president but lost to Barack Obama.

Mitt Romney’s net worth

Mitt Romney’s net worth stands as one of the highest among US senators. OpenSecrets’ estimate from 2018 suggest his wealth to be $174,490,570. However, based on his 2022 financial disclosure report, his net worth is actually somewhere between $68,697,089 and $324,330,000, which is a considerably lower figure than what was reported earlier.

Either way, it’s an immense net worth, and it places him in the upper echelons of wealthy politicians in America. Yet, as mentioned previously, his financial success stems from his lucrative career in private equity, as well as solid investments and a diverse portfolio of assets.

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 Mitt Romney make his money?

From what we were able to gather, Mitt Romney’s wealth comes from several streams. These include:

  • Business ventures: Romney’s co-founding of Bain Capital has been a major contributor to his wealth. The private equity firm manages billions of dollars in assets and has yielded substantial profits for the Utah Senator over the years;
  • Investment returns: Romney has a diverse investment portfolio that includes stocks, bonds, and other financial instruments. These investments generate significant annual returns;
  • Book deals and speaking engagements: Just like many of his Senate peers, Romney has authored several books and frequently participates in speaking engagements, both of which provide additional income;
  • Senatorial salary: As a Senator, Romney earns an annual salary of $174,000, which, while substantial, is a small fraction of his overall income.

Rundown of Romney’s assets and investments

Mitt Romney has quite an extensive and diverse financial portfolio. As such, it’s best to take a more detailed look at some of his key assets and investments:

  • Real estate: Romney owns several high-value properties, including homes in Utah, Massachusetts, California, and New Hampshire. These real estate properties are not only luxurious but also represent significant financial assets;
  • Investment funds: The Utah Senator has substantial holdings in various mutual funds, hedge funds, and private equity funds. These investments provide him with a steady income and help diversify his portfolio;
  • Stock market: Romney’s stock market investments include shares in major corporations like Apple (NASDAQ: AAPL), Google (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT).

Insider trading

There are no official documents or news reports that suggest that Mitt Romney was part of any insider trading scandal. Throughout his career, the Utah senator maintained a reputation for adhering to ethical standards and regulatory requirements.

As a US Senator, Mitt Romney is subject to the Stop Trading on Congressional Knowledge (STOCK) Act, which mandates the disclosure of financial transactions and prohibits the use of non-public information for personal gain.

The bottom line

With an estimated net worth between $68,697,089 and $324,330,000, Mitt Romney is one of the wealthiest US senators. However, most of his money comes from his business career before entering politics. In fact, Romney’s extensive business background and commitment to transparency have helped him avoid the controversies that have plagued other politicians, allowing him to maintain a clean record when it comes to insider trading.

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

FAQs about Mitt Romney’s net worth

Who is Mitt Romney?

Mitt Romney is a US Senator from Utah, a former governor of Massachusetts, and was the Republican nominee for President in 2012.

What is Mitt Romney's net worth?

As of the wealthiest members of the US Senate, Mitt Romney’s net worth is somewhere between $68,697,089 and $324,330,000.

How did Mitt Romney build his net worth?

Mitt Romney made most of his money through his career in private equity, primarily as the co-founder and CEO of Bain Capital, a private investment firm.

How does Mitt Romney's net worth compare to other US senators?

As of the latest data, it appears that only Rick Scott—Romney’s Republican colleague—has a bigger net worth, with the two of them sitting atop the list of US senators, based on their wealth.

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