Joe Manchin's net worth is estimated at $7-8 million.
Overview
Joe Manchin's net worth stats
| Net worth: | $7-8 million |
|---|---|
| Source of wealth: | Business, politics |
| Date of birth: | August 24, 1947 |
| Place of birth: | Farmington, West Virginia |
How did Joe Manchin build his net worth?
Joe Manchin made his money as a democratic US senator and businessman.
He was first elected to represent the state of West Virginia in 2010. But before being elected as a US senator, Manchin served as the 34th governor of West Virginia from 2005 to 2010, earning an annual salary of between $100,000 and 150,000. However, while Manchin pockets a senator's salary of $174,000 per year, his involvement in the coal industry forms the bulk of his fortune.
In 1987, Manchin had just been elected as a West Virginia state senator and earned a princely salary of $6,500 per year. In his political capacity, he facilitated the sale of land in Grant Town to two developers who wanted to mine for coal in the area.
Sensing gold in them thar hills, Manchin founded Enersystems Inc. in 1988. Enersystems extracts waste coal from abandoned mines and sells it to coal-fired power stations. The company's largest customer is Grant Town Power Plant. His son runs the business, which is now in a blind trust.
It's on record that Manchin banked between $5 million in Enersystems dividends between 2011 and 2019. In 2020 Manchin received $500,000 in dividends from the family business. We can safely assume similar annual payouts up till now.
The decades-old deal has made Manchin a wealthy man. Manchin has had frequent bust-ups with "Squad" members Alexandria Ocasio-Cortez, Ilhan Omar, Ayanna Pressley, and Rashida Tlaib because of his position on the Joe Biden administration's social spending plans.
How has Joe Manchin spent his wealth?
According to public records, while in Washington, DC, Joe Manchin owns and lives on a seaworthy $220,000 yacht/houseboat called "Almost Heaven."
The only car he owns on record is a silver Maserati Levante worth around $80,000.
He routinely hosts other senators and their partners on his houseboat for evening cruises with pizza, beer, and merlot.
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FAQs
How rich is Joe Manchin?
Joe Manchin's net worth is estimated at $7-8 million.
Is Joe Manchin a millionaire?
Yes. Joe Manchin is a millionaire, but he lags far behind other wealthy politicians in the Democratic Party, such as Barack Obama, John Kerry, Chuck Schumer and Nancy Pelosi.
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