Shri Thanedar’s net worth revealed: How rich is the Indian-born U.S. representative from Michigan?

Shri Thanedar is an Indian-born American entrepreneur, author, and Democratic politician who has served as the U.S. representative for Michigan’s 13th congressional district since 2023. A businessman with humble beginnings, Thanedar rose from poverty to build successful chemical testing and research companies. Today, we’ll explore Shri Thanedar’s net worth and trace his public income sources. 

Who is Shri Thanedar?

Shri Thanedar grew up in Belgaum, India. At 18, he earned a B.S. from the Karnatak University. Afterward, he received an M.S. at the University of Mumbai. As a last step in his formal education, Thanedar pursued his PhD in the United States at the University of Akron and completed it in 1982.

Thanedar was born and raised in poverty before immigrating to the U.S. in 1979 to pursue higher education. He officially became a U.S. citizen in 1988.

Shri Thanedar began his professional career in 1984 at Petrolite, a chemicals manufacturer. In 1991, he took a loan to buy the company for $75,000. By 2005, Chemir had increased its revenue by over 100 times and reached $16 million (from $150,000).

Next, in 2003, he borrowed $24 million to acquire seven companies, including Azopharma. He managed to increase the company’s revenue from $1 million to $55 million in seven years but had to file for bankruptcy during the Great Recession, when its revenue fell by 70%. However, Chemir stayed afloat and sold for $23 million, covering the original loan.

He wrote two autobiographies, one in Marathi (ही ‘श्री’ ची इच्छा! or This is Shri’s Wish) and another in English (The Blue Suitcase: Tragedy and Triumph in an Immigrant’s Life).

Thanedar’s first foray into politics was in 2018 when he failed to become the Governor of Michigan. In 2020, he was elected to the Michigan House of Representatives. In 2022, he became the U.S. representative for Michigan’s 13th congressional district. 

He is known for progressive policies, including education, healthcare access, and social justice. However, Thanedar also caused controversy due to laboratory animal negligence and ambivalent partisan positioning allegations.

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What is Shri Thanedar’s net worth?

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 Shri Thanedar make his money?

Below is a summary of Thanedar’s publicly known professional choices and sources of income:

• Politics: Shri Thanedar’s current elected role as a U.S. Representative from Michigan comes with an annual salary of $174,000; 

• Chemicals business: Much of Thanedar’s wealth traces its roots to successful ownership of various chemical manufacturing and testing companies, including Chemir and Avomeen;

• Autobiographies: Thanedar has written two memoirs, ही ‘श्री’ ची इच्छा!, written in Marathi and published in 2004, and The Blue Suitcase: Tragedy and Triumph in an Immigrant’s Life, written in English and published in 2008;

• Shri Thanedar trades: A significant part of Shri Thanedar’s net worth comes from investing. In fact, Finbold’s Congress stock tracker has found that he directly owns several high stakes in public companies, including $500,000 to $1 million worth of Apple (NASDAQ: AAPL) and $250,001 to $500,000 worth of Microsoft (NASDAQ: MSFT) stock.

Shri Thanedar’s assets and liabilities

We cannot precisely know Shri Thanedar’s net worth due to inherent flaws in the current financial reporting system. We still have insight into his most valuable assets and liabilities, however. 

These assets include:

• DFA Global Allocation 60/40 Portfolio Institutional Class – a mutual fund with an estimated value of between $1 million and $5 million;
• iShares Core S&P Total US Stock Market ETF – an ETF investment with an estimated value of somewhere between $1 million and $5 million;
• Rental Property in Ann Arbor, MI – a property with an estimated value of between $1 million and $5 million;
• Rental Property in Oxford, NJ  – a property with an estimated value of between $1 million and $5 million;
• Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) – a mutual fund with an estimated value of between $1 million and $5 million.

On the other hand, Thanedar’s most recent financial report shows the following significant liabilities:

• LPL Financial creditor – margin on investment account with an estimated value of between $5 million and $25 million;
• TriState Capital Bank – line of credit against investment account with an estimated value of somewhere between $1 million and $5 million;
• Old National Bank – a mortgage on the rental property with an estimated value of between $1 million and $5 million.

Insider trading involvement

Thanedar does hold individual shares of publicly traded companies directly, despite the controversy surrounding elected officials owning individual stocks due to potential conflicts of interest. That said, Thanedar has not been accused of insider trading.

The bottom line

Shri Thanedar’s net worth, estimated to be between -$17,623,950 and $27,465,000, cannot mean much for sure due to the form’s inaccuracy. Still, it could make him potentially one of the wealthiest members of Congress at best and one of the poorest at worst.

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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