Who’s the wealthiest Senate candidate?

The $174,000 salary that comes with the Senate seat many Republicans are vying for this year may seem like pocket change to some candidates. Some, if elected, could become the richest senators to date. A National Journal analysis calculated the estimated net worth of Republican Senate candidates and their families, based on the asset value range reported in their mandatory Senate financial disclosures. Of the nine Republican challengers in competitive races and those running in open seats from Hotline’s Senate Power Rankings, West Virginia Gov. Jim Justice and real estate executive Eric Hovde outpaced the net worths of even the current Senate’s wealthiest.

1. West Virginia: Gov. Jim Justice (R)

Justice and his wife reported a net worth of up to $1.9 billion, although they reported up to just $68,000 in income earned from their assets. A large portion of Justice’s assets are held in his hotel, the Greenbrier, and various coal companies. The Justices’ net worth could be higher than $1.9 billion, as 19 of his assets were valued at more than $50 million, the highest disclosure required under federal rules.

The Justices also reported an estimated $158.1 million in outstanding liabilities. They owe over $50 million to Carter Bank and Trust after the two parties settled over the over $300 million in defaulted loans held by the Justices. Justice also reported a line of credit from McCormick 101 listed between $25 and $50 million, and a judgment from insurance company Western Surety Co between $5 and $25 million.

Justice also reported a total of $235,000 in earned, non-investment income. $231,000 came from his salary as governor, while another $3,500 came from his salary as a head coach of a high school basketball team.

Justice, who is favored to win the election to replace retiring Sen. Joe Manchin, will be by far the wealthiest senator by net worth. Sen. Rick Scott of Florida currently holds that title with an estimated net worth of over $300 million.

2. Wisconsin: real estate executive Eric Hovde (R)

Hovde and his wife reported a net worth of up to $564.5 million, with as much as $117 million in reported income from their assets. The Hovdes reported over $80 million in non-public stock in Sunwest Bank, where Hovde serves as chairman and CEO. The candidate said he would recuse himself from the bank and his business holdings if elected in November, which contributes to his $2.3 million in earned income reported. Around $1 million came from his Sunwest Bank salary. He reported another $1 million from his various roles in family businesses Hovde Properties, an asset management firm, and Hovde Capital Advisors. Hovde served as board director for IT asset company ePlus until February and earned $201,000 in board compensation.

Hovde has loaned his campaign $13 million to date, according to Federal Elections Commissions filings. If elected, Hovde could also beat Scott's net worth.

3. Montana: Former Navy SEAL Tim Sheehy (R)

Sheehy and his family reported a net worth of up to $298.1 million, with up to $52.7 million in income earned from those assets. He reported between $11 million and $55 million held in Bridger Aerospace stock. Sheehy resigned as CEO, president, and a member of the board of directors of the company in July after filing his most recent Senate financial disclosure statement.

Sheehy reported the highest earned, non-investment income out of the nine Republican candidates at $2.5 million. Almost all of that income came from his salary at Bridger Aerospace before he stepped down. Just $36,000 came from Ascent Vision Technologies, a drone technology company he sold in 2020. The Republican candidate has loaned his campaign $2.5 million to date, according to FEC filings.

4. Pennsylvania: 2022 SEN candidate Dave McCormick (R)

McCormick and his wife reported a net worth of up to $285 million, with up to $25.3 million reported income from assets. He reported stock from Bridgewater Equity Instrument worth over $50 million and over $5 million in income from the asset coming from an exit agreement with the hedge fund, according to a filing note. McCormick left Bridgewater Associates in January 2022 before his first Senate campaign.

While McCormick reportedly made $22.5 million as the CEO of Bridgewater Associates before stepping down, he reported just one source of income on this disclosure. He made $31,875 from his book sales, while his wife reported an undisclosed salary from Goldman Sachs. McCormick has loaned his current campaign $4.1 million to date and gave his 2022 campaign $14.4 million.

5. Ohio: 2022 candidate Bernie Moreno (R)

Moreno and his wife reported up to $252.8 million in net worth with a maximum reported income of $7.1 million from their assets. The couple listed multiple residential properties in Florida, Washington, D.C., New York, California, and their home state of Ohio, totaling an estimated maximum value of $68 million. The Morenos’ other assets include commercial real estate, business entities, equity-linked notes, and mutual funds.

Moreno reported just one source of income: $15,000 as chairman of Champ Titles, from which he stepped down. In his last filing in April 2023, he and his wife reported more than $10 million in income from selling their shares in the company. Moreno also listed 62 positions he holds or recently held. He listed 19 director positions, mainly in auto companies, and 37 manager positions in auto and real estate companies. Many of the companies he noted positions for were listed as “not operating.” Moreno has loaned his campaign $4.5 million to date, according to FEC filings.

7. Michigan: Former Rep. Mike Rogers (R)

Rogers and his wife reported a net worth of up to $12.1 million, with up to $1.3 million in income reported from their assets. Their assets are primarily held in bank accounts, private stocks, and mutual funds.

Rogers reported a total of $488,000 in earned income across multiple positions. He reported $240,000 from work as a risk analyst with the telecommunications company Nokia Corporation. Rogers faced criticism for his tough on China messaging because Nokia conducted business with Chinese tech company Huawei until January. He earned $95,000 in his current role as director of nonprofit Mitre Corporation and a combined $163,000 as the former director of both Worldwide Services Inc and D-Wave Quantum. He reported a combined $48,700 serving on the boards for Highland Engineering and Spanish company Telefonica Ingenieria Y Seguridad. Rogers reported $34,600 in retirement from the state, while his wife reported three roles in which she earned more than $1,000.

8. Arizona: 2022 GOV candidate Kari Lake (R)

Lake and her husband reported a net worth of up to $4.5 million, with up to a $58,400 income from their assets. Her assets are primarily comprised of mutual funds and stocks.

Lake reported earned income and honoraria payments totaling $325,000. The candidate made $90,000 from paid speaking engagements, all taking place outside of Arizona except her appearance at Turning Point Action in Phoenix. Lake received $20,000 to speak at the St. Joseph County Republican Party's Lincoln Day Dinner in South Bend, Indiana, $15,000 from the Northeast Tarrant Tea Party, and $5,000 from the Idaho GOP. In earned income, Lake received $101,500 as an advisor to Superfeed Technologies, $128,000 from her book royalties, and $4,390 from views on her videos on the right-leaning video app Rumble.

9. Nevada: 2022 SEN candidate Sam Brown (R)

Brown and his wife reported up to a $925,000 net worth, with a maximum reported income of $52,400 from their assets. Their net worth is primarily held in their bank accounts, cryptocurrency, and business investments.

Brown reported $51,000 in earned, non-investment income. Exactly $50,000 came from Stronghold Group, which provides medical and trauma supplies to government customers. Just under $800 came from Palisade Strategies, the company he sold in 2022 that provides pharmaceutical support to Veterans Affairs hospitals.