Yoho's net worth is over $1.7 million, report shows
Published: Thursday, January 23, 2014 at 3:00 p.m.
Last Modified: Thursday, January 23, 2014 at 3:00 p.m.
U.S. Rep. Ted Yoho is part of the majority in Congress in more ways than one.
Politically, he helps control things as a Republican member in the GOP-led House. But he is also among those lawmakers whose net worth tops $1 million, a group that now holds more than half the seats in Congress, according to a recent report by the Center for Responsive Politics.
The center, which tracks the flow of money in national politics, announced that the findings crossed a new threshold, as for the first time a majority of lawmakers in Washington are millionaires — at least on paper.
The study’s findings revealed that Yoho is in the middle of the pack. The Gainesville freshman’s net worth was estimated at $1.74 million, which ranked 212th among all lawmakers.
Near the other end of the spectrum sits Rep. Corrine Brown, who represents much of eastern Alachua County in Congress. Her net worth of $3,501 puts her in 502nd place among members of Congress.
Real estate was the basis for much of the wealth — and debt — claimed by Yoho, the financial disclosure reports indicate.
Rep. Brown’s assets primarily consisted of interest income, her disclosure report shows, while her liabilities included mortgages on three properties.
Overall, the wealth of 268 of the 534 current members of Congress included in the study tallied seven figures or better.
The center acknowledged in its report that its data is not precise because lawmakers are not required to report exact amounts of assets and liabilities. Instead, they identify their holdings and debts within broad ranges of values.
And some financial data, such as their congressional salaries, spouse’s salaries and value of their primary residences, do not get reported.
The center’s analysis, based on financial disclosure filings for 2012, measured each lawmaker’s average net worth by considering the midpoint between the high and low ends of each asset and debt.
Despite the limits of the analysis, the group maintained in its report that citizens ought to have some sense of where lawmakers rate relative to the public at large — as only about 1 percent of Americans are millionaires, it notes — and that they routinely hold stocks in the companies they are called on to regulate or award contracts to.
Among all lawmakers, Rep. Darrell Issa, R-Calif., was the wealthiest member of Congress, with a net worth of $464.1 million.
Sen. Mark Warner of Virginia, who ranked second overall, was the richest Democrat, reported at $257.5 million.
Rep. David Valadao, R-Calif., held the dubious honor of being considered the poorest member of Congress. He was reportedly $12.2 million in the red.
The center reported that the median net worth among lawmakers was about $1 million, which was up from the previous year’s $966,000.
Democrats fared better than Republicans, $1.1 million to $1 million.