Millionaires: The One Minority Group Overrepresented in Congress

A new study by the Center for Responsive Politics shows that the wealth of members of Congress increased by 16 percent from 2008 to 2009.

And while some lawmakers lost some money when the stock market crashed, nearly half, 261, are millionaires. Only 1 percent of Americans can claim the title of millionaire.

According to the study, 55 lawmakers had an average calculated wealth in 2009 of $10 million or more, and eight are worth more than $100 million.

“Few federal lawmakers must grapple with the financial ills — unemployment, loss of housing, wiped out savings — that have befallen millions of Americans,” said Sheila Krumholz, the Center for Responsive Politics’ executive director. “Congressional representatives on balance rank among the wealthiest of wealthy Americans and boast financial portfolios that are all but unattainable for most of their constituents.”

Indeed.

Congressional Members’ Personal Wealth Expands Despite Sour National Economy. OpenSecretsBlog. November 17, 2010.

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