Congress Is Teeming With Millionaires

(Nov. 6) -- Apparently, times aren't so tough all over.

According to a new study compiled by the Center for Responsive Politics, 237 members of the U.S. Congress, or 44 percent, are millionaires.

"What's easy to see is that the economic reality of our elected officials is not reflective of the general population," said Dave Levinthal, who helped compile the study's findings.

Nationwide, only 1 percent of U.S. citizens qualify as millionaires.

The U.S. Capitol
Chip Somodevilla, Getty Images

An inquiry into financial data reveals that 44 percent of the U.S. Congress are millionaires.



Among the wealthiest members of Congress are Darrell Issa, R-Calif., whose net worth is estimated at $251 million, and Jane Harman, D-Calif., who boasts a net worth of around $244.7 million.

A slight majority of those elected to Congress are not millionaires. And some of the least well-off members include Alcee Hastings, D-Fla., and Jeff Fortenberry, R-Neb., both of whose net worth is less than zero, according to the RCP database.

By compiling financial disclosure statements and public tax records, the Center for Responsive Politics was also able to examine the investment holdings of elected officials.

In 2008, the same year that the federal government bailed out several U.S. banks, the second most commonly held stock among members of Congress was Bank of America, the data showed. Other popular bank stocks included Wells Fargo, Citi Group and Goldman Sachs, all of which received congressionally approved funds.

And as Congress continues to work on the issue of health care reform, Levinthal noted that industry-related stocks were also commonly held by many on Capitol Hill.