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Tuesday, December 27, 2011

postheadericon Report: Net worth of average member of Congress has tripled

The median net worth for a member of Congress has almost tripled in recent years as average household income has dropped, according to new research.

A lawmaker's net worth is about three times what it was more than 25 years ago, according to an analysis by The Washington Post. The report found that between 1984 and 2009, a member of the House's net worth rose by over $400,000, from $280,000 to $725,000. Meanwhile, the average annual income for most Americans dipped by about $100, from $20,600 to $20,500, according to research from the University of Michigan.

Members of Congress are typically more wealthy than the general population.

In 2011, Rep. Michael McCaul (R-Texas) topped The Hill's list of the 50 wealthiest members of Congress, with a net worth of roughly $287 million. Combined, the 50 richest lawmakers reported a net worth of at least $1.6 billion, an increase of $200 million compared to The Hill's 2010 list.

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