As Economic Storm Brewed, Congressional Wealth Grew 11% Last Year

An economic recession is looking increasingly likely, but the personal finances of members of Congress suggest they will be able to withstand the slowdown far better than most Americans, according to a new analysis of lawmakers' latest personal financial reports by the nonpartisan Center for Responsive Politics.

U.S. senators had a median net worth of approximately $1.7 million in 2007, the most recent year for which their financial data is available, and 61 percent of the Senate's members could be considered millionaires. In the House of Representatives, the median net worth was about $684,000, with 39 percent of members having net worths estimated to be at least $1 million. By contrast, only about 1 percent of all American adults can be considered millionaires. Growth between 2006 and 2007 was still a healthy 11 percent, despite indications last year that the economy was headed south.

"Worries about the economy that most members of Congress are feeling right now are likely coming from their constituents, who will head to the polls in less than three weeks," said Sheila Krumholz, executive director of the Center for Responsive Politics. "For the majority of lawmakers, the pressure they are feeling wouldn't appear to be coming from their personal finances. With a median net worth of $745,000, most members of Congress have a comfortable financial cushion to ride out any recession."

Before the American economy showed signs in 2007 of slowing down, lawmakers had enjoyed an extraordinary run in their personal investments and other finances. Members of Congress, who are now paid about $169,000 annually, saw their net worths soar 57 percent from 2004 to 2007, on average.
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