Rich and Powerful: 268 Millionaires Lead the Hill

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Jan. 10 (Bloomberg) –- Bloomberg’s Megan Hughes discusses the growing number of millionaires in Congress. She speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "Market Makers." (Source: Bloomberg)

Washington, d.c. should we be surprised?

We know it takes money to get elected these days.

We know that they have always been rich, but maybe not this rich.

The majority of members of congress are now millionaires.

You are in the room with 530 four members of congress.

They means you are in the room with 268 millionaires.

I know you are wondering who is at the top of this list, who is the richest.

Congressman darrell issa from california is at the top of this list.

$464 million net worth.

He made his money in the viper car alarm business.

Second, senator mark warner, 200 57 million dollar network.

He was in telecom ventures in the 1980s. early investor in nextel will stop congressman jared polis, big entrepreneur.

John delaney from maryland also founded some lending companies.

And congressman michael mccaul from texas will stop he's interesting because he actually said -- actually used to be at the top of that list, but they changed some of the reporting when it comes to spouses.

His daughter -- his wife is the daughter of the chairman of clear channel communications.

But that list is hundreds of millions of dollars.

Who is on the bottom of the list?

If you think about it, the average sally -- salary as a member of congress is 170 $4000. it is not chump change, but many of them have had financial problems.

You look at the poorest members and a lot of them have declared bankruptcy.

Congressman david valid deyo from california.

A dairy farmer who lost a lot of money.

He is in the whole $12 million.

Congressman hastings from florida had legal troubles and is out $4 million.

Representative ruben hinojosa from texas is down $2 million.

He said he lost a lot of money on a loan from his companies -- his family's meat company.

You will notice that these are republicans and democrats, and that is the case across the board.

It was not that republicans are richer than democrats or vice versa.

If you look at the house, democrats are a little bit richer.

If you look at the senate, republicans are a bit richer.

Lex let's look at how they got so rich.

What are they invested in?

You might be surprised.

Members of congress have actually been cooling off over the past couple of years.

But there was an uptick in 2012. some of the big companies they are invested in, ge, procter & gamble, microsoft, wells fargo, and apple.

If you look at the industries they are invested in, very heavy in real estate, securities, commercial banks, oil and gas, and finance and credit companies.

A popular strategy is investing in mutual funds, managed portfolios.

The idea is to protect yourself from any accusations of conflict of interest.

This text has been automatically generated. It may not be 100% accurate.


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