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After months of speculation, GOP presidential candidate Mitt Romney recently confirmed that he is worth
roughly $200 million — give or take a million or more. 24/7 Wall St.
examined the finances of all 43 presidents to identify the richest. In
addition to being worth more than 99.9% of Americans, if elected
president, Romney would also be wealthier than any president except one.
While the other Republican candidates are also millionaires, their wealth does not come close to that of Romney's. Still, judging from the net worth of all presidential nominees, politicians need to be wealthy to run for high office.
The other GOP candidates still in the running made their money more directly from their politics before entering the race. Libertarian candidate Ron Paul, worth between $2.5 million and $5 million, has published a number of best-selling books over the past few years, each of which explores his political ideology. Former House Speaker Newt Gingrich became a consultant and political analyst after he resigned from office. According to estimates, he has earned at least $6.5 million and as much as $31 million. Rick Santorum, who worked as a consultant and contributor to Fox News, is worth more than $1 million.
Unlike today’s candidates, the net worth of the presidents varies widely. George Washington was worth over half a billion in today's dollars, while other presidents went bankrupt. The fortunes of America's presidents are tied to the economy of their time. As the focus of the economy changed, so has the way the presidents made their money.
By 1850, the financial history of the presidency entered a new era. Beginning with Millard Fillmore, most presidents were lawyers who spent years in public service. They rarely amassed large fortunes and their incomes were often almost entirely from their salaries. These American presidents were distinctly middle class and often retired without the means to support themselves anywhere close to the presidential lifestyle. James Buchanan, Abraham Lincoln, Andrew Johnson, U.S. Grant, Rutherford B. Hayes and James Garfield had modest net worth when they died.
At the end of the 19th century and the beginning of the 20th, there was another significant change to the economy. Large, professionally organized corporations in the oil, mining, financial and railroad sectors allowed individuals to amass large fortunes. The Kennedys were wealthy because of the financial empire built by Joseph Kennedy. Herbert Hoover made millions of dollars as the owner of mining companies. Indeed, since the early 20th century, the fortunes of many presidents, including Theodore Roosevelt, Franklin D. Roosevelt, John F. Kennedy and both of the Bushes, were driven by inherited wealth.
In the case of each president, we have taken into account hard assets such as land, estimated lifetime savings based on work history, inheritance, homes and money paid for services, which includes anything from salary as Collector of Customs at the Port of New York to membership on Fortune 500 companies' boards. The net worth includes royalties on books, as well as ownership of companies and yields from family estates. Post continues below.
While the other Republican candidates are also millionaires, their wealth does not come close to that of Romney's. Still, judging from the net worth of all presidential nominees, politicians need to be wealthy to run for high office.
The other GOP candidates still in the running made their money more directly from their politics before entering the race. Libertarian candidate Ron Paul, worth between $2.5 million and $5 million, has published a number of best-selling books over the past few years, each of which explores his political ideology. Former House Speaker Newt Gingrich became a consultant and political analyst after he resigned from office. According to estimates, he has earned at least $6.5 million and as much as $31 million. Rick Santorum, who worked as a consultant and contributor to Fox News, is worth more than $1 million.
Unlike today’s candidates, the net worth of the presidents varies widely. George Washington was worth over half a billion in today's dollars, while other presidents went bankrupt. The fortunes of America's presidents are tied to the economy of their time. As the focus of the economy changed, so has the way the presidents made their money.
- 24/7 Wall St.: The net worth of the American presidents, from Washington to Obama
By 1850, the financial history of the presidency entered a new era. Beginning with Millard Fillmore, most presidents were lawyers who spent years in public service. They rarely amassed large fortunes and their incomes were often almost entirely from their salaries. These American presidents were distinctly middle class and often retired without the means to support themselves anywhere close to the presidential lifestyle. James Buchanan, Abraham Lincoln, Andrew Johnson, U.S. Grant, Rutherford B. Hayes and James Garfield had modest net worth when they died.
At the end of the 19th century and the beginning of the 20th, there was another significant change to the economy. Large, professionally organized corporations in the oil, mining, financial and railroad sectors allowed individuals to amass large fortunes. The Kennedys were wealthy because of the financial empire built by Joseph Kennedy. Herbert Hoover made millions of dollars as the owner of mining companies. Indeed, since the early 20th century, the fortunes of many presidents, including Theodore Roosevelt, Franklin D. Roosevelt, John F. Kennedy and both of the Bushes, were driven by inherited wealth.
- 24/7 Wall St.: America's poorst presidents
In the case of each president, we have taken into account hard assets such as land, estimated lifetime savings based on work history, inheritance, homes and money paid for services, which includes anything from salary as Collector of Customs at the Port of New York to membership on Fortune 500 companies' boards. The net worth includes royalties on books, as well as ownership of companies and yields from family estates. Post continues below.
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