Reality Check: Minnesota Millionaires In Congress
MINNEAPOLIS (WCCO) – Democrats are continuing their TV ad war against Republican 8th district Congressional candidate Stewart Mills, calling him an "out of touch millionaire."
But if he's elected, Mills would join hundreds of other millionaires in Congress, including many from Minnesota.
In fact, for the first time ever more than half of the members of Congress are millionaires, according to the Center for Responsive Politics.
Some 268 of the 530 members who filed financial disclosure documents in 2013 have an average net worth over $1,008.767.
Compare that to the net worth of the average American family in 2013: $220,000.
At $8.6 million, Democratic U.S. Senator Al Franken is currently the wealthiest member of the Minnesota delegation, ranking 64th in Congress.
His Republican opponent, Mike McFadden, has an average net worth of $36 million.
He'd be 25th richest.
In the House, three Minnesota millionaires:
- Democrat Collin Peterson, $1.6 million. (#213)
- Republican Michele Bachman: $1.2 million. (#237)
- And Democrat Rick Nolan: $1.1 million. (#250)
If Mills wins election, he'd be the richest member of Minnesota's delegation by far, and 9th highest in Congress.
He's a third generation co-owner of the Mills Fleet Farm stores, and has an average net worth of $95 million.
Just behind a Senate Rockefeller, Democratic Senator Jay Rockefeller, who's worth $101 million.
The richest member of Congress is California Republican Darrell Issa.
His average net worth is almost half a billion dollars: $464 million.
He made his fortune with Viper Car alarms.
In the Millionaire's Club at Congress, Democrats are worth slightly more than Republicans. But still, both are right around a million bucks.
And it could be much more. Congress is only required to report a range of income, not the exact amount.
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Here are some of the sources we used for this reality check:
Center for Responsive Politics Study
http://www.opensecrets.org/pfds/
Open Secrets: Millionaires Club
http://www.opensecrets.org/news/2014/01/millionaires-club-for-first-time-most-lawmakers-are-worth-1-million-plus/
NY Times: More Than Half of Congress Are Millionaires
http://www.nytimes.com/2014/01/10/us/politics/more-than-half-the-members-of-congress-are-millionaires-analysis-finds.html?_r=0
Members of Congress Ranked By Wealth
https://docs.google.com/spreadsheet/ccc?key=0AtkPHD2bTUzbdFllNld3cGttc0hVc09NRDRoaDdab0E&usp=sharing#gid=1
Avg Net Worth of Americans
http://www.nasdaq.com/article/americans-have-relatively-poor-net-wealth-cm257517
Forbes Money Scorecard
http://www.forbes.com/sites/nextavenue/2013/03/01/next-avenue-money-scorecard-how-do-you-rate/
Minnesota Median Income
http://quickfacts.census.gov/qfd/states/27000.html
Minnesota Financial Disclosure Statements
Filed With Congress:
Rep. Tim Walz (D)
http://clerk.house.gov/public_disc/financial-pdfs/2013/10002334.pdf
Re. John Kline (R)
http://clerk.house.gov/public_disc/financial-pdfs/2013/10000518.pdf
Rep. Erik Paulsen (R)
http://clerk.house.gov/public_disc/financial-pdfs/2013/8215535.pdf
Rep. Betty McCollum (D)
http://clerk.house.gov/public_disc/financial-pdfs/2013/10002055.pdf
Rep. Keith Ellison (D)
http://clerk.house.gov/public_disc/financial-pdfs/2013/10000742.pdf
Rep. Michelle Bachmann (R)
http://clerk.house.gov/public_disc/financial-pdfs/2013/8215718.pdf
Rep. Collin Peterson (D)
http://clerk.house.gov/public_disc/financial-pdfs/2013/8215537.pdf
Rep. Rick Nolan (D)
http://clerk.house.gov/public_disc/financial-pdfs/2013/8215534.pdf
US House Candidate Stewart Mills (R)
http://clerk.house.gov/public_disc/financial-pdfs/2013/8213064.pdf
http://clerk.house.gov/public_disc/financial-pdfs/2014/10001915.pdf
Sen. Al Franken (D)
https://efdsearch.senate.gov/search/view/annual/199b8679-e068-4794-b46f-db8ce353c6a8/
US Senate Candidate Mike McFadden (R)
https://efdsearch.senate.gov/search/view/paper/C0FA5F4A-74FB-4438-BA6C-B6124E924913/
Sen. Amy Klobuchar (D)
https://efdsearch.senate.gov/search/view/annual/4b89962f-3bd5-4470-bfe9-694b5a3e6dda/
