10 of the Wealthiest Black Congressmen And Women

USA Today, among other news sites, recently published the list of the richest members of the United States Congress.

by Liku Zelleke

Since, 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates and ranked them by wealth to determine the richest members of congress.

Well, below is the list of the 10 richest African American members of Congress, six of whom are women:

  1. Congressman Elijah Cummings (D-MD) – Estimated Net Worth: $915,004 – lower than the average net worth of Democratic representatives in 2012 when he was ranked 218th most wealthy representative.
  2. Congresswoman Sheila Jackson Lee (D-Texas) – Estimated Net Worth: $943,504 – lower than the average net worth of Democratic representatives in 2012 when she was ranked 216th most wealthy representative.
  3. Congresswoman Maxine Waters (D-Ca) – Estimated Net Worth: $964,007 – lower than the average net worth of Democratic representatives in 2012 when she was ranked 210th most wealthy representative.
  4. Congresswoman Frederika Wilson (D-FL) – Estimated Net Worth: $954,005.50 – lower than the average net worth of Democratic representatives in 2012 when she was ranked 214th most wealthy representative.
  5. Congresswoman Marcia Fudge (D-OH) – Estimated Net Worth: $1,031,506.50 – lower than the average net worth of Democratic representatives in 2012 when she was ranked 203rd most wealthy representative.
  6. Congresswoman Eleanor Holmes Norton (D-DC) – Estimated Net Worth: $1,886,521 – lower than the average net worth of Democratic representatives in 2012 when she was ranked 153rd most wealthy representative.
  7. Congressman Charles Rangel (D-NY) – Estimated Net Worth: $1,811,507.50 – lower than the average net worth of Democratic representatives in 2012 when he was ranked 156th most wealthy representative.
  8. Congresswoman Joyce Beatty (D-OH) – Estimated Net Worth: $2,641,516.50 – lower than the average net worth of Democratic representatives in 2012 when she was ranked 122nd most wealthy representative.
  9. Senator Tim Scott(R-South Carolina) – Estimated Net Worth: $3,432,500 – lower than the average net worth of Democratic representatives in 2012 when he was ranked 34th most wealthy representative.
  10. Congressman Al Green – Estimated Net Worth: $4,507,505 – lower than the average net worth of Democratic representatives in 2012 when he was ranked 77th most wealthy representative.

The source of the data, OpenSecrets.com, warns readers that estimating net worth is not an exact science and that ethics laws don’t require filers to report property in some instances. For example, in the case of a personal residence that is not held for investment purposes and doesn’t produce incomes.

Financial Juneteenth lessons from this story:

1) The US has arguably the most unproductive and dysfunctional government in the world. Even before President Obama was elected, the do-nothing Congress has cost the nation trillions of dollars in lost opportunity. It’s not necessarily the fault of the individuals in this corrupt system, but the fault of the system itself. As much credit as the founding fathers of the US get for allegedly creating such a “brilliant” system of government, the truth is that they built the country on a set of laws and rules that only make it extremely difficult to get anything done.

2) Most of our Congressmen and women are controlled by money. Lobbyists and corporate interests have an unfathomable amount of influence on the decisions being made by our legislators. African Americans in Congress are typically the most vulnerable, since they need the money the most. So, if you ever have trouble understanding one of the illogical decisions being made by your elected officials, you only need to follow the money to find the answer.

Comments

Stories