Friday, February 4, 2011

Does Money Matter in Politics?

New York Mayor, Michael R. Bloomberg.Image via Wikipedia
Theoretically, any American meeting the basic qualifications can become president, senator, governor, or congressman regardless of his wealth or lack thereof. If you take a look at the richest politicians, it looks like having money doesn't hurt and the old money is even better.

Michael Bloomberg leads the list of the richest politicians in American. He is currently Mayor of New York City and the 8th richest man in the country with assets of $18 billion.

H. Ross Perot, TX businessman and 1992 presidential candidate takes the number two spot with a net worth of $3.5 billion.

Third on the list is Ronald Lauder, son of the founders of the Estee Lauder companies, net worth $3 billion..  Lauder lost his bid for Mayor, NYC to Rudy Giuliani  in 1989.

Tom Golisano ranks fourth with assets of $1.3 billion.  He founded Paychex, the second largest payroll processor in the U. S. He ran unsuccessfully for New York Governor in '94, '98 and 2002.

Arnold Schwarzeneggar, Governor of California since 2003 is number five on the list with a net worth of $800 million.

#6-Peter Coors, chairman of Coors Brewing Co. lost the race for Senator in Colorado in 2004.  He's worth $750 million.

#7-MA Senator John (Forbes) Kerry was the 2004 Democratic Presidential Nominee. His family wealth of $525 million makes him the richest man in either the House of Representatives or the Senate.

#8-Presidential hopeful and former MA Governor Mitt Romney is worth $500 million.

#9-Amo Houghton served for twenty years as chairman of the family business, Corning Glass Works.  He stepped down after his 9th term in Congress, representing NY 29th District in the House of Representatives.

#10-John Corzine, former New Jersey Senator and Governor, lost to NJ Governor Chris Christie.  He is former chair of Goldman Sachs and is worth $300 million.

Source: Walletgenius
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