Richard Shelby Net Worth and Income Sources

Richard Shelby Net‌ ‌Worth Net Worth at a Glance

Richard Shelby Net‌ ‌Worth is ~$32 million estimated based on our research and the latest news.

Richard Shelby Net‌ ‌Worth Investment and Assets 

What assets does the senator own? Check out Richard Shelby Net‌ ‌Worth Investment and Assets.

According to Open Secrets, the Richard Shelby Net‌ ‌Worth is ~$20M with the following holdings as of 2018. [1]

• Real Estate: ~$6M
• Securities & Investment: ~$350k
• Office Building: ~$6M
• Tuscaloosa Title Co Inc: ~$6M

Since the data is old, so we checked and updated some numbers from the latest news.

• Real Estate: ~25M (Adjusted for inflation and property price) 
• Securities & Investment: ~$560k (adjusted with market performance) 
• Office Building (Removed)
• Tuscaloosa Title Co Inc: $6M (no change)

For real estate, I have accounted for 3% of the average inflation rate for the 30 years of ownership (since 1989). I have also added a 2% average increase in property price. So, the math is $6M * 1.05 ^30 years.

The office building is real estate is the office building. So, we removed it to avoid double counting.

The value in the senator’s securities & investment is based on the overall market. The S&P has increased roughly 1.6X from 2018 to 2021 (as of Oct). [18]

Tuscaloosa Title Co Inc is an insurance agent for companies like Stewart Title Guaranty, Chicago Title Insurance, and Fidelity Insurance. We could use the sales multiple and the comp to see what others are willing to pay for this. Agencies can make pretty good money. So, we agreed with the $6M estimate.

Senator Richard Shelby Income

His main source of income that has been recorded is from his salary as a US Senator. Richard Shelby earns anywhere from $174,000-$200,000 annually[2]. 

Only one other verifiable information about his earnings is available. It is the interest he accrues on the Tuscaloosa Title Co. He has ostensibly earned millions from it. 

Income Source 1: Salary as a United States Senator

Richard Shelby has been a United States Senator from Alabama since 1986. He has become the longest-serving United States Senator from the State in history.[3]

Richard Shelby makes a base salary of $174,000 in his role as a US Senator. 

This calculation shows you the “lifetime” income he has so far as a senator. However, net worth is based on the liquidation value of one’s assets. 

So, this makes Richard Shelby net worth hard to calculate. 

Income Source 2: Securities, Funds and Tuscaloosa Title Co. (Real Estate) 

Any other income that Richard Shelby has generated comes from investments into securities and funds. He collects between $100,000 to $1 million a year from interest in Tuscaloosa Title Co. which he founded and has remained chairman of since 1974[4]. 

For commercial real estate, we tend to use the concept of Capitalization Rate to approximate the property’s value. 

Capitalization Rate = Net Operating Income / Current Market Value

• We have to make an assumption on the cap rate 
• To be conservative, say 3%.
• This means the rent of $100k to $1M is 3% of the property’s market value

Given the range of $100k to 1M

• $100k /3% = $3,333k or $3.33M 
• $1M /3% = $33.33M 

This money from real estate is the lion’s share of Richard Shelby net worth figures. 

But, since the senator is said to have given 98% of his share to his heir, then that $3-33M figure in Richard Shelby net worth will be reduced to 2%.

That is $60k to $666k. 

Richard Shelby’s Early Life and Career

Richard Shelby was born in Birmingham Alabama. He is the son of Alice L. and Ozie Houston Shelby[5]. He graduated from Hueytown High School in 1953. He then graduated from the University of Alabama with a Bachelors’s in Arts in 1957[6]. 

He had become interested in law during his time in University. He went on to get his law degree at the University of Alabama School of Law in 1963. While there, he also served as a clerk for the Alabama Supreme Court[7]. 

He got married to Annette Shelby in 1960. He has had two children with her. His two children are named Richard Jr. and Claude Nevin. 

Richard Shelby’s first started as a city prosecutor in Tuscaloosa, Alabama. He remained there from 1963 to 1971. From 1966 to 1970, he served as a US Magistrate for the Northern District of Alabama. He also served as a special assistant state attorney general from 1969 to 1971. 

He was originally elected to the Alabama Senate seat in 1970 as a Democrat. He served there till 1978. He got elected to the US House of Representatives from the Tuscaloosa-based 7th District in 1978. He got re-elected 3 times. 

Richard Shelby was originally elected to his first seat in the United States Senate in 1986 with a Democratic Nomination. It was a very tight race. 

He became part of the Alabama delegation. His win helped the Democrats regain control of the Senate during Ronald Reagan’s 2nd term. 

In 1994, Richard Shelby changed his party affiliation to the Republican Party and re-took his seat without much opposition. This was during President Bill Clinton’s reign as President. 

He has served in the Senate during the George W. Bush Administration, the Bill Clinton Administration, the Obama Administration, and the Trump Administration. 

Richard Shelby has become one of the longest elected officials in the Senate. This is his fifth term in the Senate. Shelby announced that he would not seek reelection in 2021 for a sixth term. 

Richard Shelby Accomplishments 

Richard Shelby is one of the most respected Republican Senators. 

Richard Shelby is the longest-serving US Senator from the State of Alabama. Shelby received appointments to Senate committees throughout his career. 

He first-chaired the Senate Appropriations Committee. His appointments have continued to important committees since then[8]. 

He has chaired the US Senate Committee on Banking, House, and Urban Affairs. He also served on the Senate Committee on Rules and Administration. 

He is considered a decorated alumnus of Alabama University and its Law School. 

Several buildings have been named after Richard Shelby including:

• The Shelby Hall Research Center at the University of Alabama[9]
• Richard C. and Annette N. Shelby Interdisciplinary Biomedical Research Building at the University of Alabama[10]
• The Senator Richard C. and Dr. Annette N. Shelby Center for Engineering Technology, part of the Samuel Ginn College of Engineering at Auburn University[11]
• The Richard C. Shelby Center for Missile Intelligence serves as the headquarters of the Missile and Space Intelligence Center (MSIC)[12]

Richard Shelby Controversies

Richard Shelby holds controversial opinions on Abortion[13]. Shelby called the Roe V. Wade supreme court decision is “terribly flawed on both a constitutional and moral basis.” 

He also opposes the taxpayer funding of Planned Parenthood. He has voted against a short-term funding bill in Congress because it didn’t defund Planned Parenthood. 

Shelby also abstained from voting on the creation of an independent commission to investigate the 2021 Capital Riot[14]. 

Other than the political ones, in 2012, Washington Post reported on the senator has directed money to a project near his office. The senator has benefited from the development since. But, he has explained that the project is about winning for his constituency and he is less concerned about his gain. [17]

Richard Shelby Net‌ ‌Worth: Richard Shelby celebrating his 87th birthday with his granddaughter and wife Annette Shelby.  Credit: Instagram @senatoryshelby

Similar Senator Net Worth and Income Articles:

• Kyrsten Sinema Net Worth And Income Sources
• Mark Kelly Net‌ ‌Worth And ‌Income‌ Sources
• Dianne Feinstein Net Worth And Income Sources
• Alex Padilla Net‌ ‌Worth And Income Sources
• Michael Bennet Net Worth And Income Sources

Richard Shelby Biography  

Frequently Asked Questions About Richard Shelby 

Why Did Richard Shelby Defect to the Republican Party?

Richard Shelby defected to the Republican Party after the 1994 Congressional Elections. This was during President Bill Clinton’s reign. The GOP gained control of the Senate then. He had always been one of the Conservative Democrats and had voted with the Republican Party on many issues before he defected[16]. 

How Old is Richard Shelby?

Richard Shelby was born on May 6, 1934. This makes him 87 years old. 

What Religion is Richard Shelby?

Richard Shelby has been a Presbyterian since birth. 

How can I Contact Richard Shelby?

You can contact Richard Shelby using his official E-mail or using a contact form on his Senate Webpage [16]. 

References

[1] https://www.opensecrets.org/members-of-congress/richard-c-shelby/summary?cid=N00009920

[2] https://www.legistorm.com/member/87/Sen_Richard_Shelby.html

[3] https://www.cnbc.com/2021/02/08/richard-shelby-longest-serving-alabama-senator-wont-seek-reelection.html

[4] https://www.al.com/sweethome/2011/06/alabama_sen_richard_shelbys_pe.html

[5] https://www.britannica.com/biography/Richard-Shelby

[6] https://www.shelby.senate.gov/public/index.cfm/biography

[7] http://encyclopediaofalabama.org/article/h-3865

[8] https://www.shelby.senate.gov/public/index.cfm/committeeassignments

[9] https://chemistry.ua.edu/about-shelby-hall/

[10] https://www.uab.edu/newsarchive/43836-groundbreaking-for-the-richard-c-annette-n-shelby-interdisciplinary-biomedical-research-building

[11] https://www.eng.auburn.edu/about/shelby-center

[12] https://www.dia.mil/About/Organization/MSIC/

[13] https://www.ontheissues.org/social/Richard_Shelby_Abortion.htm

[14] https://edition.cnn.com/2021/05/28/politics/senators-didnt-vote-january-6-commission/

[15] https://www.pewresearch.org/wp-content/uploads/sites/7/2012/11/113-congress-relig-affil.pdf

[16] https://www.shelby.senate.gov/public/index.cfm/emailsenatorshelby