McCaul Tops Richest In Congress List
August 23, 2011 by UPI - United Press International, Inc.
WASHINGTON, Aug. 23 (UPI) — Rep. Michael McCaul, R-Texas, leads Roll Call’s annual survey of the richest members of Congress, with at least $294 million, bumping Sen. John Kerry, D-Mass.
Kerry became the third-richest member, with a minimum net worth of $193 million, Roll Call reported, while Rep. Darrell Issa, R-Calif., retained second place with $220 million.
Roll Call reviews annual financial disclosure reports of all members, adds the minimum value of all assets and deducts the total minimum value of all liabilities. But the Washington publication notes members are not required to disclose holdings such as their personal homes or federal retirement savings accounts.
McCaul, who placed fifth last year, has appeared on the list since his election to the House, with a net worth of about $12 million for the 2004 calendar year, and his wealth has soared since then. It nearly doubled from 2008 to 2009 and rose nearly 300 percent from 2009 to 2010.
Most of his wealth is actually held by his wife Linda, the daughter of Clear Channel Communications founder and Chief Executive Officer Lowry Mays, Roll Call said.
Kerry, who’s led or been near the top of the list for 15 years, derives much of his wealth from his wife Teresa, widow of the late Sen. John Heinz, R-Pa., heir of the ketchup fortune.