Mitch Mcconnell Net Worth: How Rich is Leader of Senator Minority Party?

Mitch McConnell, the 80-year-old leader of the Senate’s minority party, plans to keep his position as Republican party chairman for the time being. It was the first time in almost a decade that he had serious competition for the Republican conference leadership position, and he ultimately came out on top. He defeated his Florida opponent, Senator Rick Scott, 37-10.

Since 1984, McConnell has served as the senator for Kentucky. Seven times in Senate elections, including the upcoming one in 2020, voters in that state have given him a majority of the vote. Since January 3, 2007, he has presided over the Republican caucus as either the minority or majority leader. In 2018, he surpassed Bob Dole as the Senate party’s longest-serving leader.

McConnell, dubbed “the most conservative leader of either party in the history of the Senate,” has witnessed firsthand several historic events in the United States over the past three decades. These include the three impeachment trials, the confirmation of Clarence Thomas to the Supreme Court, and the battle over the Affordable Care Act.

If he wants to keep his Senate position, he won’t have to run for it again until 2026. If he were still alive today, he’d be 84 years old.

What is the Net Worth of Mitch Mcconnell?

For the sake of transparency, legislators must report their wealth within a broad range, such as $5 million to $25 million, making it difficult to determine an exact amount. McConnell and his wife, Elaine Chao, have a total net worth of between $13.56 million and $54.7 million, as of May 2022, the most recent month for which data is available. According to Celebrity Net Worth, McConnell has a $35 million fortune.

The couple’s wealth is spread over several financial vehicles, such as equities, bonds, mutual funds, IRAs, and savings accounts. Since his wife’s mother passed away in 2007, McConnell’s wealth has skyrocketed. A joint account in the Vanguard Tax-Exempt Money Market Fund worth between $5 million and $25 million that was a gift from a relative is listed on his 2008 financial disclosure form.

Most of McConnell’s fortune comes from assets held jointly or by his wife. McConnell has assets worth between $1.01 million and $2.17 million that are all his own. McConnell relies heavily on his pay from the Senate. He makes $193,400 a year as minority leader.

Mitch Mcconnell Net Worth
Mitch Mcconnell Net Worth

Early Life of Mitch Mcconnell

On February 20, 1942, in Sheffield, Alabama, the world welcomed Addison Mitchell McConnell III. Addison Mitchell McConnell II’s mom was Julia Shockley, and his dad was Addison Mitchell McConnell. McConnell had an attack of polio at an early age, which immobilized his upper left leg. His life was spared from a lifetime of disability because to the care he received at Roosevelt Warm Springs Institute for Rehabilitation.

After moving to Kentucky in 1956, he attended duPont Manual High School in Louisville. During his final year of high school he ran for and was elected president of the student council. After finishing high school, he went on to the University of Louisville, where he received a Bachelor of Arts in Political Science in 1964.

Mitch Mcconnell Career

McConnell joined the US Army Reserve as a private back in 1967. But doctors determined that his visual neuritis made him unfit for military service. For Senator Marlow Cook in Washington, D.C., McConnell served as chief legislative assistant from 1968 to 1970. In this role, he oversaw a staff of five and helped the senator with constituent services and speech preparation.

McConnell made a bid for a seat in the State Legislature in 1971. But he couldn’t hold the position because he didn’t meet the residency criteria. After the defeat, he began working for Segal, Isenberg, Sales & Stewart, a law firm, and teaching at the University of Louisville.

In October of that year, 1974, McConnell headed back to the nation’s capital to work for the Ford administration as Deputy Assistant Attorney General. From 1977 through 1984, McConnell oversaw legal proceedings in Jefferson County in the role of executive judge. In the following election, he competed against two-term incumbent Walter Dee Huddleston for a seat in the United States Senate, and he narrowly defeated Huddleston with 3,437 votes.

He was sworn in as the United States Senator for Kentucky on January 3, 1985. Initially viewed as a moderate Republican, he has moved more to the right and become more conservative in recent years. McConnell presided over the National Republican Senatorial Committee from 1997 until 2001. He became well-known for his abilities as a political tactician and strategist.

He was first chosen to serve as Majority Whip in the 108th Congress and was subsequently re-elected the following year. When the Republicans gained control of the Senate in 2014, he became the party’s majority leader. After being elected to the Senate in 1986, McConnell has served longer than any other Kentucky senator. During his time in office, he has gained notoriety for a number of conservative positions he has taken.

His opinions have become more socially conservative over the course of his career, shifting from more moderate positions on issues like abortion, unions, and civil rights. During Obama’s presidency, he spearheaded the fight against the healthcare law. Similarly, McConnell is against attempts to lessen the effects of climate change and supports more lax gun control laws.

He was in favor of President Trump‘s efforts to decrease taxes, improve border security, and advance free trade deals, particularly the Tax Cuts and Jobs Act of 2017. He also voted for the Iraq Resolution that authorized military force against Iraq by the United States. When it comes to Democratic policy plans, he has been especially harsh on those dealing with renewable energy and universal healthcare.

McConnell faced former Marine and Democratic contender Amy McGrath, as well as farmer and libertarian nominee Brad Baron. On November 3rd, McConnell won reelection against McGrath for his seventh term. His record as a Senator for Kentucky includes victories in every county.

In spite of their shared conservatism, McConnell’s relationship with Trump deteriorated during Trump’s presidency and worsened after Joe Biden was elected president in 2021. Despite his initial refusal to recognize Biden’s victory, McConnell eventually did congratulate President Biden and also criticized Trump’s behavior leading up to the storming of the United States Capitol in 2021.

Personal Life of Mitch Mcconnell

In 1968, McConnell tied the knot with Sherrill Redmon. Before splitting up in 1980, they were able to raise three daughters as a family. Redmon is continuing her studies in feminist scholarship at Smith. Elaine Chao became McConnell’s second wife in 1993. First under President George W. Bush as Labor Secretary, Chao later became Transportation Secretary under President Donald J. Trump.

In 1997, McConnell established a nonprofit in Washington, DC called the James Madison Center for Free Speech. In addition to his work with the Jefferson Awards for Public Service, he was admitted into the Sons of the American Revolution in March 2013.

It is common knowledge that McConnell is among the wealthiest lawmakers in the Senate. Upon the passing of his wife’s mother in 2008, his wealth was augmented by a personal gift from his father-in-law, James Chao. In both 2015 and 2019, he was named one of “Time” magazine’s 100 most influential people in the world.

Last Lines

Senate minority leader Mitch McConnell, 80 years old, will continue to serve as the Republican party’s chairman for the time being. For the first time in nearly ten years, he faced formidable opposition for the leadership of the Republican conference, but he prevailed nonetheless. The final score of his campaign against Florida Senator Rick Scott was 37-10.

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