Senator Mitch McConnell Net Worth is estimated to be between $20 and $30 million based on an analysis done by Forbes[1].
Senator Mitch McConnell Net Worth Net Worth from Investments and Assets
According to financial disclosures and various estimates of assets acquired throughout his life, Mitch McConnell Net Worth is around $30 million.
| Assets | Value |
| Investments (S&P 500) | ~$5 million |
| Family wealth (including wife’s assets) | $14-60 million |
| Total Estimated Net Worth | $19-65 million |
Democratic Party Senator Mitch McConnell Net Worth and Income
The main source of the United States Senator’s income now is his salary as a United States Senator[2].
Income Source 1: Salary as a United States Senator
He has been a United States Senator from Alabama since 1985, ever since he won the Senate Election in 1984. He has become the longest-serving Republican United States Senator in history.[3]
He makes a base salary of $174,000 in his role as a US Senator. However, his salary began as just over $60,000[2]. Since we don’t know his expenses overtime, we don’t know how much he’s accumulated through his salary.
This makes his estimated net worth hard to calculate.
Income Source 2: Equities
According to Financial Disclosure documents, Senator Mitch McConnell may have invested over $1 million in the S&P 500 in 2008, earning about $5 million through holdings according to an estimate by Forbes[4]. The $1 million was from a gift given by his father-in-law to him and his wife (see below).
Income Source 3: Wife’s Financial Assets
For years, Mitch McConnell’s wife Elaine Chao made much more than he did. She served as the CEO of United Way[5] when the couple married in 1993. She had also worked in finance, and in the transportation departments of Ronald Reagan and George H. W. Bush[6]. She continued as the transportation secretary for Donald Trump[7].
She also earned $112,000 from 18 speeches in 1997 as reported in Mitch McConnell’s financial disclosure[1]. These speeches were made to Penn State, Southwestern Bell corp., etc. She also made money from her job at the conservative think tank, the Heritage Foundation.
Elaine Chao was also made the first Asian American woman in the Cabinet in 2001[8]. She was serving on the board of at least 10 corporations a well.
The family assets that year were listed between $2 and $4.5 million.
In 2008, the couple received a generous gift from Elaine Chao’s father, James Chao. James Chao had a shipping business called Foremost Maritime Group worth billions. The gift was worth between $5 and $25 million[9].
When Elaine Chao left her board positions after the Capitol Hill riots of 2021, she filed a final financial disclosure report. According to it, her assets were between $14 and $60 million[10].
Mitch McConnell’s Early Life and Political Career
Mitch McConnell was born on February 20, 1942 at the Colbert County Hospital in Sheffield, Alabama[11]. His parents were Addison Mitchell McConnell II and Julia Odene McConnell.
His grandfather, Robert Hayes McConnell Sr. and great uncle Addison Mitchell McConnell owned a funeral home[12]. McConnell was left paralyzed in his left leg due to a polio attack at the age of 2. He was rehabilitated at the Roosevelt Warm Springs Institute for Rehabilitation[13]. The treatment saved him from being paralyzed for the rest of his life.
He attended DuPont Manual High School[14]. He was elected student council president there during his junior year.
He went to University at the University of Louisville where he graduated Omicron Delta Kappa[15]. He earned a B.A in Political Science Degree in 1964 with honors. Here, he was also the Student Council President at the College of Arts and Sciences[16]. He was also a member of the Phi Kappa Tau fraternity[17].
Mitch McConnell attended the 1963 March on Washington for Jobs and Freedom led by Martin Luther King Jr. Here, he was present to witness Mr. King’s “I Have a Dream” speech[18].
In 1967, he graduated from the University of Kentucky College of Law[19]. Here he became the president of the Student Bar Association[20].
Mitch McConnell joined the US Army Reserve in 1967 after graduating. He became a private in Louisville Kentucky. This was a very coveted position due to the Reserve Units being kept out of combat in the Vietnam war[21].
He was diagnosed with optic neuritis making him unfit for military service. He left the Army Reserve that same year[22].
Mitch McConnell’s Political Career
McConnell worked as the chief legislative assistant to Senator Marlow Cook from 1968 to 1970. He managed a legislative department of 5 members as well as assisted with speech writing and constituent services[23].
In 1971, he returned to Louisville to work for Tom Emberton’s candidacy for Governor of Kentucky[24]. This was ultimately unsuccessful. McConnell then attempted to run for the state legislature but was disqualified since he didn’t meet the residency requirements[25].
He then worked for a Louisville Law firm, “Segal, Isenberg, Sales and Stewart”[26]. During this time, he taught night classes on political science at the University of Louisville.
In October 1974, he became a Deputy Assistant Attorney General under President Gerald Ford[27]. He worked alongside future Supreme Court Justice Antonin Scalia there.
In 1977, he was elected the Jefferson County judge/executive. This was the top political office in Jefferson County at the time[28]. He occupied this office until his election to the US Senate in 1984.
Mitch McConnell has served in the Senate from 1985 to the present. This has made him the longest serving Republican Senator in US history[29].
Mitch McConnell Accomplishments
He chaired the National Republican Senatorial Committee which is in charge of securing electoral votes for Republicans[30].
He became the Senate Majority leader in 2014 when the Republicans took control of the Senate in the Senate Elections. He held that position till 2021[31].
He then became the Senate Minority Leader.
Mitch McConnell Controversies
McConnell has been criticized for being an obstructionist. He has been described as a former moderate who shifted and became more conservative[32].
During the Obama Administration years (2009-2016) he repeatedly obstructed various laws. He also described the Republican Party’s agenda as denying President Obama a second term[33].
Similar Senator Net Worth and Income Articles:
- Ed Markey Net Worth And Income Sources
- Ben Cardin Net Worth And Income Sources
- Chris Van Hollen Net Worth And Income Sources
- Susan Collins Net Worth And Income Sources
- Angus King Net Worth And Income Sources
Mitch McConnell Biography
| Legal Name/Birth Name | Addison Mitchell McConnell III |
| Mitch McConnell Net Worth | $30 million |
| Pseudonyms | N/A |
| Source of Wealth | Senate Minority Leader from the State of Alabama |
| Date of Birth | February 20, 1942 |
| Place of Birth | Sheffield, Alabama, US |
| Nationality | American |
| Gender | Male |
| Height | 175 cm (5 ft 9 in) |
| Weight | N/A |
| Religion | Southern Baptist |
| Ethnicity | White |
| Marital Status | Married |
| Partner/Spouse | Elaine Chao (married since 19937) |
| Children | 3 |
| Names of Children | Porter McConnell, Eleanor McConnell, Claire McConnell |
Frequently Asked Questions About Mitch McConnell
What is Mitch McConnell’s Approval Rating?
According to YouGov, Mitch McConnell has an 18.7% favorability rating as of 13th November 2021[34].
When Does Mitch McConnell’s Term End?
Mitch McConnell’s current Senate term ends in 2027. He is currently the Senate Minority Leader.
How Old is Mitch McConnell?
Mitch McConnell was born on February 20, 1942. This makes him 79 years old.
Is Mitch McConnell the Oldest Senator?
No. Mitch McConnell is 79 years old. This makes him the 7th oldest Senator currently serving in the United States Senate. The oldest Senator in the US Senate is Dianne Feinstein who is over 88 years old.
Mitch McConnell however, is the longest serving Republican leader in the history of the US Senate.
How is Mitch McConnell’s relationship with Donald Trump?
Likely not very good. Trump has criticized McConnell for acknowledging Biden’s victory in the US Presidential Election.
How can I Contact Mitch McConnell?
You can contact him using his official E-mail or using a contact form on his Senate Webpage [35].
References
[1] How Much Is Sen. Mitch McConnell Worth? McConnell’s net worth estimation from Forbes
[2] US Senate
[3] Mitch McConnell makes Senate history as longest serving Republican leader
[6] Transportation Secretary Elaine Chao’s American Dream, And Her Advice For Young Women
[7] Elaine Chao, Trump Transportation Secretary, Cited for Questionable Ethics
[8] Elaine L. Chao, Secretary of Labor
[9] A $59 Million Will Sheds Light On Shipping Fortune Connected To Elaine Chao And Mitch McConnell
[10] Former Department of Transportation Secretary, Elaine Chao, returns to the private sector
[12] Sen. Mitch McConnell visits childhood home in Athens Saturday
[13] Fact Check: Did US pay for McConnell’s polio treatment?
[14] Mitch McConnell’s entire career has been about gaining power. What happens now that he has it?
[15] Mitch McConnell — College of Arts & Sciences
[17] Alumni Gather in Washington DC — PHI KAPPA TAU
[18] Mitch McConnell’s complicated history on the Voting Rights Act
[20] Mitch McConnell | The Federalist Society
[21] https://www.kentucky.com/latest-news/article43980846.html
[22] https://www.kentucky.com/latest-news/article43980741.html
[23] Remark | Remarks | THE NEWSROOM
[24] Tom Emberton
[25] What Mitch McConnell’s Early Political Days Say About The Senate Majority Leader
[26] How Long Has Mitch Mcconnell Been In Office (And Why)?
[27] https://www.britannica.com/biography/Mitch-McConnell
[28] Kentucky Sen. Mitch McConnell photos through the years
[29] McConnell Shows Senate Staying Power Despite Unpopularity
[30] US Senate: National Republican Senatorial Committee Chairpersons
[31] https://www.wilsoncenter.org/person/us-senator-mitch-mcconnell
[33] Sen. Mitch McConnell Insists: One And Done For Obama
[34] Mitch McConnell favorability
[35] Sen. McConnell
