Senator Mitt Romney Net Worth is estimated to be between $250-$500 million based on an article by the Washington Post[1]. This makes him one of the wealthiest members of Congress. It also makes him the wealthiest Senator in the United States.
Senator Mitt Romney Net Worth from Investments and Assets
According to financial disclosures and various estimates of assets acquired throughout his life, Mitt Romney Net Worth is around $250-$500 million.
However, this estimate is said to be conservative, since his financial assets have been kept fairly secret. Since he was a co-founder of the investment firm Bain Capital, which is worth billions, he should be worth more.
The following breakdown of financial assets has been collected from his official financial disclosures during the 2012 U.S. Presidential Campaign. He is one of the wealthiest members of the US Congress.
| Assets | Value |
| Gold Assets | ~$250,000-$500,000 |
| Liquid Assets | ~$31 million |
| Speaking Fees | ~$190,000 |
| IRA Account | $21-$102 million |
| Stocks and Bonds | $150 million |
| Investment Portfolio | $340 million |
| Total Mitt Romney Net Worth | ~$500 million |
Republican Party Senator Mitt Romney 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: Career Consultant & Bain Capital
As a management consultant, Romney joined Boston Consulting Group in 1975. Bain & Company hired him in 1977, making him a vice president the following year. After leaving Bain & Company in 1984, he formed a private equity firm called Bain Capital.
Bain Capital made a fortune through leveraged buyouts over the following 25 years. After nearly 25 years of work, Romney left Bain Capital with the firm managing over $4 billion, and he had earned hundreds of millions in personal wealth.
Income Source 2: Salary as a United States Senator
He has been a United States Senator from Utah since 2018, ever since he won the U.S Senate seat in 2018. The former Massachusetts Governor is Utah’s only Republican Senator.
He makes a base salary of $174,000 in his role as a US Senator. However, he has only been Senator for 3 years. Since we don’t know his expenses over time, we don’t know how much he’s accumulated through his salary.
This obviously doesn’t include all the money he made during his time at Bain Capital.
Income Source 3: Stocks Bonds, and Other Investments
According to the Washington Post, Mitt Romney has investments in stocks and bonds totaling $150 million. The dividends on that pay handsomely in the millions every year[1].
Mitt Romney has invested nearly a quarter to half a million in gold and has an IRA estimated to be worth up to over $100 million. He also has an investment portfolio worth $340 million in total[1].
Mitt Romney’s Early Life and Political Career
Willard Mitt Romney was born on March 12, 1947, in Harper University Hospital in Detroit, Michigan[3]. His father George W. Romney was an automobile executive[4]. His mother was a former actress and homemaker, Lenore Romney[5].
He has Scottish and German ancestry but is also of English descent. His father was a member of a Mormon Colony in Chihuahua, Mexico. Hence, he was brought up as a Mormon. His father later joined politics and was a part of the Nixon Administration[6].
Mitt Romney has 3 elder siblings, Margo, Jane, and Scott. He is the youngest by 6 years.
Mitt Romney attended Stanford University in 1965[7]. There, he met Ann Davies, who would later become his wife. In July of 1966, he began a 30-month stint as a Mormon missionary in France[8]. This is a traditional rite of passage in his family.
In June 1968 he was in an accident which seriously injured him and killed one of his passengers[9]. This was the wife of the then mission president. He then became a co-president of the mission and met the goal of 200 baptisms in the year. This was the most in a decade[10].
He returned to the US the following year and married Ann Romney. Before the wedding, he enrolled at Brigham University. He graduated in 1971 with a Bachelor of Arts Degree in English[11]. He then enrolled in a four-year joint Juris Doctor/Master of Business Administration program sponsored by Harvard Law and Harvard Business School[12].
He graduated from Harvard in 1975 as a Baker Scholar for graduating in the top 5% of the school class[13]. This made him a cum laude graduate. Even though he passed the bar, he pursued a business career in the Boston Consulting Group[14]. There, he was a colleague of future Israel Prime Minister Benjamin Netanyahu[15] in Business Class.
Romney joined Bain & Company in 1977[16]. In 1978, he became a Vice President[17]. In 1984, he would leave Bain & Company to found Bain Capital, an investment firm[18]. This is where he made the bulk of his money. He stayed at Bain Capital for nearly 20 years until he became Governor of Massachusetts.
Mitt Romney’s Political Career
In 1993, he decided to enter politics. This was both because of his wife’s (Ann Romney) encouragement, and to follow in his father’s footsteps. He ran against Ted Kennedy in 1994 and left Bain Capital. He also left the Church leadership role he occupied. Romney’s campaign contributed millions. However, that didn’t prove successful. He lost the election to Ted Kennedy 41% to 58%[19].
In 2002, he ran for the Governor of Massachusetts to replace Acting Governor Jane Swift. He ran against Massachusetts State Treasurer Shannon O’Brien. He was elected Governor with 50% to 45%[20].
In 2008, he ran for the Republican Nominee for Presidential Candidate. Again, Romney’s campaign poured a lot of money into the effort, but it was in vain. He lost to John McCain. He expressed support for McCain a week after the loss[21].
He ran for the Presidential Nomination from the Republican Party a second time in 2012. He ended up becoming the challenger to incumbent President Barack Obama. However, he lost the Presidential election 47% to 51%[21].
He returned to politics in 2014, when he endorsed, and campaigned for many Republican Candidates. He also ran for the Republican nomination in 2016, but lost to Donald Trump[22].
He ran for the U.S Senate in 2018, and became the Junior United States Senator from Utah[23].
Mitt Romney Accomplishments
Mitt Romney has been appointed to various committees during his time in Congress[24].
- Committee on Foreign Relations
- Committee on Health, Education, Labor & Pensions (HELP)
- Committee on Homeland Security & Governmental Affairs (HSGAC)
- Committee on the Budget
Mitt Romney Controversies
Mitt Romney has had his fair share of controversies, principally during the 2012 election campaign. He was considered as a flip-flopper by voters who saw him change his position multiple times during the campaign on various issues.
His loss in the election is often chalked up to a videotape showing him talking to donors. In the tape, he opines that 47% of Americans are Obama supporters and are dependent on government entitlements[25].
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Mitt Romney Biography
| Legal Name/Birth Name | Willard Mitt Romney |
| Mitt Romney Net Worth | $250 million |
| Pseudonyms | N/A |
| Source of Wealth | Senior United States Senator from Utah |
| Date of Birth | |
| Place of Birth | Detroit, Michigan, U.S. |
| Nationality | American |
| Gender | Male |
| Height | 187 cm (6 ft 1 in) |
| Weight | N/A |
| Religion | Mormonism |
| Ethnicity | White |
| Marital Status | Married |
| Partner/Spouse | Ann Romney (‘nee Davies) (m. 1969) |
| Children | N/A |
| Names of Children | N/A |
Frequently Asked Questions About Mitt Romney
What is Mitt Romney’s Approval Rating?
According to YouGov, Mitt Romney is the 13th most popular Republican leader and the 45th most popular overall in Congress. [26].
When Does Mitt Romney’s Term End?
Mitt Romney’s current Senate term lasts until 2025.
How Old is Mitt Romney?
Mitt Romney was born on March 12, 1947. This makes him 74 years old.
Is Mitt Romney the Oldest Senator?
No. Mitt Romney is 74 years old. The oldest Senator in the U.S Senate is Dianne Feinstein who is over 88 years old.
How can I Contact Mitt Romney?
You can contact him using his official E-mail or using a contact form on his Senate Webpage [27].
References
[1] https://www.washingtonpost.com/opinions/mitt-romney-is-worth-250-million-why-so-little/2012/10/05/64128882-0c20-11e2-a310-2363842b7057_story.html
[2] https://www.senate.gov/senators/SenateSalariesSince1789.htm
[3] https://www.washingtonpost.com/news/post-politics/wp/2012/08/24/mitt-romney-no-ones-asked-for-my-birth-certificate/
[4] https://www.britannica.com/biography/George-Romney-American-politician
[5] https://abcnews.go.com/Politics/OTUS/facts-mitt-romneys-mom/story?id=16323279
[6] https://www.businessinsider.com/mitt-romneys-father-george-romney-was-a-liberal-2012-8
[7] https://www.gsb.stanford.edu/insights/mitt-romney-why-you-should-have-more-your-life-just-work
[8] https://www.washingtonpost.com/local/man-on-a-mission-mitt-romney-in-france/2012/05/13/gIQA1n3cNU_story.html
[9] https://www.nytimes.com/2007/06/24/world/europe/24iht-24Romney.6300715.html
[10] http://archive.boston.com/news/politics/2008/specials/romney/articles/part1_main/
[11] https://www.washingtonpost.com/politics/mitt-romney-as-a-student-at-a-chaotic-time-for-byu-focused-on-family-church/2012/02/17/gIQABaWaMR_story.html
[12] https://www.nytimes.com/2012/07/10/us/romney-merged-law-and-business-at-harvard.html
[13] https://www.harvardmagazine.com/2012/01/mitt-romney-and-his-time-at-harvard
[14] https://www.rollingstone.com/politics/politics-news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-183291/
[15] https://www.nytimes.com/2012/04/08/us/politics/mitt-romney-and-benjamin-netanyahu-are-old-friends.html
[17] https://www.npr.org/2012/05/07/152056667/romneys-1994-senate-loss-left-lasting-marks
[18] https://www.britannica.com/biography/Mitt-Romney
[19] https://www.thearda.com/timeline/events/event_146.asp
[20] https://www.biography.com/political-figure/mitt-romney
[21] https://edition.cnn.com/2012/11/07/politics/why-romney-lost/index.html
[22] https://abcnews.go.com/Politics/mitt-romney-wonders-stayed-2016-presidential-race/story?id=43069036
[23] https://www.nytimes.com/2020/02/05/us/politics/romney-trump-impeachment.html
[24] https://www.romney.senate.gov/committee-assignments
[25] https://www.npr.org/2012/09/18/161346421/david-corn-romney-shows-disdain-for-moochers
[26] https://today.yougov.com/topics/politics/explore/public_figure/Mitt_Romney
[27] https://www.romney.senate.gov/contact
