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How rich is the 50-years undefeated official and senator from Maryland: Ben Cardin’s net worth revealed

How rich is the 50-years undefeated official and senator from Maryland: Ben Cardin's net worth revealed
Nemanja Curcic

Ben Cardin is a U.S. politician and attorney who has served as the senior Senator from Maryland since 2007. A member of the Democrats, he has been an undefeated elected official since 1967, when he entered politics. Today, we will attempt to determine Ben Cardin’s net worth and reveal his sources of income.

How rich is Ben Cardin?

Ben Cardin attended City College High School, where he graduated in 1961. Three years later, he earned a B.A. cum laude from the University of Pittsburgh. Ultimately, Cardin would earn a J.D. from the University of Maryland School of Law in 1967, graduating first in his class. That same year, he was admitted to the Maryland Bar and joined a private practice, which he continued with until 1978.

Cardin was elected to the Maryland House of Delegates in 1966 while still in law school. He took the seat previously held by his uncle, Maurice Cardin. At age 35, he was the by-then youngest Speaker of the House in Maryland in history. In 1986, Cardin ran for and won the U.S. House of Representatives seat from Maryland’s 3rd district. He held it until 2007, when he was elected to the U.S. Senate, a position he has held ever since. 

In short, Ben Cardin has earned his income primarily from politics and law practice. However, he significantly supplemented that with various investments, such as mutual funds and savings accounts.

What is Ben Cardin’s net worth?

OpenSecrets’ 2018 report estimated Ben Cardin’s net worth at $3.11 million. While there are no contemporary reports on Cardin’s current wealth, his most recent financial disclosure implies a similar figure.

How did Ben Cardin make his money?

Ben Cardin’s net worth hails from three different sources of income:

  • Politician’s salary: Cardin has spent nearly 60 years in politics, and his positions in the U.S. House of Representatives and Senate have come with significant annual compensations. The politician’s salary he has earned ranged from $77,400 in 1987 (House of Representatives) to $174,000 (Senate) per year;
  • Attorney’s payment: Ben Cardin joined a private practice as early as 1967 and actively worked as an attorney until 1978. He would also benefit from his judicial expertise during his long career as an elected government official;
  • Investing: The previously mentioned official financial disclosure forms highlight Cardin’s lucrative investment career. In fact, he has invested significant sums in mutual funds and retirement savings accounts, such as Columbia Dividend Income A (NASDAQ: LBSAX) (between $100,001 and $250,000) and American Funds EuroPacific Gr F1 (NASDAQ: AEGFX) (between $100,001 and $250,000). Furthermore, his spouse, Myrna Edelman, is also an avid investor. It is difficult to ascertain a precise total figure due to a diverse portfolio that the couple is legally bound to give an approximation of value only.

Insider trading involvement

Ben Cardin does not invest in individual stocks and, therefore, cannot be accused of insider trading involvement. Furthermore, Cardin co-sponsored the Stop Trading on Congressional Knowledge (STOCK) Act in 2011, which aimed to ban the representatives from the practice of insider trading altogether.

Under the STOCK Act, to which Cardin made significant contributions, senators’ financial activities are monitored. The Act forbids using insider information for private profit, including insider trading.

Who is Ben Cardin?

Ben Cardin was born on October 5, 1943, in Baltimore, Maryland, to a family of Russian Jewish immigrants. Three generations of his family had been attending the Modern Orthodox Beth Tfiiloh Congregation near their hometown.

Recommended video: Senator Ben Cardin: Thank you, Maryland

Being a long-time member of the Democrats, Cardin began his political career in the Maryland House of Delegates in 1967, ultimately becoming its Speaker in 1979. In 1987, he was elected to the U.S. House of Representatives and has been re-elected ever since.

Ben Cardin has announced that he will not seek reelection in 2024, which means that he will be a senator until January 2025 only. 

Cardin’s main focus was on foreign policy, health care, and the environment. The committees he served on, such as the Senate Foreign Relations Committee, the Finance Committee, and the Environment and Public Works Committee, reflect these interests.

Additionally, Ben Cardin has been a staunch supporter of Israel and has participated in bipartisan efforts to strengthen America’s ties with the country.

Ben Cardin’s net worth – the bottom line

With almost six decades of history as an elected U.S. official, Ben Cardin has forged an enduring legacy for Maryland. Investing his money from politics and law in various funds and savings accounts has brought Ben Cardin’s net worth to approximately $3 million. This has made him a well-off senator, especially when compared to some of his poorer peers. 

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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