Maxine Waters’ net worth revealed: How rich is the most senior Black congresswoman?

Maxine Waters is an American politician who has served as the U.S. House Representative for California’s 43rd congressional district since 1991. She is also the second-most senior Congressperson from California after Nancy Pelosi. A staunch Democrat often critical of Republican policies, Waters is known for advocating for civil rights, social justice, and economic equality. Today, we will uncover Maxine Waters’ net worth and her public sources of income. 

How rich is Maxine Waters?

Waters attended Vashon High School in St. Louis before moving to Los Angeles in 1961. Initially, she found work in a garment factory and was employed as a telephone operator. In 1966, she was hired as an assistant teacher through the Head Start program in Watts. Waters earned a B.A. in sociology from Los Angeles State College in 1971.

Her first steps towards a career in politics came in 1973, when she served as chief deputy to City Councilman David S. Cunningham, Jr. In 1976, she was elected to the California State Assembly, where she climbed to the position of Democratic Caucus Chair for the Assembly. In 1990, she was elected as a Member of the U.S. House of Representatives from California.

Maxine Waters became the first woman and African American to chair the House Financial Services Committee. 

Disclaimer: While we strive to estimate net worth accurately 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. Likewise, state financial forms may omit residential property and liabilities like mortgages.

How did Maxine Waters make her money?

Maxine Waters has spent decades in politics. However, she had various jobs before she was elected to Congress. Here’s a summary of income streams that made Maxine Waters’ net worth:

• Menial jobs: Maxine Waters was one of 13 children, and her mother raised her alone since she was two when her father left the family. As such, after high school, Waters worked as a garment factory worker and a telephone operator;

• Teaching: Owing to the Head Start program, Waters was hired as an assistant teacher in Watts. She holds a B.A. in sociology from California State University;

• Politics: Maxine Waters has been in politics since 1976 and has been a member of the U.S. House of Representatives since 1991. As a representative, she earns an annual salary of $174,000.

Maxine Waters’ assets and liabilities

Here’s a list of Maxine Waters’ most valuable assets:

• Residential property: 549 S. Lucerne, Los Angeles, CA – valued between $1,000,001 and $5,000,000;
• American Golf Jt. Venture Partnership Income – owned by her spouse and valued between $100,001 and $250,000;
• CHESAPEAKE OPERATING LLC (Royalty) – owned by her spouse and valued between $100,001 and $250,000;
• One United Bank – stock position owned by her spouse and valued between $100,001 and $250,000;
• Merrill Lynch: Blackrock Sustainable – mutual funds position owned by her spouse and valued between $50,001 and $100,000.

However, Maxine Waters’ net worth is significantly reduced by her liabilities, which include:

• Mortgage on property: 549 S. LUCERNE BLVD; LOS ANGELES, CA 90020 – valued between $500,001 and $1,000,000;
• Mortgage on property: 2105 1/2 SST.NW, WASHINGTON, DC 20008 – valued between $250,001 and $500,000;
• Mortgage on property: 1044 W. 82ND, LOS ANGELES, CA 90044 – valued between $100,001 and $250,000;
• Congressional Federal Credit Union revolving charge – valued between $10,000 and $15,000.

Insider trading involvement

Maxine Waters has been accused of corruption. In 2004, the Los Angeles Times reported that Waters’ relatives, including her husband, made more than $1 million doing business with companies and individuals that Waters supported. In fact, Citizens for Responsibility and Ethics in Washington included Waters on their list of corrupt Congresspeople in their 2005, 2006, 2009, and 2011 reports.

She was also under investigation for ethics violation in 2008 due to her efforts to grant federal aid to OneUnited Bank, where her husband was a director and a stockholder. However, the House Ethics Committee cleared her of all charges in 2012. 

However, Waters has never been accused of insider trading as she does not trade individual stocks.

Who is Maxine Waters?

Maxine Waters was born in St. Louis, Missouri, on August 15, 1938. She is the U.S. Representative for California’s 43rd congressional district since 1991. An outspoken advocate for social justice and racial and economic equality, she is a prominent figure in the Democratic Party.

She has pushed for various legislation for banking, housing, and consumer protection reforms. Additionally, she has pushed issues related to minority communities, healthcare, and police reform. Often bold, direct, and confrontational, many admire and criticize her.

Furthermore, she is a sharp critic of Donald Trump. Waters has also praised Joe Biden for stepping down and endorsing Kamala Harris.

Recommended video: Rep. Waters on Trump administration: ‘Tell them they’re not welcome’

The bottom line

Maxine Waters has accumulated modest wealth, mainly owing to her husband’s property and position in OneBank United. In fact, according to her 2023 financial disclosure report, Maxine Waters’ net worth is estimated to be between -$365,000 and $5.22 million.

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

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