Mitch McConnell Net Worth

What is Mitch McConnell's Net Worth and Salary?

Mitch McConnell is a conservative American politician who has a net worth of $35 million.

Mitch McConnell was first elected as a United States Senator from Kentucky in 1985. For the next four decades, he was a key player in the Republican Party. His tenure in the Senate is marked by significant influence and leadership, particularly in his role as the Senate Majority Leader, a position he held from 2015 to 2021.

McConnell's political career began in the early 1960s, but his election to the Senate in 1984 marked the beginning of his long-standing influence in national politics. Known for his strategic acumen and deep understanding of Senate procedures, McConnell has been instrumental in shaping the legislative agenda and confirming judicial appointments, significantly impacting the judiciary's composition, including the Supreme Court.

Throughout his career, McConnell has been a staunch conservative, advocating for tax cuts, deregulation, and conservative judicial appointments. His leadership style is often described as meticulous and disciplined, focusing on maintaining party unity and advancing the Republican agenda in Congress. McConnell's tenure as Majority Leader was characterized by significant legislative battles and a strategic approach to governance, often marked by a focus on long-term goals over short-term gains.

One of McConnell's most notable achievements was his role in the confirmation of three Supreme Court Justices during the Trump administration, which has had a lasting impact on the American judicial system. He also played a key role in passing major tax reform legislation in 2017, one of the most significant overhauls of the tax code in recent decades.

However, McConnell's tenure has not been without controversy. He has been criticized for handling legislative processes, particularly the blocking of certain bills and nominations, and his approach to Supreme Court vacancies, which has often been seen as highly partisan.

Family Wealth

Mitch McConnell was married to Sherrill Redmon from 1968 to 1980. They had three children together. In 1993 Mitch married Elaine Chao. Elaine served as Secretary of Labor under George W. Bush and Secretary of Transportation under Donald Trump.

Elaine's father, James S. C. Chao, is an extremely successful Chinese-American shipping magnate. In 1964 James Chao founded the Foremost Group, a New York-based shipping company which operates a fleet of 33 ships. Foremost is worth an estimated $1.2 billion before debt. After debt and investments from China's Export-Import Bank and Taiwan's First Commercial Bank, the Chao family's stake in Foremost is worth an estimated $600 million. Elaine's younger sister Angela Chao served as CEO of Foremost until her death from a car accident in February 2024.

Before 2007, Mitch McConnell's net worth was $3 million. In 2007, after receiving an inheritance estimated at $5-25 million following Elaine's mother's death, Mitch and Elaine's net worth jumped to $12.7 million. Today, Elaine and Mitch McConnell's net worth is $35 million, which makes Mitch one of the wealthiest members of Congress.

Early Life

Addison Mitchell McConnell III was born on February 20, 1942, in Sheffield, Alabama. His mother was Julia Shockley, and his father was Addison Mitchell McConnell II. At a very young age, McConnell suffered from a polio attack, which left his upper left leg paralyzed. He received treatment at Roosevelt Warm Springs Institute for Rehabilitation, saving him from being disabled for the rest of his life.

In 1956, his family moved to Louisville, Kentucky, where he studied high school at duPont Manual High School. He was elected president of the student council during his senior year. Following high school, he attended the University of Louisville, earning a Bachelor of Arts degree in Political Science in 1964 with honors.

Career

In 1967, McConnell enlisted in the US Army Reserve as a private. However, due to his condition of optic neuritis, he was deemed to be medically unfit for the military service and from 1968 to 1970 McConnell worked as a chief legislative assistant for Senator Marlow Cook in Washington, D.C., where he managed a legislative department with five members while assisting with speech writing and constituent services.

In 1971, McConnell attempted to run for a seat as a representative in the State Legislature. However, he was disqualified due to non-compliance with the residency requirements for such an office. Shortly after the loss, he decided to work for a law firm, Segal, Isenberg, Sales, and Stewart, and also worked as a professor at the University of Louisville.

In October 1974, McConnell returned to Washington to fill a position as Deputy Assistant Attorney General under President Gerald Ford. McConnell then served as the Executive Judge in Jefferson County from 1977 to 1984. He then ran for a seat in the United States Senate against two-term Incumbent Walter Dee Huddleston, to which he won by 3,437 votes out of 1.2 million votes that have been cast.

On January 3, 1985, he was elected Senator of the United States, representing the state of Kentucky. In his early years, he was known as a pragmatic and moderate Republican but slowly changed and shifted to the right, becoming more conservative over time.

From 1997 to 2001, McConnell was chairman of the National Republican Senatorial Committee. He developed a reputation as a skilled political strategist and tactician. He was first elected as a Majority Whip during the 108^th Congress and was re-elected the following year. After the Republicans took over the Senate following the 2014 Senatorial election, he was voted as the Senate Majority Leader.

In June 2018, McConnell became the longest-serving U.S. Senator from Kentucky in history. During his tenure, he has become well-known for various conservative viewpoints. Though his views on topics like abortion, unions, and civil rights were more moderate in his early career, his views have evolved over time to become more socially conservative. He led the opposition against Obamacare during the Obama administration. McConnell also opposes stronger gun control measures and efforts to mitigate climate change. He supported President Trump's initiatives to strengthen border security, promote free trade agreements, and reduce taxes, including the Tax Cuts and Jobs Act of 2017. He also supported the Iraq Resolution, authoring American military action against Iraq. He has been highly critical of various Democratic proposals for legislation around universal healthcare and green energies.

In the year 2020, McConnell faced Democratic nominee Amy McGrath, a former Marine, and libertarian nominee Brad Baron, a farmer businessman, in the 20202 election. McConnell was elected to his seventh term on November 3 when he defeated McGrath. In his career as a Senator from Kentucky, he has managed to win every county in the state.

Though conservative, McConnell's relationship with President Trump became quite strained throughout Trump's presidency and devolved further once Joe Biden won the 2021 Presidential Election. Though he initially refused to acknowledge Biden's win, McConnell later congratulated President Biden and criticized Trump for his actions preceding the storming of the United States Capitol in 2021.

In October 2021, McConnell helped pass a bill to extend the country's debt ceiling, preventing a default on its debts. Mitch convinced 11 Republicans to vote with the Democrats in favor of it.

Personal Life

McConnell married his first wife, Sherrill Redmon, in 1968. The couple had three daughters together before divorcing in 1980. Redmon has since gone on to pursue a feminist scholarship at Smith College. McConnell married his second wife, Elaine Chao, in 1993. Chao served as the Secretary of Labor under President George W. Bush and then the Secretary of Transportation under President Donald Trump.

McConnell founded the James Madison Center for Free Speech in Washington D.C. in 1997, an organization devoted to legal defense. He also was inducted into the Sons of the American Revolution in March of 2013 and served on the Board of Selectors for the Jefferson Awards for Public Service.

McConnell is known to be one of the wealthiest members of Congress. His wealth further increased in 2008 following a personal gift from his father-in-law, James Chao, following the death of his wife's mother. He was listed by "Time" magazine as one of the 100 most influential people in the world in both 2015 and 2019.

In March 2023, McConnell was hospitalized after a fall and treated for a concussion. Then, in July 2023, he froze at a podium while taking a question at a press conference, not speaking for around 20 seconds, which garnered worldwide media reports and concerns for his health. Aides escorted him away but later said he was fine.