The Senate: A Millionaire’s Club, Plus Max

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Roll Call takes a look at the annual disclosure forms. And while we won’t be playing violins for any of them, it does appear that the Chairman of the Senate Finance Committe might consider finding another financial planner.:

Wealth in the chamber ranges from Sen. John Kerry (D-Mass.) — the richest Member of Congress overall — who tops the list with a minimum net worth of at least $167.55 million, to Sen. Max Baucus (D-Mont.), who registers a negative $40,000.

Overall, the chamber claims a combined minimum net worth of nearly $651 million, or an average of about $6.64 million per Senator.

The median value of the Senators registers at $1.06 million, falling between Sen. Jeff Sessions (R-Ala.) at a minimum net worth of $1 million and Sen. Barbara Boxer (D-Calif.) at $1.12 million.

There do seem to be some extenuating personal circumstances here in Baucus’ case:

Although Baucus ranks last in the chamber’s tally, District of Columbia property records show he sold his Georgetown home in late April for $2.1 million, shortly after he announced his divorce from his wife, Wanda. D.C. property records also report Baucus purchased a new three-bedroom Capitol Hill home in June, now valued at $907,000. Baucus will not be required to reveal these transactions in next year’s filing.

The only other Senator to report a negative net worth, Sen. Debbie Stabenow (D-Mich.), also owns Capitol Hill property, according to public records. The Senator’s three-bedroom home is valued at more than $675,000.

Even without the added value related to such major assets, however, 92 of those Senators reported net worth above that of typical American households.

According to a U.S. Census Bureau report issued in 2008, the median net worth for households headed by 55- to 64-year-olds reached $133,000 — or just $34,000 excluding home equity — in 2002, the most recent data available.

Not to mention, they all have a great health care plan.

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