Tim Scott Net Worth and Income Sources

Senator Tim Scott Net Worth Overview

Tim Scott’s net worth as per online sources is about $600,000.

Tim Scott is a Republican Senator from South Carolina. His net worth mainly consists of corporate securities and mutual funds. He also owns multiple residential properties in South Carolina.

Sen. Tim Scott (R-SC) official photo in 2013.  Credit: Wikipedia Commons

Senator Investment and Assets

Sen. Scott has an ownership share in a publicly listed insurance company. His investment assets also include a partnership business and residential properties. In addition, he has invested in mutual funds and retirement plans.

The table summarizes the investment and retirement plans that comprised Sen. Scott net worth in 2020. [1]


Tim Scott Net WorthValue
Residential Properties$300,003-$750,000
Corporate Stocks$21,007-$140,000
Bank Accounts$1,001-$15,000
Retirement assets$15,001-$50,000

Sen. Tim Scott net worth calculated from the financial statement filed with the SEC is between $337,012 and $955,000.

Senator Tim Scott Income

Sen. Tim Scott has multiple income sources. Most of his income is derived from his investment in corporate securities and residential properties. He has also been earning income as a senator since 2010.

Income Source 1: Salary as a Senator

Sen. Tim Scott income as a Senator of South Carolina contributes to his net worth. His earning as a Senator in 2020 was $174,000. [2]

Sen. Scott conversing with Judge Brett Kavanaugh in his office in 2018. Credit: Wikipedia Commons

Income Source 2: Investment and Retirement Plans

Sen. Scott net worth is appreciated by the income he earns from his investments. He earns income from residential properties.

Income Source 3: Book Royalties

Sen. Scott has authored a book from which he receives royalties. He earned $85,000 royalties for his book in 2020.


Residential properties$5,203-$11,000
Book Royalties$85,000
Total$264,203 – $270,000

As per the financial statement filed with the SEC, Sen. Tim Scott’s net worth increased by $264,203 to $270,000 in 2020.

Sen. Tim Scott addressed the Conservative Political Action Conference (CPAC) held in 2014 in National Harbor, Maryland. Credit: Wikipedia Commons

Tim Scott’s Bio/Early Life

Tim Scott was born Timothy Eugene Scott on 19th September 1965. He is the son of Benn Scott Sr. and Frances. His parents had divorced when he was 7 years old.

Scott grew up in challenging circumstances in North Charleston, SC. His mother supported the family by working 16-hours a day as a nursing assistant. He has two brothers. His older brother serves the United States Army as a sergeant major. His younger brother is in the United States Air Force serving as a colonel.

He attended R.B. Stall High School in North Charleston. In 1988, he got a BS degree in political science from Charleston Southern University.

Sen. Tim Scott (R-SC) at a Veterans Day event held in North Charleston, SC in 2011. Credit: Wikipedia Commons

Tim Scott Career

Scott worked as a financial advisor after completing his education. He formed an insurance company, Tim Scott Allstate.  

Scott’s political career started in 1995 when he contested for the Charleston County Council special election. He won the seat as a Republican candidate. He was reelected in the 2000 and 2004 County Council elections.

In 1996, Scott challenged Democratic Robert Ford in the 42nd Senate district election. But he lost the election to the incumbent senator.

Scott contested for the 117th District House of Representative seat in South Carolina in 2008. He won the election with 99.3 percent votes. 

In 2010, Scott ran for the United States House of Representatives 1st congressional district. The seat was left vacant after the retirement of incumbent Republican Henry Brown. Scott won the primary and the general elections. He defeated Paul Thurmond in the general elections.

Scott was reelected in the 2012 US House of Representative post. He defeated Democratic nominee Bobbie G. Rose in the general election.

Governor Nikki Haley appointed Scott to the United States Senate in 2013. In 2014, Scott retained his seat by winning the Senate special election from South Carolina. He defeated Republican Randall Young in the primaries with 90 percent of the vote. In the general election, Scott defeated Joyce Dickerson of the Democratic party by a clear majority.

Scott was re-elected for another term in the 2016 US Senate election representing South Carolina. He won by over 60 percent of the vote, defeating Democratic nominee Thomas Dixon.

In 2019, Scott had announced his plan to run for the US Senate election. But he said that it will be his last election campaign.[3]

Senator Scott is an advocate for ending racial discrimination in the US. He wrote and sponsored the Justice Act to end police brutality in the US. The bill called for increased reporting requirements for no-knock and use of force warrants. Also, the bill called for penalties for the use of unnecessary chokeholds. The bill got 55 votes out of the total 60 required to pass the law.

Tim Scott Accomplishments

Charleston was the first African-American Republican since the late 1800s to be elected to the Charleston County Council office in 1995. He won in a white-majority district with over 80 percent of the vote.

In 2008, Scott was also the first African-American Republican House representative from South Carolina in over a hundred years.

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Tim Scott Biography 

Legal Name/Birth NameTimothy Eugene Scott
Tim Scott Net Worth$600,000
Sources of WealthJunior US Senator from South Carolina
Date of Birth19th September 1965
Place of BirthSouth Charleston, South Carolina
Marital StatusMarried
Names of ChildrenN/A

Frequently Asked Questions About Tim Scott Net Worth

What political party does Tim Scott belong to?

Senator Tim Scott is a Republican Senator from South Carolina.

How old is Tim Scott?

Tim Scott will celebrate his 57th birthday in 2022.

Is Tim Scott still a senator?

Tim Scott is the US Senator for South Carolina. His present term will end in 2023.

Where did Tim Scott go to school?

Tim Scott attended R.B. Stall High School in North Charleston, SC.

Tim Scott Net Worth References

[1]. https://sec.report/Senate-Stock-Disclosures/Scott/TIM/383d5d69-3b2a-49ba-a57d-eba2e97726b3 – Annual financial report of Sen. Tim Scott filed in 2020.

[2].  https://www.legistorm.com/member/2792/Sen_Tim_Scott.html – Salary information of Sen. Tim Scott of South Carolina.

[3]. https://www.postandcourier.com/politics/sen-tim-scott-says-his-2022-sc-reelection-bid-will-be-his-last-political-race/article_0ef94de6-bab4-11e9-a59c-9bbb31fbdf41.html – Sen. Scott announces his plan for the 2022 elections.

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