Florida Senator Rick Scott’s net worth makes him one of the wealthiest senators in the United States. As such, let’s look into his finances, assets, and investments, as well as any potential insider trading controversies in the following article.
Who is Rick Scott?
Rick Scott is a Republican politician serving as a US Senator from Florida since 2019. Before his tenure in the Senate, Scott served as the Governor of Florida from 2011 to 2019. He has a background in both law and business, having worked as a lawyer and healthcare executive before entering politics.
Rick Scott’s net worth
According to OpenSecrets, Senator Rick Scott’s net worth was estimated to be $259,663,681 in 2018. Nevertheless, according to the latest available numbers from his financial disclosure report for year 2022, Scott’s assets range from $112,268,108 and $453,695,000. What’s even more impressive is that Scott has no liabilities, making these figures his actual net worth.
This astonishing figure makes him one of the richest men in American politics. His wealth primarily comes from his business career, where he created one of the largest hospital networks—the Columbia Hospital Corporation.
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 Rick Scott make his money?
Rick Scott made his wealth primarily through his involvement in the healthcare sector. He co-founded Columbia Hospital Corporation in 1987, which later merged with HCA (NYSE: HCA) to become Columbia/HCA. The company grew to become one of the largest private healthcare providers in the United States.
During his tenure, Columbia/HCA expanded rapidly, but the company also faced significant legal challenges, including a major Medicare fraud scandal. Scott resigned amidst the investigation, walking away with a substantial severance package and stock options.
In addition to his earnings from Columbia/HCA, Scott’s political career has also provided him with a steady income. As a US Senator, he earns an annual salary of $174,000. Also, during his time as Governor of Florida, his salary was approximately $130,000 per year.
Scott’s assets and investments
Senator Rick Scott’s assets and investments are quite diverse and substantial.
- Valterra Products Holdings LLC: Scott and his wife sold their individual stakes in Valterra Products Holdings LLC, a North American provider of services for the recreational vehicle (RV) industry. The sale was to Swedish mobile living giant Dometic Group AB (STO: DOM), but the exact amount they made from this deal is unknown due to federal disclosure rules;
- Securities and publicly traded companies: Senator Rick Scott earns most of his income from his shares in securities and ownership of publicly traded companies;
- Real estate: He also earns income from real estate assets;
- Private equity investments: Senator Scott introduced legislation to reveal private equity investments in China and other foreign adversaries. This suggests that he may have some involvement in private equity investments.
Rick Scott Medicare fraud
In 1997, when Senator Rick Scott was the CEO of Columbia/HCA, a federal investigation was launched into the company. The company ultimately paid $1.7 billion in fines. As part of the settlement, Scott resigned from the company later that year. He stated that he was unaware of the fraud and that he was never indicted or questioned in the case.
Also in 1997, as the FBI was investigating Scott’s hospital chain, Florida’s State Board of Administration filed a lawsuit accusing Scott and his fellow hospital directors of profiting from a culture of corruption and selling stock 23 days before federal agents raided the company’s offices in Texas.
How much is Rick Scott worth?
Rick Scott’s assets range from $112,268,108 to $453,695,000, making him one of the richest members of Congress. Despite facing controversies and legal challenges throughout his career, Scott remains a hugely influential figure in American politics.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
