Mitt Romney Net Worth
Mitt Romney net worth: Mitt Romney is an American businessman and politician who has a net worth of $250 million. Mitt Romney is the former Governor of Massachusetts, a former Mormon missionary, the 2012 Republican Presidential nominee and, as of 2019, a Senator from Utah. Mitt Romney's net worth makes him one of the richest politicians in the United States. Romney began his business career as a consultant with the Boston-based Bain & Company. He eventually left Bain & Company to form an offshoot private equity firm called Bain Capital. Over the next 25 years Bain Capital made a fortune through leveraged buyouts. A leveraged buyout is when one firm issues large amounts of debt in order to take over another firm. If all goes to plan the new owners are able to run the company more efficiently and increase the value of the corporation to an amount that exceeds the original debt that was issued for the acquisition. When the company is sold, the debt is paid off and the people behind the leveraged buyout keep whatever profits are leftover. Mitt unsuccessfully ran for Senate in 1994 in Massachusetts. He served as the Chairman of the 2002 Salt Lake City Olympic Games Committee and was elected Governor of Massachusetts that same year. While serving as Governor he declined to take the $130,000 annual salary.
Mitt Romney Net Worth: Where it Comes From:
By the time Romney left Bain Capital after 25 years of work, the firm had over $4 billion under management and Romney had pocketed hundreds of millions in personal wealth. Thanks to his various political campaigns we have gained fairly clear insights into Romney's net worth. Some highlights:
- On January 24, 2012 Mitt released his tax records for the years 2010 and 2011. Those disclosures revealed that Romney earned $42.7 during those two years and paid $6.2 million in taxes. More specifically he earned $21.7 million in 2010 and paid $3 million in federal taxes, and $21 million in 2011 and paid $3.2 million in taxes. These disclosures revealed Mitt's effective tax rate was 14%. His rate was so low because his income comes mainly from capital gains on investments. Capital gains are typically taxed at 15% instead of 35% for regular earnings.
- As part of his 2018 Senate campaign, Mitt released tax returns for the years 2015, 2016 and 2017 showing that he earned a total of $83.8 million during those years. The returns also showed that he and his wife Anne donated $11 million to charity during that period.
- During his 2012 Presidential campaign, Romney's financial disclosure forms estimated his total net worth to be $80 – $255 million.
- During the 2012 campaign we also learned that the value of Romney's IRA account alone was $102 million.
- During his 2018 Senate campaign, Romney's financial disclosure forms estimated his total net worth to be $73 – $270 million. Upon further review, his campaign ultimately narrowed his net worth estimate range down to $190 and $250 million.
Mitt Romney Real Estate Portfolio: Mitt and his wife own a valuable personal real estate portfolio. They own at least six properties around the country including a a $12 million beachfront mansion in La Jolla, California, a $9 million mansion in Park City, Utah, a $10 million 11-acre property in New Hampshire and a townhouse in Boston, Massachusetts.
|Net Worth:||$250 Million|
|Date of Birth:||Mar 12, 1947 (72 years old)|
|Height:||6 ft 1 in (1.8796 m)|
|Profession:||Businessperson, Politician, Consultant|
|Nationality:||United States of America|