With many people curious about West Virginia senator Joe Manchin’s net worth, we decided to explore his financial background, including assets, investments, and any insider trading involvements. Note that the following numbers are just estimates, not actual figures.
Who is Joe Manchin?
Born in Farmington, West Virginia in 1947, Joe Manchin is a US Senator from West Virginia. Before his tenure in the Senate, Manchin was the Governor of West Virginia from 2005 to 2010 and served in the state’s Senate and House of Delegates. He is known for his centrist views and often plays a crucial role in legislative negotiations.
Manchin hails from a family with deep roots in West Virginia politics and business. His grandfather, an Italian immigrant, owned a grocery store, and his father owned a furniture store. It appears that these early business experiences shaped Manchin’s understanding of both politics and commerce.
Picks for you
Joe Manchin’s net worth
According to OpenSecrets’ report from 2020, Joe Manchin’s net worth is estimated at anywhere from $4.3 million to $12.8 million. However, his financial disclosure for year 2023 suggests that the value of his total assets could range between $5,166,067 and $14,612,000.
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.
Enersystems
How did Joe Manchin make his money?
As mentioned, Joe Manchin’s income comes from various sources. They include:
- Senate salary: His primary source of income is his salary as a US Senator, which is currently $174,000.
- Residential property: He also generates income from residential properties and mutual funds;
- Coal brokerage firm: Another source of income is his coal brokerage firm, Enersystems, which he founded back in 1988;
- Pension: Manchin receives a pension from his time as Governor of West Virginia.
Manchin’s assets and investments
When it comes to assets and investments, Manchin assets include retirement plans and bank accounts. He also owns several real estate properties and has an extensive investment portfolio that includes investments in various energy companies.
Insider trading involvement
There is no public record of Joe Manchin being involved in any insider trading activities. In fact, he voted for the final passage of the Stop Trading On Congressional Knowledge (STOCK) Act—a measure that prohibits members of Congress and their staff from using inside knowledge to profit by trading on Wall Street.
However, there was a case where a mystery trader profited from suspected insider trading related to a pipeline championed by Manchin, but both Equitrans (NYSE: ETRN) and the West Virginia Senator denied involvement in the transactions.
How much is Joe Manchin worth—the bottom line
The value of Joe Manchin’s total assets could range between $5,166,067 and $14,612,000., making him one of the wealthier senators in the United States. His wealth comes from various sources, including Enersystems, a coal brokerage firm that he founded in the late 80s. Also, as far as we were able to gather, there is no public record of him being involved in insider trading.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
