Although not among the wealthiest in Congress, Democrat Robert Menendez’s net worth is still quite substantial. In this piece, we’ll focus on his wealth, assets, and investments, as well as any financial controversies.
Who is Robert Menendez?
Born in 1954, Robert Menendez is a US Senator from New Jersey. He is a member of the Democratic Party and has a long history in politics, beginning with his election to the Union City School District’s Board of Education in the 1970s. Menendez then moved on to serve in the New Jersey General Assembly and the New Jersey Senate before being elected to the US House of Representatives in 1992.
Robert Menendez’s net worth
Robert Menendez’s net worth is $541,502, according to an OpenSecrets’ report from 2018. However, based on his financial disclosure report for year 2022, Menendez is worth somewhere between $408,434 and $993,429.
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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.
Income sources
Robert Menendez’s primary sources of income come from his Senate salary, investments, real estate holdings, and a pension plan. Here’s a breakdown of his income sources:
- Salary as a senator: Menendez has been earning income as New Jersey’s Senator since 1991, which is $174,000;
- Investments: Menendez has diversified investments, including stocks and mutual funds;
- Residential property in Union City, NJ: He earns income from a residential property in Union City, NJ, which is valued between $15,001-$50,000;
- State of New Jersey Pension Plan: He also receives income from the State of New Jersey Pension Plan, which contributes $11,429 to his net worth.
The senator’s income has remained relatively steady, thanks to his salary and financial management. While his salary forms the bulk of his income, his investments have also played a significant role in maintaining and growing his wealth over the years.
Rundown of Menendez’s assets and investments
Robert Menendez has made several investments and holds various assets that contribute to his net worth. Here’s a detailed rundown:
- Real estate: Menendez owns residential properties in New Jersey, which provide rental income and have appreciated in value over time;
- Stocks and mutual funds: His portfolio includes investments in Amazon (NASDAQ: AMZN), Johnson & Johnson (NYSE: JNJ), and Boeing (NYSE: BA), as well as diversified mutual funds, ensuring a steady growth of his wealth;
- Retirement accounts: Menendez has retirement savings in the form of Individual Retirement Arrangements (IRAs) and other government-sponsored retirement plans;
- Bank accounts and cash: He maintains several bank accounts with significant balances, providing liquidity and financial security.
Robert Menendez indictment
In 2015, Robert Menendez faced allegations of corruption. These allegations stemmed from his association with Dr. Salomon Melgen, a Florida ophthalmologist and donor. Prosecutors claimed that Menendez used his political influence to benefit Melgen in exchange for luxurious gifts and campaign donations. This relationship raised suspicions of Menendez engaging in unethical financial practices.
However, Menendez has consistently denied any wrongdoing. In 2017, a federal jury couldn’t reach a verdict on the charges against him, resulting in a mistrial. Although the Department of Justice later decided not to retry the case, the allegations somewhat tarnished Menendez’s reputation and raised questions about his financial conduct.
How much is Robert Menendez worth—the bottom line
Although controversial, Robert Menendez’s net worth remains pretty solid, somewhere between $408,434 and $993,429. This estimate of his overall wealth puts him in the mid-range when compared to his colleagues in the Senate.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
