Marco Rubio is a prominent American politician and the senior United States Senator from Florida since 2011. A member of the Republican Party, he has built a reputation for conservative values, but also a high degree of flexibility when it comes to cross-party cooperation for key issues. Today, we’ll explore Marco Rubio’s net worth and why he is often placed among the poorest U.S. senators.
How rich is Marco Rubio?
Rubio holds a Bachelor’s degree in political sciences and a J.D. from the University of Miami School of Law. During his law studies, he interned for U.S. Representative Ileana Ros-Lehtinen. Two years after graduation, he won the election for the city commissioner for West Miami, kickstarting his career in politics.
As such, Marco Rubio’s net worth is derived primarily from his salary as a politician, particularly as a member of the House of Representatives and as a U.S. Senator. After leaving the Florida legislature in 2008 due to term limits, Rubio taught at Florida International University. Additionally, he wrote several books, providing him with another source of income from royalties.
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However, the total still does not amount to much, and Marco Rubio remains one of the least wealthy U.S. Senators, notably ranking as the fifth-poorest member of the Senate in 2018.
What is Marco Rubio’s net worth?
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 does Marco Rubio earn money?
Marco Rubio’s net worth is based on the following sources:
- Salary as a politician: Rubio held the title of the U.S. Representative from Florida from 2000 to 2008, which came with an annual salary that increased from $141,300 in 2000 to $169,300 in 2008. Furthermore, being a Senator since 2011 earns him $174,000 per year;
- Advances, compensations, and royalties from books: Rubio has published several books, including a best-selling biography, An American Son: A Memoir, for which he got an advance payment of $800,000. He followed it up with American Dreams: Restoring Economic Opportunity for Everyone, and in 2023, he published Decades of Decadence: How Our Spoiled Elites Blew America’s Inheritance of Liberty, Security, and Prosperity. As of 2022, book sales earned him approximately $1 million;
- Teaching: As a visiting professor, Rubio also receives a salary. In 2023, he received $19,308 from his teaching position.
Marco Rubio’s financial troubles
Marco Rubio’s net worth used to be in the red for a long while, especially earlier in his career.
His financial troubles weren’t a secret, as he carried the combined weight of student debt, mortgages, and extra loans worth “hundreds of thousands of dollars.” Furthermore, in 2015, he liquidated his $68,000 retirement account early, which cost him tens of thousands of dollars in penalties.
At least a part of his fiscal woes came from unnecessary splurging, such as an $80,000 luxury 24-foot boat. He acknowledges his “lack of bookkeeping skills” and an “imperfect accounting system” in his book, An American Son: A Memoir. At one point, his family even had to move in with his mother-in-law. In the meantime, he secured a home in Miami, Florida, but his 2023 tax disclosure shows a $500,001 – $1,000,000 mortgage, most likely for that very property.
Insider trading involvement
Marco Rubio never participated in trading individual stocks, which means he could not be accused of insider trading involvement. Additionally, he did not express any opinions on insider trading and banning U.S. Representatives from trading individual stocks.
Who is Marco Rubio?
Marco Rubio was born on May 28, 1971, in Miami, Florida. His parents immigrated from Cuba, and he has Latin American heritage.
Rubio launched his political career as a Republican in the Florida House of Representatives, where he eventually rose to the spot of House Speaker. During that time, he engaged a property tax reform and upheld a conservative agenda.
He came to national prominence in 2010 when he defeated Charlie Crist to become a senator. As a member of the U.S. Senate, he focused on immigration, national security, and economic policy. In 2013, as a part of the “Gang of Eight,” he attempted to pass an immigration reform bill but ultimately failed.
In 2016, Rubio ran for the Republican presidential nomination, showcasing himself as a younger alternative to the traditional GOP establishment. Although he cut his campaign short after losing the Florida primary, Rubio still remains an influential figure within the party, known for his foreign policy expertise and advocacy for American interventionism on the global stage.
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Marco Rubio’s net worth – the bottom line
Due to several reasons, including bad accounting skills and frivolous spending sprees, Marco Rubio’s net worth is pretty low for a U.S. senator. Estimated at somewhere between -$15,000 and $4.65 million, it makes Rubio potentially one of the poorest members of the Senate–poorer than Bernie Sanders, Chuck Schumer, and even Robert Menendez.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
