The Millionaires Club: Congress Loves These 10 Stocks
The wealth effect is in full force on Capitol Hill. For the first time in history, the majority of Congress members are millionaires. Both political parties made significant gains in their median net worth, and continue to hold positions in some of America’s most well-known companies.
Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to a new report by the Center for Responsive Politics and the latest disclosures filed by Congress in 2013. In the previous year, only 257 members had a median net worth of at least $1 million. Senators are generally better off than House members. The median net worth for all House members totaled $896,000, compared to $2.7 million for Senators.
“Members of Congress have long been far wealthier than the typical American, but the fact that now a majority of members — albeit just a hair over 50 percent — are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps, and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code,” explains the CRP.
Although real estate was the most popular investment on Capitol Hill, many members held positions in stocks. Let’s take a look at the 10 most popular stocks held by Congress.