Elizabeth Warren built her wealth over decades, as a law professor, writer, and as a politician.
Due to her prominence in American politics and academia, it’s no wonder why so many wonder about Elizabeth Warren’s net worth and how she accumulated her wealth. In the following article, we’ll answer these burning questions and provide you with all other relevant financial information related to Senator Warren.
U.S. Senator Elizabeth Warren aspired to be the Democratic party nominee in the 2020 presidential election, which eventually gave way to Joe Biden. But whatever you think of the lawmaker from Massachusetts, there’s no doubt she’s also been successful as a 21st-century revenue generator. What is Elizabeth Warren’s net worth? How did she emerge from a classic middle-class background to become one of the wealthiest politicians in the U.S.?
Warren and her husband, Bruce Mann, have amassed a formidable financial fortune, placing her well within the top 1% of highest-earning Americans. She’s heading into a likely run as Senator for a third term in the 2024 elections.
Table of Contents
Who is Elizabeth Warren?
Elizabeth Warren is a US Senator from Massachusetts, serving in the Senate since 2013. Before her political career, Warren was a professor of law, specializing in bankruptcy. She taught at several universities, including Harvard Law School, and authored numerous books on financial topics. Senator Warren is also known for her advocacy on consumer protection, economic opportunity, and the social safety net. She ran for the Democratic nomination for President in 2020 but lost to Hillary Clinton in the process.
Elizabeth Warren, a fearless consumer advocate who has made her life’s work the fight for middle class families, was re-elected to the United States Senate for a second term on November 6, 2018, by the people of Massachusetts.
Elizabeth is one of the nation’s leading progressive voices, fighting for big structural change that would transform our economy and rebuild the middle class.
Elizabeth Warren’s net worth
There’s a lot of conflicting data related to Elizabeth Warren’s net worth. For example, CAknowledge reports a staggering net worth of $73 million, while Celebrity Net Worth suggests a way smaller figure of $8 million. Either way, the figure is substantial, and it reflects her earnings from her academic career, book sales, and US Senator salary.
A sizable portion of Elizabeth Warren’s net worth comes from properties she owns with her husband. Real estate tracker Zillow estimates their three-story Victorian home in Cambridge, Mass. to be valued at $3.8 million.
Elizabeth Warren also owns a condominium in the Penn Quarter section of Washington, D.C. “The Washington Post” reported in 2013 that she paid $740,000 for the 2-bedroom, 2-bath condo. Units with the same configuration in the area sell for up to $1.6 million, according to Zillow.
Together, the two properties are worth as much as $5.4 million. She and her husband, a tenured professor of law at Harvard Law School, reported a combined 2022 income of $1 million. About a fifth comes from her salary as U.S. Senator. The couple’s latest tax filing for 2022 revealed little income from the interest earned on their savings, at about $1,500, and dividends of less $1,000 from their funds held with Vanguard.
In a financial disclosure on their 2022 income and assets to the U.S. Senate, Warren posted $443,000 in royalties from her books and $68,000 from her retirement account. Her own mutual funds were valued at at least $1.8 million, and she and her husband held four joint bank savings accounts totaling $102,000. (Some of her mutual fund accounts allowed for a higher range, such as one fund ranged at $1,000,001 to $5,000,000, but TheStreet used the lower value in estimating Warren’s net worth. Also, joint mutual accounts — shared with her husband — weren’t included.)
The couple likely suffered losses tied to the financial crisis of 2007-2008, and they have been carrying over those losses since then. They reported a carryover in long-term capital losses for 2022 amounting to $57,918 — tied to losses from mutual funds dating back to 2008 and 2009. In their 2009 tax form, they reported a loss totaling $305,487 — and they have been deducting the maximum $3,000 using tax-loss harvesting each year.
When Warren was making her 2020 presidential bid, her net worth in 2019 amounted to a consensus of $8.75 million — a figure that is based on various financial statements, most notably the release of her federal tax returns (10 years in total through 2018). For the same year, “Forbes” put Warren’s worth at $12 million.
It’s worth noting that Warren puts her money where her mouth is on sharing the wealth — a tenet she was pushing in her 2020 presidential run. In 2022, she and her husband made almost $53,000 in charitable gifts. In 2018, they donated $50,000 to charity, and in 2017, they donated $882,000.
How did Elizabeth Warren make her money?
From what we were able to gather, Elizabeth Warren has multiple sources of income. Here are some of the ways she has made her money:
- Senate salary: As a United States Senator, she earns an annual salary of $174,000;
- Book deals: As an author of several books, Elizabeth Warren makes money from book deals. For example, she made more than $300,000 from books in 2018;
- Lecturing and consulting: Apart from writing, she also earns income from lecturing and consulting;
- Businesses and donations: She earns annually through various businesses and donations;
- Investments: Warren and her husband also hold funds that invest in stocks, bonds, and real estate.
How much does Elizabeth Warren make as a U.S. Senator?
Warren earns about $174,000 per year as a U.S. Senator. Her 2022 tax return listed a salary of $173,306. She and her husband typically report a combined annual income of $1 million. By comparison, the average annual salary in Massachusetts in 2022 was $76,600, according to the Bureau of Labor Statistics data.
Warren’s assets and investments
When it comes to assets and investments, Elizabeth Warren owns over 10 real estate properties, which include both residential and commercial properties. What’s more, her car collection includes 7 vehicles, ranging from luxury sedans to SUVs. She also owns 3 luxury yachts, which are considered high-value assets.
In terms of financial assets, Warren also has cash reserves, as well as an impressive investment portfolio, with several high-value stocks.
Insider trading involvement
There are no public records or credible reports that suggest Warren’s involvement in insider trading. In fact, she has called for investigations into potential insider trading activities by other government officials. Moreover, Warren even introduced a bill that bans Members of Congress and their spouses from owning and trading individual stocks, bonds, commodities, futures, and other securities.
How much is Elizabeth Warren worth?
There is a lot of dispute over Elizabeth Warren’s net worth. Some reports suggest a $73 million figure, while others claim her wealth to be a lot smaller, somewhere around $8 million. Either way, both figures make Senator Warren part of the richest echelon of US senators. Nevertheless, with no public record of any financial controversies, it’s hard for an average American to make a case against her personal wealth in any way.
How do the Warrens spend their money?
Warren spends so much time in Washington that it’s difficult to estimate exactly what her family spends their disposable cash on.
Still, there are some clues.
For instance, in 2018, the Warrens spent $46,000 on solar panels for their Victorian home in Cambridge. In that neighborhood, home lots are smaller and the homes are older — which is typical for most residential properties in Cambridge, a historic city near Boston.
The Warrens are more savers than spenders, with millions in income steered toward various long-term savings vehicles. This includes their joint ownership in mutual funds.
Some news outlets reported that Warren made a living flipping houses in the 1990s. Aside from her two homes in the Boston area and Washington, D.C., it’s not known whether she has homes in other parts of the U.S.
Warren is also known to dote on her family’s golden retriever, Bailey. She’s also a big fan of singer Dolly Parton, whose hit song “9 to 5” frequently plays at Warren’s campaign stops.
Did Elizabeth Warren grow up in a middle-class household?
Elizabeth Warren was born June 22, 1949, in Oklahoma City, Okla. Money was tight early on in Warren’s life, as described on her website and in her 2014 book “A Fighting Chance.”
When Warren was 12, her father suffered a heart attack and was out of work. To provide for the family and to prevent losing their home, her mother worked at a minimum wage job answering phones at department store operator Sears.
Three of her brothers served in the U.S. military, and her oldest brother (who died from COVID-19 in 2020) flew combat missions during the Vietnam War. It was a close-knit family that placed a high value on education — a scenario that was tailor-made for the inquisitive young daughter.
Scraping money together, Warren was able to attend community college in Texas after marrying her high-school sweetheart. She took to higher education right away and began teaching local children who were struggling, while becoming a first-time mother, giving birth at age 22 to her daughter, Amelia.
Warren graduated college soon after and gave birth to her second child, Alex. Balancing motherhood and a brand-new law practice, Warren worked her way up the industry chain of command, landing a prestigious job as a law professor at Harvard — a job she got in part, critics say, after listing her nationality as “Native American.”
That move, unremarkable at the time, would later cause major political problems for the up-and-coming law professor.
Warren as a U.S. senator
Warren rose rapidly in the ranks of esteemed U.S. law professors, crafting a 30-year career in academia, specializing in economics and finance law. Increasingly, Warren spoke out on behalf of low and middle-income Americans who couldn’t afford healthcare and who faced personal bankruptcy. That pulpit led Warren to a new career in politics and prompted a move to Washington, D.C.
First came a stint as Chair of the Congressional Oversight Panel, and after that, Warren helped create the U.S. Consumer Financial Protection Bureau during the Obama administration.
She later ran for office as a U.S. senator representing Massachusetts in 2012, besting incumbent Republican Scott Brown, running on a “populist and progressive” platform that “championed the little guy,” as Warren noted often on the campaign trail.
In her first year as U.S. Senator, Warren was assigned by Democratic leadership to the U.S. Senate Special Committee on Aging and the prestigious Banking, Housing, and Urban Affairs Committee.
She served admirably in both roles and easily won re-election as Senator in 2018, topping Republican challenger Geoff Diehl by a wide margin in a year when Democrats suffered significant losses, both in the White House and in the Senate.
Bolstered by her popularity among the progressive side of the Democratic party, Warren announced her candidacy for the U.S. presidency on Feb. 9, 2019, in a speech in Lawrence, Mass.
Controversy amid Warren’s bid for the presidency
Warren spent the early portion of her presidential run apologizing for her claim of Native American ancestry, spotlighted by a DNA test that showed a statistically low level of Native American bloodlines, which at first Warren vigorously defended.
After numerous calls for an apology, one notably from the Cherokee Nation (who deemed the ancestry claim as “inappropriate and wrong”), Warren apologized in early 2019.
Warren spent 2019 and early 2020 as a potential frontrunner for the Democratic nomination but dropped out of the race. Later, Joe Biden was elected president by a narrow vote against President Donald Trump.
Since the failed presidential bid, Warren has largely kept a low profile and worked on legislative issues.
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