Highlights

• Politicians like Doug Burgum, Jim Justice, and Mark Dayton have amassed massive fortunes and used their personal wealth to fund their political campaigns and push their agendas.
• These wealthy politicians, such as Bill Haslam and J.B. Pritzker, have been able to leverage their family inheritances to gain political power.
• Even after leaving office, politicians like Donald Trump and Michael Bloomberg continue to utilize their wealth to champion their favorite causes and exert their influence in politics.
• Only one female, Penny Pritzker, has entered American politics as a billionaire politician.

Politicians hold a unique position of power and influence in the complex political landscape of America. Many of America's wealthiest folks have recently decided to enter the political arena. Obtaining truthful intel about the personal finances of politicians is hard, and although there are estimates, we do know that some elected officials have stated publicly that their net worth is in the billions.

Whether self-funded, family-funded, or supported by large business groupings, such politicians have spent their private wealth in public. Here is a list of the richest U.S politicians to be elected to federal public office in the United States and how they amassed their fortunes. We've included both past and present politicians who have recently served.

8 Doug Burgum - $1.1 Billion

Political Role: Governor of North Dakota

The current Republican Governor of North Dakota is Doug Burgum, who has the potential to run as the 2024 U.S. Presidential Candidate and a Net Worth of $1.1 Billion. Sage worked his way up as a self-made entrepreneur by establishing Great Plains' software in 1983 and its subsequent sale to Microsoft for $1.1 billion. Burgum worked in the tech industry before he ran for politics as Governor in 2016 and self-funded his campaigns.

He's sought to reduce taxes and red tape to spur economic development as Governor. In a state where the dominant narrative is one of corruption and cronyism, Burgum casts himself as an insurgent and an outsider. His money will likely allow him to remain an essential player in the Republican Party.

7 Jim Justice - $1.2 billion

Political Role: Governor of West Virginia

Governor Jim Justice is the wealthiest politician in West Virginia. Justice inherited much coal mining and agricultural businesses from his father. Lawsuits over unpaid bills, and environmental violations have plagued his companies. Despite controversies, Justice leveraged his wealth to fund his gubernatorial campaigns and push his pro-business agenda.

With deep ties to the coal industry, Justice has been a vocal supporter of President Trump and an opponent of environmental regulations.

6 Mark Dayton - $1.6 billion

Political Role: State Auditor, U.S. Senator, and Governor (2011-2019) of Minnesota

Mark Dayton leveraged his $1.6 billion net worth as heir to the Target fortune to self-finance a long political career in Minnesota. He served as state auditor, U.S. senator, and Governor from 2011-2019. Dayton used his family's wealth to push liberal policies like Medicaid expansion as Governor.

His repeated self-funded campaigns illustrate how personal dynastic riches can be translated into institutional political power.

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5 Bill Haslam - $2.5 billion

Political Role: Former Governor of Tennessee and Former Knoxville Mayor

Former Knoxville mayor, Bill Haslam, served as the Governor of Tennessee with an estimated net worth of $2.5 Billion. One-third of his fortune is derived from Pilot Corporation, inherited from his family. Before getting involved in politics, Haslam held executive positions at Saks Fifth Avenue.

From 2011 to 2019, he was a moderate Republican Governor with a center-leaning agenda centered around jobs and economics and kept clear of social issues. Haslam owes much of his political career to his family's money, which let him pay for his campaigns and enjoy strong approval ratings in red Tennessee. In Tennessee politics, he still wields power.

4 Donald Trump - $2.6 billion

Political Role: Former President of the United States

Donald Trump is among the wealthiest politicians in the U.S. and holds an estimated net worth of $2.6 billion. Trump took the real estate company he got from his father and turned it into an empire branded under his name. Before jumping into politics, Trump accumulated wealth through various real estate deals and numerous licensing arrangements.

During his four-year term as POTUS from 2017 to 2021, he broke convention by holding on to owning his businesses. Trump owns various properties including his current residence Mar-a-Lago in Florida and Trump Tower, golf clubs, and hotels worldwide.

3 Penny Pritzker - $3.3 billion

Political Role: Commerce Secretary

The descendant of the Hyatt hotel family, Penny Pritzker parlayed her $3.3 billion fortune and relationships into a cabinet post with Obama. Pritzker, who served as Commerce Secretary from 2013 to 2017 with no government experience beforehand, championed a pro-business agenda.

Her selection indicated that inherited riches could be used to buy privilege when it comes to elected positions. Pritzker is still one of Illinois' leading Democratic fundraisers and activists, leveraging family wealth into continued political clout.

2 J.B. Pritzker - $3.5 billion

Political Role: Governor of Illinois

Current Illinois governor J.B. Pritzker comes from the ultra-wealthy Pritzker family, which owns the Hyatt hotel chain. With an estimated personal net worth of $3.5 billion, Pritzker has used his vast wealth to self-fund his political ambitions. After losing a Congressional race in 1998, Pritzker won the Illinois governorship in 2018 after pouring over $170 million of his fortune into the campaign.

As Governor, he has advocated progressive policies like legalizing marijuana and raising the minimum wage. Pritzker also owns one of the largest yachts in the world, a 290-foot vessel complete with a pool and movie theater estimated to be worth over $100 million.

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1 Michael Bloomberg - $96.3 billion

Political Role: Mayer of New York City

Michael Bloomberg's net worth is estimated to be $96.3 billion. Bloomberg made his considerable wealth from Bloomberg LP, a financial data company he started in 1981. Bloomberg is one of the wealthiest people in New York and owns several homes: a $50 million townhouse in Manhattan; condos in Bermuda, London, and Dubai; a 250-acre estate in New York to raise horses, and more.

Despite losing his bid to become President of the United States in 2020, Bloomberg still employs his wealth to push for his more moderate stance on issues such as guns, the environment, and healthcare.

The richest politicians in America have come about their money in many different ways with a majority of the politicians on our list inheriting a massive amount of wealth. One thing is for certain, they have wielded their billionaire status to reach some of the highest heights in politics. Even after leaving office, many have continued to champion their favorite causes by throwing their considerable influence and massive wealth behind the causes they believe are important.

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