How Rich Is Mitch McConnell 2022? – FAMOUSUPDATES
How Rich Is Mitch McConnell 2022? – FAMOUSUPDATES
How Rich Is Mitch McConnell 2022?: Lawmakers must file personal financial disclosure forms and list their assets within a broad range, such as $5 million to $25 million, making an exact figure difficult to determine. According to the most recent financial disclosure agreement McConnell filed in May 2018, he and his wife, Elaine Chao, have a combined net worth ranging from $13.42 million to $54.56 million. McConnell’s net worth is estimated to be $35 million by Celebrity Net Worth.
Bank accounts, trusts, mutual funds, retirement accounts, and stocks are among the couple’s assets. McConnell stated that he has no liabilities exceeding $10,000. McConnell’s net worth increased dramatically following the death of his wife’s mother in 2007.
On his 2008 financial disclosure form, he states that he received a Vanguard Tax-Exempt Money Market Fund joint account worth between $5 million and $25 million as a gift from a relative. In fact, joint funds and funds held by McConnell’s spouse account for most of his wealth. The assets owned solely by McConnell range in value from $1.01 million to $2.17 million.
The Senate salary is McConnell’s primary source of income. He earns $193,400 per year as the minority leader.
Mitch McConnell Wiki
Full Name Addison Mitchell McConnell Age 80 years Height 5 ft 8 in (1.76 m) Weight 176 lb (80 kg) Wife Elaine Chao Worth $35 Million
Background of Mitch McConnell
Following graduation from the University of Louisville College of Arts and Sciences and the University of Kentucky College of Law, McConnell began his political career as an intern for Sen. John Sherman Cooper on Capitol Hill. Following that, he worked as Senator Marlow Cook’s chief legislative assistant and as President Gerald Ford’s deputy assistant attorney general.
Before beginning his first term as senator, he served as the judge-executive of Jefferson County, Kentucky, from 1978 to January 1985. He went on to become Kentucky’s longest-serving senator, and during his tenure, he was successful in killing a number of Democratic bills. McConnell is proud of his conservative record, and he refers to himself as the Democratic legislation’s “grim reaper.”
He is married to Elaine Chao, a politician with a long history. She served as Secretary of Labor for eight years under President George W. Bush and as Secretary of Transportation for nearly eight years under President Donald Trump. Chao was also the Peace Corps director and the president of the United Way of America.
According to The Washington Post, Chao is an immigrant who arrived in the United States with her parents on a cargo ship. Her father went on to found the Foremost Maritime Corporation, a major shipping company that was profitable enough for the Chao family to donate $40 million to Harvard Business School. Despite the fact that she has never held a position of leadership in the Foremost group, Chao and McConnell have become “millionaires many times over,” according to The Intercept.
McConnell’s political career is said to have benefited from Chao’s assistance in a variety of ways. According to The New York Times, the Chao family contributed $1.1 million to McConnell’s campaigns and political action committees between 1989 and 2018. Chao has also helped him through her role as Transportation Secretary by appointing an intermediary to help push transportation projects through in McConnell’s home state of Kentucky. According to Politico, this increased his appeal to his constituents as someone who can secure federal funding for his state.
Facts about Mitch McConnell
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Growing Up
Addison Mitchell McConnell III was born in Sheffield, Alabama, on February 20, 1942. His parents were Addison Mitchell McConnell II and Julia Shockley. McConnell was paralyzed in his upper left leg due to polio when he was a child. He was treated at Roosevelt Warm Springs Institute for Rehabilitation, which prevented him from being disabled for the rest of his life.
His family relocated to Louisville, Kentucky, in 1956, where he attended DuPont Manual High School. During his senior year, he was elected student council president. Following high school, he enrolled at the University of Louisville, where he graduated with honors with a Bachelor of Arts degree in Political Science in 1964.
McConnell Personal Existence
McConnell first married Sherrill Redmon in 1968. Before their divorce in 1980, the couple had three daughters together. Redmon went on to study feminist studies at Smith College. McConnell married Elaine Chao, his second wife, in 1993. President George W. Bush appointed Chao as Secretary of Labor, and President Donald Trump appointed him as Secretary of Transportation.
In 1997, McConnell established the James Madison Center for Free Speech in Washington, D.C., as a legal defense organization. He was also inducted into the Sons of the American Revolution in March 2013 and serves on the Jefferson Awards for Public Service Board of Selectors.
McConnell is widely regarded as one of the wealthiest members of Congress. His fortune grew even more in 2008, thanks to a personal gift from his father-in-law, James Chao, following the death of his wife’s mother. In both 2015 and 2019, “Time” magazine named him one of the world’s 100 most influential people.
Family Fortune
Between 1968 and 1980, Mitch McConnell was married to Sherrill Redmon. They were the parents of three children. In 1993, he wed Elaine Chao. Elaine served as Labor Secretary under George W. Bush and Transportation Secretary under Donald Trump.
James S. C. Chao, Elaine’s father, is a wealthy Chinese-American shipping magnate. James founded the Foremost Group, a shipping company based in New York that operates a fleet of 33 ships. Foremost is estimated to be worth $1.2 billion before debt. The Chao family’s stake in Foremost is valued at $600 million after debt and investments from China’s Export-Import Bank and Taiwan’s First Commercial Bank. Elaine has one younger sibling, Angela, who is the CEO.
Mitch McConnell had a net worth of $3 million prior to 2007. Mitch and Elaine’s personal net worth increased to $12.7 million in 2007 after receiving an inheritance estimated at $5-25 million following Elaine’s mother’s death. Mitch is now one of the wealthiest members of Congress, with a net worth of over $35 million.
McConnell’s Professional Career
McConnell enlisted as a private in the United States Army Reserve in 1967. However, because of his optic neuritis, he was deemed medically unfit for military service. McConnell worked as a chief legislative assistant for Senator Marlow Cook in Washington, D.C., from 1968 to 1970, managing a legislative department of five members while also assisting with speech writing and constituent services.
McConnell ran for a seat in the State Legislature as a representative in 1971. However, he was disqualified because he did not meet the residency requirements for such a position. He decided to work for a law firm, Segal, Isenberg, Sales, and Stewart, and also as a professor at the University of Louisville shortly after the loss.
McConnell returned to Washington in October 1974 to take a job as Deputy Assistant Attorney General under President Gerald Ford. From 1977 to 1984, McConnell was the Executive Judge in Jefferson County. He then ran for the United States Senate, defeating two-term incumbent Walter Dee Huddleston by 3,437 votes out of 1.2 million votes cast.
He was elected Senator of the United States from Kentucky on January 3, 1985. He was known as a pragmatic and moderate Republican in his early years, but he gradually shifted to the right, becoming more conservative over time.
McConnell served as chairman of the National Republican Senatorial Committee from 1997 to 2001. He rose to prominence as a skilled political strategist and tactician. He was elected Majority Whip for the first time during the 108th Congress and was re-elected the following year. He was elected Senate Majority Leader after Republicans took control of the Senate following the 2014 Senate election.
McConnell became the longest-serving United States Senator from Kentucky in history in June 2018. Throughout his tenure, he has become well-known for a wide range of conservative views. Though his views on abortion, labor unions, and civil rights were more moderate in his early career, they have since evolved to become more socially conservative. During Obama’s presidency, he led the opposition to Obamacare.
McConnell also opposes stricter gun control and climate change mitigation efforts. He backed President Trump’s initiatives to improve border security, promote free trade agreements, and lower taxes, including the Tax Cuts and Jobs Act of 2017.
He also voted in favor of the Iraq Resolution, which authorized American military action against Iraq. He has been harshly critical of various Democratic legislative proposals for universal healthcare and green energy.
In the 20202 elections, McConnell faced Democratic nominee Amy McGrath, a former Marine, and Libertarian nominee Brad Baron, a farmer businessman. On November 3, McConnell defeated McGrath to win his seventh term. During his tenure as a Senator from Kentucky, he has won every county in the state.
Despite being a conservative, McConnell’s relationship with President Trump deteriorated throughout his presidency and worsened after Joe Biden won the 2021 Presidential Election. Though he initially refused to acknowledge Biden’s victory, McConnell later congratulated President Biden and criticized Trump for his actions leading up to the 2021 storming of the US Capitol.
Donations to Mitch McConnell
According to recent statistics, Mitch McConnell has received more than $10 million in donations from businesses and Wall Street investors, indicating that he is heavily compromised. Mitch McConnell’s actions in the Senate have earned him criticism from both Democrats and Republicans. Mitch McConnell’s deliberate delaying of President Obama’s Supreme Court nomination has earned him a bad reputation.
Mitch McConnell’s wealth is unlikely to diminish anytime soon, given his substantial assets and investments. But Mitch McConnell must understand that it is the legacy that lasts, not the wealth.
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Mitch McConnell’s Residence
Mitch McConnell spends his vast fortune on lavish homes. Mitch McConnell currently resides in a sprawling 13,000-square-foot Kentucky luxury mansion. Mitch McConnell’s mansion includes the following luxurious features and amenities:
- High-End Kitchen
- Home Theater
- Tennis Court
- Wine Cellar
- 20-Seater Dining Room
- 3 Swimming Pools
- 10 Bedrooms
- 12 Bathrooms
- Yoga Studio
- Bowling Alley