The Wealthy Candidates: A Battle of Millionaires in US Politics

Strategic Insights -

As the 2004 US presidential election approaches, voters are facing an unprecedented choice: two pairs of multimillionaires vying for the top spot. President George W. Bush and Vice-President Dick Cheney have amassed significant fortunes, while Democratic challenger John Kerry has married into wealth, inheriting an estimated $500-million to $1-billion in cash and securities. His running mate, John Edwards, also boasts impressive assets, despite his humble beginnings as the son of a South Carolina mill worker.

Key Takeaways:

  • All four candidates - Bush, Cheney, Kerry, and Edwards - are millionaires, with Bush and Cheney having built their wealth before entering public office.
  • Kerry's net worth is estimated to be between $500-million and $1-billion, largely due to his marriage to Teresa Heinz, the widow of the heir to the Heinz food-processing fortune.
  • Edwards, who grew up in modest circumstances, has amassed an estimated $19-million to $70-million through his successful trial law practice.
  • The Republican National Committee has created a board game, "Kerryopoly," to mock Kerry's wealth, which includes a $4.7-million Georgetown mansion, a $35-million jet, and a $700,000 boat.
  • Critics, including Republicans and Kerry's running mate Edwards, have accused Kerry of being out of touch with ordinary Americans due to his wealth.
  • According to the Center for Responsive Politics, 42 of the 100 US senators are millionaires, with many having built their wealth through public office or marriage.

Statistics:

  • President George W. Bush's estimated net worth: $22-million (assets include his Texas ranch and a small stake in the Texas Rangers baseball club).
  • Vice-President Dick Cheney's estimated net worth: $20-million to $86-million (much of the money is stashed away in investment funds).
  • John Edwards' earnings from his legal practice (1995-1999): $26.9-million.
  • John Edwards' estimated total assets: $19-million to $70-million.
  • Number of millionaires in the US Senate: 42.
  • Bush the elder's estimated net worth: $22-million, largely due to his investments and business dealings.

Sources:

  • Washington Post, date not specified
  • Center for Political Integrity, date not specified
  • Washington-based Center for Responsive Politics
  • CBS News, date not specified ( Teresa Heinz Kerry interview)
  • Iowa Senate President Jeff Lamberti