The defeat of incumbent Republican Sen. Dean Heller in the November midterm election did more than just give Nevada two Democratic senators for the first time since 1999 — it also substantially raised the average net worth of the state’s congressional delegation.
Democratic Rep. Jacky Rosen, who will be sworn into the Senate in January, has a listed net worth between $5.5 and $16.9 million, excluding her personal residence, salary and income of her husband, a Las Vegas radiologist.
Victories by Rosen, as well as fellow Democrat and future congressional Rep. Susie Lee (married to a casino executive and owner of 17 homes), will increase the average net worth of Nevada’s congressional delegation when the next Congress is sworn in next year.
Nevada is not immune to the trend of wealthier congressional members — a Roll Call analysis of congressional financial disclosures estimated that 153 House members and 50 senators were worth more than $1 million in 2017. According to a 2017 survey by Charles Schwab, less than 10 percent of American households are worth more than $1 million, and the American Community Survey estimates the average net worth of Nevada residents to be around $58,000 as of 2017.
Rosen’s net worth appears to have increased since 2016, when she reported holding between $3.6 million to $9.8 million in assets. According to Roll Call, she was the 61st wealthiest person in Congress as of 2017.
Republican Sen. Dean Heller, who Rosen defeated in November, reported an income between $163,00 and $358,000 in 2017, and total assets worth between $3.9 million and $11.3 million.
The Nevada Independent calculated Rosen and Democratic Sen. Catherine Cortez Masto’s estimated net worth and income from publicly available campaign finance disclosures, which are required to be reported every year. The disclosures don’t list exact values, but rather a general range of the value of an asset or liability.
Much of Rosen’s reported net worth comes through dozens of investments split between eight brokerage accounts, including substantial sums invested in mutual fund companies including Vanguard and Fidelity.
Listed assets included technology companies such as Amazon and Apple, energy companies such as Valero and several utilities, and banks including Wells Fargo, JP Morgan Chase and Fifth Third Bank. Her largest single asset was a Vanguard “Admiral” fund worth between $1 and $5 million.
The future senator’s reported income from assets ranged between around $131,000 to $404,000, but that excludes her personal salary as a congresswoman and husband’s income. Her only listed liability is a mortgage from 2003 now worth between $15,001 and $50,000.
The congresswoman did not list any travel or gifts received in 2017.
Catherine Cortez Masto
The state’s senior senator reported assets worth between $1.8 and $3.92 million on her 2018 financial disclosure form, with between $32,000 to $100,000 in income from assets. As with other financial disclosures, the totals do not include the senator’s personal residence, her $174,000 salary as well as her husband’s salary as head of a private security firm.
Her largest sources of income came from two single family rental properties, one in Las Vegas worth between $250,000 and $500,000, and another in Reno worth between $500,000 and $1 million. She also reported owning undeveloped land in Las Vegas.
She also listed a retirement plan with the Nevada Public Employees’ Retirement System worth between $250,000 and $500,000.
Her only listed liability is a mortgage incurred in 2007 worth between $250,000 and $500,000.
From the Editor