By Haddon Libby
Is the political arena a rich person’s game?
According to the Center for Responsive Politics, the answer appears to be ‘yes’. More than half of all Senate and Congress members are millionaires with an average net worth of just under $1 million while the average American has a net worth of $66 thousand with 16% of all Americans living below the poverty line including 20% of all children. Interestingly, Democrats averaged a $990 thousand net worth while Republicans averaged $907 thousand. The average Senator’s net worth was $2.5 million while House members averaged $856 thousand.
Who is the richest President of all time? To determine this, we have to take inflation out of net worth numbers so that a dollar in 1784 is worth the same as a dollar in 2013. Simply put, a 1784 dollar is worth $14 today.
Our richest President was George Washington. With 8,000 acres of farmland and 300 slaves, his net worth is estimated at $525 million. Next is Thomas Jefferson with a net worth of $212 million based on his ownership of 5,000 acres of farmland and dozens of slaves. Teddy Roosevelt is third at $125 million as he was a trust fund child with 200 acres on Long Island. Rounding out the top ten are Andrew Jackson, James Madison, JFK, LBJ, Bill Clinton, Herbert Hoover and FDR. Worth noting, Clinton made his fortune after leaving the Presidency. Our poorest Presidents were James Garfield at $10 thousand and Ulysses S. Grant at $50 thousand.
In comparison with other world leaders, our Presidents have been wealthy but not über-wealthy. Adjusted for inflation, the richest leader is Vladimir Putin of Russia at $40 billion. King Bhumibol Adulyadej of Thailand ranks second at $30 billion followed by Hassanal Bolkiah, the Sultan of Brunai with $20 billion.
How do our President’s stack up financially with the richest Americans of all time? John D. Rockefeller, originally a bookkeeper who built Standard Oil (today known as Exxon), was worth $340 billion. Andrew Carnegie, originally a telegraph messenger boy, made his money in steel and was worth $310 billion. Cornelius Vanderbilt, the son of a ferry boat operator in New York City made his money in shipping and railroads and was worth $185 billion. Rounding out the top ten are: Bill Gates of Microsoft; John Astor who traded furs and sold opium before becoming a real estate investor; Stephen Girard who owned one of America’s first banks; A.T. Stewart, one of America’s first discount merchandisers; Friedrich Weyerhauser, a construction worker who built an empire from wood and paper products; Jay Gould, a classic robber baron, and; Stephen Van Rensselaer, a land owner. Sam Walton of Wal-Mart ranks twelfth and Warren Buffett 13th.
The richest person of all time was Mansa Musa I from the 14th century at $400 billion due to precious metals like gold. Previously mentioned Americans take the next three spots followed by Nicholas II, Czar of Russia from 1894 to 1917.
While being the leader of an authoritarian regime leads to profound wealth, the cultural experiment known as America shows how the wealthiest Americans did not inherit their wealth or gain it from elected office but built it from humble beginnings.
Looking at our future where computers change the way that everything is done and society transitions from fossil fuels to renewables, a whole new set of the über-rich will develop. For as much as things will change, we can expect politics to continue to be a game for the rich.
