If Mitt Romney is elected president in 2012, one thing that will be discussed is his net worth. The Los Angeles Times reports Dec. 22 that Romney hasn't divulged his income tax returns and doesn't plan on doing so while he is running for president. The New York Times reported Dec. 11 that Romney has been criticized for offering a $10,000 bet on his position regarding health care. That amount of money struck a nerve with voters who feel Romney is out of touch with Americans who are suffering because of the economic recession.
Here's a look at how Romney's finances and wealth stack up to presidents of the past.
Romney's Income
Romney started his path to riches when he became vice president of Bain & Co. in 1978. CNN reported he earned and MBA at Harvard and then latched on with Boston Consulting Group before going up the corporate ladder.
Six years after learning the ins and outs of the investment industry, Romney started his own company in 1984 called Bain Capital. The company is a private equity company spun off from the Bain Company. Romney spent 15 years at Bain Capital. When he had political ambitions in Massachusetts, Romney quit his job but was able to put a lot of his wealth into investments as he retired from a private sector job.
His net worth in in 2007 was calculated at $202 million. He makes cash when he sells stock. The Boston Globe reported in August that the presidential candidate was going to bulldoze his $12 million beachfront mansion in La Jolla, Calif., and replace it with an 11,000 square-foot home that is nearly quadruple in size from the older one.
Past Presidents
In terms of past presidents who have actually held office, Romney's wealth pales in comparison to some famous names. The Atlantic Monthly reported on the wealth of presidents in May 2010. Romney's wealth nearly exceeds all of the previous nine presidents combined, including Barack Obama. John F. Kennedy's family estate was valued at $1 billion in today's dollars, the last president to be worth more than Romney's $202 million figure.
George Washington, based upon his family's land ownership and wealth accumulation, was worth around $525 million. Thomas Jefferson, despite his opulent mansion at Monticello, was worth around only $212 million. Abraham Lincoln owned less than $1 million in assets with his home in Illinois.
Should Romney be elected president, his personal assets will be on the side of one of the wealthiest presidents to hold office in United States history.
William Browning is a research librarian specializing in U.S. politics. Born in St. Louis, Browning is active in local politics and served as a campaign volunteer for President Barack Obama and Missouri Sen. Claire McCaskill.
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