Marco Net Worth Is Less Than Meets the Eye
Americans don’t think much of their politicians, generally. Congress recently had an approval rating of eight percent, which is less than the popularity of some serial killers. One of the reasons for this is political corruption. Politicians always seem to get rich beyond what their salaries would dictate. But there’s at least exception to this phenomenon. Marco Rubio’s net worth is less than you might imagine.
Estimated Net Worth of Macro Rubio in 2017
It’s impossible to say with absolute certainty how much Marco Rubio is worth. We can only give a range based on his latest federal disclosure filings. But based on what we know, it’s likely in the $300,000 to $990,000 range, depending on investment performance income and treatment of debt liabilities.
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By senator standards, that’s a pittance. But it’s an improvement from 2012, when it was estimated that Rubio had a negative net worth. As Rubio is still young (46), he’s got plenty of time to catch up to more senior members of the House. (Source: “Rubio’s net worth stays in the red,” The Hill, May 22, 2013.)
How Much Does Marco Rubio Make As a Junior Senator?
In the United States, Senator salaries are set at a fixed $174,000 per annum. This rate was set in 2009 and has remained in place since. Marco Rubio’s salary 2017 would have been in that proximity.
It’s important to note, however, that Senator salaries do not include allowances for things like staffers, foreign travel, and related office expenses. So in reality, their salaries play up more than what some may consider “modest” as compared to the private sector.
Marco Rubio Discusses In Puerto Rico After Meeting With Pence Credit: Drew Angerer / Staff/ Getty Images
Macro Rubio’s Income from Investments
Aside from their salary, senators may earn outside income up to 15%. So in theory, Marco Rubio income could have legally peaked at $200,100 in past years, not including investment income. The 15% rule doesn’t apply to non-salary income, like investments and corporate dividends.
The extra 15% does come with many restrictions, however. For example, a senator cannot solicit speaking fees from a private company until they have left office. Nor can they “consult” or profit from any company bidding on government contracts. Overall, there are very strict restrictions on what qualifies as acceptable income and non-cash gifts. Trips, junkets, stock options, and durable goods are generally out-of-bounds.
The real source of senator wealth (and most federal politicians for that matter) comes through investments gleaned from information they are privy to. We’re not accusing anyone of anything specific, but “soft” financial corruption is the biggest open secret in Washington. It makes the Harvey Weinstein sexual harassment scandal look like classified intel in relation.
What might an example of “soft” financial corruption look like?
It could be as simple as a senator gaining inside knowledge on a deal or transaction, and buying shares/investing in the company, standing to benefit from the deal. Remember, you don’t become a senator without hob-knobbing with extremely powerful business insiders. Senator campaigns typically cost upwards of $10.0 million, excluding personal contributions. Someone is ponying up the money to see their agenda through. Senators are the beneficiaries of helping big business advance corporate interests.
However, it’s hard to envision Rubio having benefited substantially from this type of knowledge to date. According to personal disclosure filings, Rubio’s assets are quite small compared to his peers. Besides a rental property in Tallahassee, there’s relatively little there. Rubio does own some stocks and a 401k, but they’re not among his Top Five listed assets (all in the $1,001-$15,000 range, according to his latest filing).
Top 5 Marco Rubio Financial Assets (Most Recent Disclosure, May 15, 2015)
| Assets | Ascribed Value |
| Rental Property, Tallahassee FL | $100,001 – $250,000 |
| Citibank (Miami, FL) Checking Account (Joint) | $100,001 – $250,000 |
| Citibank (Miami, FL) Money Market Account (Joint) | $50,001 – $100,000 |
| Florida Prepaid College Plans (4 Year Tuition Plan) (529 College Savings Account) (Self) | $15,001 – $50,000 |
| Florida Prepaid College Plans (4 Year University Tuition Plan) (529 College Savings Account) (Self) | $15,001 – $50,000 |
In fact, in 2014, Rubio placed 468 out of 541 in a ranking of the wealthiest lawmakers in Congress. He actually slid backwards from 456th place in 2013. (Source: “Wealth of Congress Index,” RollCall.com, November 2, 2015.)
Where Has Marco Rubio’s All the Money Gone? Bad Decision
While most senators are millionaires and multi-millionaires, Marco Rubio’s net worth is decidedly six-figures. So the question is, where did it all go? Why is Rubio, with all his political connections and governing in Florida’s diverse economy, still sitting in the doldrums compared to his peers? Two words: personal finances.
Like many Americans, it seems that Rubio struggles to manage his personal finances in a sustainable way. Much of this can be attributed to extravagant decisions he’s made with his money.
For example, under the weight of hundreds of thousands of dollars owing in student debt, mortgages, and home equity loans, Rubio splurged on an $80,000 luxury speedboat. The reason? He reportedly confided to a friend that it fulfilled a dream, despite knowing it was an inadvisable expense. (Source: “Marco Rubio’s Career Bedeviled by Financial Struggles,” The New York Times, June 9, 2015.)
Macro Rubio Luxury Speedboat (Credit: petzolds.com)
Another tidbit of aggressive financial decision making came in 2015, when Rubio disclosed he had cashed out a $68,000 investment savings account (IRA) in 2014 to upgrade household appliances and help with school expenses for his four children. (Source: “Why Marco Rubio raided his retirement account,” CNN, May 19, 2015.)
While it’s hard to categorize financing your kids’ education as “questionable,” raiding an IRA early is almost never advisable. The money sitting in that account could have grown tax-free and enjoyed the fruits of a historically large bull run in stocks. There’s also the question of taxes and penalties by pulling out early. Under most IRAs, early withdrawal could cost roughly a third of the savings.
There are also reports of aggressive uses of credit cards and missed mortgage payments on rental properties. (Sources: “Marco Rubio unveils ‘full accounting’ of state Republican party AmEx card use,” The Guardian, November 7, 2015. and “Marco Rubio’s house of horrors,” Politico, March 16, 2015.)
In Rubio’s defense, like most Americans, he’s been saddled with copious amounts of student debt and has four hungry mouths to feed. Ultimately, we’re not here to judge. It simply appears that Rubio’s finances have more in common with the average American than the privileged business clique most senators run with.
In that sense, Rubio is commoner than “elitist.”
