Becoming a U.S. senator can be great way to increase your personal wealth. Just ask Kay Hagan, whose net worth has increased almost 40 percent since getting elected.
According to CQ Roll Call, which tracks the wealth of members of Congress on an annual basis, Hagan’s minimum net worth (figures are provided in broad ranges on financial disclosure forms) was $6.67 million when she took office in 2009. As of this year, Hagan had a minimum net worth of $9.12 million, which amounts to a 37 percent over her Senate career.
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In the past year alone, Hagan saw a 13 percent increase in her net worth, and moved up four spots on CQ Roll Call’s list of richest members of Congress, to 41st (out of 535). Not too shabby.
Hagan’s income has been boosted in part by the success of JDC Manufacturing, a company owned by Hagan’s husband. The Hagans’ income from the company increased from less than $200 in 2008 to nearly $134,000 in 2013. By sheer coincidence, JDC received almost $400,000 in federal grants and tax credits to install solar panels as part of the 2009 stimulus package, which Hagan supported. The company was able to pocket about $114,000 of that money, rather than returning it to taxpayers.
Being a senator is a great gig, if you can get it.