Washington – Running for president is a pursuit for the wealthy, according to personal financial disclosure forms released Wednesday that show that several major-party candidates are millionaires and, collectively, the field of contenders is worth at least a quarter-billion dollars.
The candidates amassed fortunes in a variety of fashions. Sen. Barack Obama, D-Ill., wrote his way to possible millionaire status with a best-selling memoir. Former New York City Republican Mayor Rudy Giuliani raked in $11 million last year by giving talks around the globe.
Sen. John McCain, R-Ariz., married money – his wife is the millionaire daughter of an Arizona beer magnate. Former Massachusetts Republican Gov. Mitt Romney became the richest of the 2008 candidates for the White House by wheeling and dealing in private equity funds that have bought and sold significant interests in more than 180 companies.
And Democrat John Edwards, a trial lawyer who earned his initial fortune by defending the ill and injured in the courtroom, made $479,000 last year in salary and more than $7.5 million from investments with Fortress Investment Group, a New York hedge fund.
Each candidate’s wealth has a story behind it, though one candidate whose fortune has been made largely outside the public eye is Giuliani, who left the mayor’s office with modest holdings for a man with worldwide fame: $1.2 million to $1.8 million in personal assets, according to his disclosure forms from that period.
Since that time, his empire has grown to include a consulting firm that earned him $4.1 million last year, a partnership in the law firm Bracewell & Giuliani that guarantees him $1 million per year, book royalties and speaking fees that grossed more than $11 million, and a dizzying array of stock holdings and business interests that combined are worth $20 million to $70 million.
Giuliani has a stake in a biohazard firm that responds to terrorist attacks, an outfitter that markets canteens to the military and a private equity fund formed by former Republican Massachusetts Gov. William Weld.
His report also shows that he is collecting interest from money loaned to Kenneth Caruso, a law partner whom Giuliani appointed to the Metropolitan Transportation Authority, the Gambling Control Commission and an advisory panel on city appointments while mayor.
Edwards profited on the speaking circuit, but not as handsomely as Giuliani. His fees typically ranged from $30,000 to $40,000 per appearance. Edwards’ net worth is $22 million to $62 million, according to his report. His campaign estimated the total at $29.5 million, and it said he gave $350,000 to charity last year.
Other candidates’ net worth: New Mexico Democratic Gov. Bill Richardson, between $3.5 million and $10.1 million; Sen. Sam Brownback, R-Kan., $3.3 million to $8.7 million; Sen. Christopher Dodd, D-Conn., $1.5 million to $3.5 million; Rep. Duncan Hunter, R-Calif., $1 million to $2.4 million; Rep. Tom Tancredo, R-Colo., $545,000 to $1.2 million; Obama, $500,000 to $1.1 million; former Arkansas Republican Gov. Mike Huckabee, $350,000 to $900,000; and Sen. Joe Biden, D-Del., $62,000 to $428,000.
Romney was one of five candidates who received a 45-day extension from the Federal Election Commission, but his campaign estimated his personal assets at $190 million to $250 million. McCain and Sen. Hillary Rodham Clinton, D-N.Y., also received extensions.
