Eric Garcetti Net Worth

What Is Eric Garcetti's Net Worth and Salary?

Eric Garcetti is an American politician who has a net worth of $3 million. Eric Garcetti is best known for being the former mayor of Los Angeles. Garcetti held the position until December 2022, then he served as the 26th United States Ambassador to India from May 2023 to January 2025. He was a member of the United States Navy from 2005 to 2013, achieving the rank of Lieutenant. Eric served as a member of the Los Angeles City Council from the 13th district from July 2001 to July 2013, and he was the President of the Los Angeles City Council from January 2006 to January 2012. In July 2013, Garcetti became the 42nd Mayor of Los Angeles. He was re-elected in 2017. Eric became the city's first elected Jewish mayor as well as its youngest mayor in over a century and L.A.'s second consecutive Mexican-American mayor. He has guest-starred on television series such as "The Closer" (2010–2011), "Major Crimes" (2012; 2016), "Angie Tribeca" (2016), "S.W.A.T." (2017), "Zoey's Extraordinary Playlist" (2020), and "Black-ish" (2020), and he appeared in the 2020 film "Valley Girl."

Salary

Eric Garcetti earned $248,000 per year in salary as Mayor of L.A.

Real Estate Holdings and Investments

On his 2017 financial disclosure, Eric disclosed ownership stakes worth between $10,000 and $100,000 in four companies, including public stock of Starbucks and Ross Stores Inc. He also listed several current and former real estate investments, three of which were worth $100,000 – $1 million.

One of those assets is a commercial real estate property in Beverly Hills acquired several decades ago by Garcetti's grandfather. In 1998, an oil company called Venoco Inc. signed a 20-year lease to drill for oil under the property, which is located not far from Beverly Hills High School, where Venoco owns additional drills. According to a 2013 financial filing, Venoco was at that time paying the Garcetti family a nominal $1.25 per year for the drilling rights because at that point it had not yet begun drilling. The terms of the lease promised the partnership a cut of future oil profits generated by slant-drilling from their machines already located at Beverly Hills High. In 2013, facing mounting pressure over his environmental record, Eric cut ties with the oil company. The family also appears to own several apartment buildings, which produce rental income that partially benefits Garcetti.

Early Life

Eric Garcetti was born Eric Michael Garcetti on February 4, 1971, in Los Angeles, California. He was raised in the L.A. suburb of Encino. His father, Gil Garcetti, served as L.A.'s District Attorney between 1992 and 2000, famously including the time when O.J. Simpson was unsuccessfully prosecuted for murder. His mother, Sukey, ran a philanthropic foundation. Eric has Eastern European Jewish heritage on Sukey's side and Mexican and Italian heritage on Gil's side. His sister, Dana, is a former Los Angeles County deputy district attorney, and she later began working as an advisor to Janice Hahn, who was elected to the Los Angeles County Board of Supervisors in 2016. Garcetti's paternal great-grandfather was murdered during the Mexican Revolution, and his maternal grandfather founded the clothing brand Louis Roth Clothes. Eric attended University Elementary School (later renamed UCLA Lab School) and Harvard-Westlake School, and he was a member of the political debate and civic engagement organization the Junior State of America.

Garcetti majored in urban planning and political science at Columbia University, earning a Bachelor of Arts degree in 1992. As a college student, he was a John Jay Scholar, and according to the school's website, "he served on the Columbia College Student Council; was president of the National Student Coalition Against Harassment; volunteered for the Harlem Restoration Project and Habitat for Humanity; founded Columbia Urban Experience (CUE), a pre-orientation program that encourages students to engage in the community and the city; and co-wrote and performed in three years of the Varsity Show, a student-written musical tradition whose past co-writers include Richard Rodgers CC'23, Oscar Hammerstein II, CC Class of 1916, and Lorenz Hart, JRN Class of 1918." In 1993, Eric graduated from Columbia's School of International and Public Affairs with a Masters of International Affairs. He met his future wife, Amy Wakeland, while they were Rhodes Scholars at the University of Oxford. Garcetti later studied ethnicity and Eritrean nationalism, working toward a Ph.D. from the London School of Economics.

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Career

Before getting involved in politics, Garcetti worked at the University of Southern California as a visiting instructor of international affairs and at Occidental College as an assistant professor of world affairs and diplomacy. In 2001, Eric was elected to the Los Angeles City Council, representing District 13. He was re-elected in 2005 and 2009, and he was the council president from January 2006 to January 2012. Garcetti held office hours every month to meet with constituents, and he put a "Constituent Bill of Rights" into effect, ensuring that constituents would be included in land-use decisions related to their neighborhoods and that their phone calls would be returned within one workday. He also hosted Government and Planning 101 courses.

In September 2011, Eric declared his candidacy in the Los Angeles mayoral race. Since no candidate earned a majority of the primary votes, Garcetti and City Controller Wendy Greuel competed in a runoff election, and Eric won with 53.9% of the vote. He began serving as mayor in July 2013, and he was re-elected in March 2017 with 81.4% of the vote. According to his campaign website, Garcetti "led the passage of the nation's largest local infrastructure initiative ($120 billion); led L.A. to become the first big city to adopt a $15 minimum wage; and …  implement[ed] the nation's most ambitious local 'Green New Deal.' He has also spearheaded nation-leading initiatives to confront the crisis of homelessness and stood up the nation's leading local testing effort during the COVID-19 pandemic."

In July 2021, President Joe Biden announced that he had nominated Eric as the Ambassador to India. The Senate Foreign Relations Committee approved the nomination in January 2022. However, in March 2022, two senators placed a hold on the nomination due to allegations that Garcetti knew that Rick Jacobs, his top advisor, had committed sexual misconduct. In January 2023, the nomination expired and was returned to the White House. That day, President Biden renominated Eric, but in February 2023, Senator Marco Rubio put a hold on the nomination. Garcetti's nomination was advanced in March 2023, and he served in the role from May 2023 to January 2025.

Personal Life

Eric married Amy Wakeland on January 4, 2009, and they adopted a daughter, Maya Juanita. Maya's godfather is actor Evan Arnold, who has been friends with Garcetti since junior high. Eric and Amy have also been foster parents to seven children. Garcetti is a composer, jazz pianist, and photographer, and he attends the post-denominational Jewish congregation IKAR. From 2005 to 2013, he served in the United States Navy Reserve Information Dominance Corps as a lieutenant. Eric has been a member of the California board of Human Rights Watch, the Young Storytellers' advisory board, and the Inter-American Dialogue.

Awards

In 2003, Garcetti received the Green Cross Millennium Award for Local Environmental Leadership, and in 2006, he was honored with the John F. Kennedy Presidential Library and Museum's New Frontier Award. In 2014, the NAACP named him a "Person of the Year." In 2015, Eric received a Doctor of Humane Letters from Whittier College.

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