Hakeem Jeffries made history in 2022 after being elected to lead the House Democrats as the minority leader after the Republicans regained control of the house. Jeffries is the first African-American to lead a major political party in congress and takes over from former House Speaker Nancy Pelosi, who will remain in congress in a more limited fashion after retaining her seat.
Who is Jeffries and what has he done to earn this role? Furthermore, what is Hakeem Jeffries net worth and how does it compare to other people in congress? Examining these numbers can provide more context for his political career and give an insight into what he brings to the Democratic party as it looks to lose control of the House for the first time in many years.
Hakeem Jeffries Net Worth
There are a few different estimates for Hakeem Jeffries net worth floating around the internet. One published by Yahoo based on a 2018 report claims that he is worth about $841,012, though it also states that a newspaper from his hometown states that he is worth about $567,000. While still an impressive net worth, this is far below the $120 million net worth value of outgoing House Speaker Pelosi.
Other sources state that his net worth is likely closer to $1.5 million. Others claim he is somewhere in between and is likely worth about $1 million. The differences in estimation are based on things like publicly available information, site research, and their methodology for valuing an individual.
No matter what Hakeem Jeffries net worth, he is set to make more money as a House Leader. They typically make closer to $200,000 per year for their role, which is a significant increase from the standard congress salary. While these numbers are significant for the average person, Jeffries is actually one of the least rich people in congress and has been for years.
How Jeffries Made His Money
Hakeem Jeffries has worked significantly in the legal field after completing law school. He started as a clerk for Judge Harold Baer Jr and also worked for New York State directing intergovernmental affairs. Jeffries worked with multiple political organizations and provided legal and administrative help. He even worked as the district representative in the New York State Assembly until about 2012.
Later, Jeffries worked as the chair of the House Democratic Caucus from 2013 to 2014 and ran for U.S. representative for New York's eighth congressional district. After winning this election in 2013, he worked his way up to a senior position in several fields, including working as a member of the House Budget Committee and House Judiciary Committee and was the whip for the Congressional Black Caucus.
Jeffries also worked as the co-chair for the Democratic Policy and Communications Committee and developed multiple policies that refined the “For the People” policies pushed by the House Democrats. He has been key in several laws designed to improve social and economic justice. These include working to implement the George Floyd Justice in Policing Act and other similar laws.
In congress, Jeffries is known for his ability to work across the aisle and connect with members of both parties. In this way, he has helped pass laws focused on improving the criminal justice system, increasing healthcare accessibility, and producing higher-paying jobs.
What Jeffries Will Earn as Minority Leader
Jeffries, like all United States Representatives, earns a base salary of $174,000 annually for being a representative work. That said, Jeffries income will increase as Minority leader. Majority and Minority party leaders earn at least $193,400 per year, though Nancy Pelosi was earning about $240,000 when she stepped down as the House leader. This higher salary was due to her longer time as a representative.
For Pelosi, who's worth over $100 million, that kind of pay increase was minor and was nowhere near what she makes as a day trader on the stock market. For someone like Jeffries, who may be worth under $1 million based on many reports, that salary increase is significant. Lower-earning representatives like Jeffries may even rely on this salary to supplement their income.
While Jeffries is not the lowest-earning member of congress, he is far from the richest. Examining his place in congress financially can highlight just how variable income levels are in politics. Some people enter congress with little money, such as Alexandria Ocasio-Cortez being worth just $15,000 when she won her seat. While Jeffries was worth more than that, his net worth is still low compared to most in congress.
How Hakeen Jeffries Net Worth Compares to Other Congress Members
Hakeem Jeffries net worth is much lower than the the top 25 highest-earning congress members and is dwarfed by the top five. These five are a mix of Democrat and Republican politicians, each of whom is worth close to $100 to $200 million. Most made their money through business deals or stock trading.
Dianne Feinstein – $96.5 Million
Feinstein's net worth comes from her husband, Richard Blum, who is an investor and chairman of the Blum Capital private equity account. Feinstein herself is probably worth closer to $25 million. Feinstein was one of 48 congress members who violated the STOCK Act, a law that forbids congress members from using insider information gained during their job for personal gain.
Vern Buchanan – $113.3 Million
Vern Buchanan is a Republican representative who owns multiple car dealerships and has limited liability in a firm “Aircraft Holding & Leasing.” He became the leading GOP member of the Ways and Means Committee. Buchana is likely to have some say in writing American tax policy. This includes finding laws that could benefit the very rich like himself.
Darrell Issa – $115.8 Million
Issa earned his fortune as the CEO of Directed Electronics and the car-alarm system Steal Stopper. He holds a diversified stock fund and owns multiple properties throughout California and Ohio. Issa left congress after serving for 18 years. He rejoined in 2021 and was President Donald Trump's nominee for the US Trade and Development Agency.
Michael McCaul – $125.8 Million
Michael McCaul is a Republican representative who gets much of his bulk from his wife Linda. She is the daughter of the founder of iHeartRadio. The McCaul family has millions in limited liability companies and iShares and owns around $250,000 of Netflix stock. Their debt is unknown as they did not list liabilities or debts in their financial disclosure.
Rick Scott – $200.3 Million
Senator Rick Scott is a Republican who holds multiple stocks, bonds, private-equity funds, gold trusts, treasury notes, and LLCs. He is a venture capitalist who has co-founded Columbia Hospital Corporation and Solantic. He has also invested in tech and healthcare companies beyond these groups to raise his net worth.
Hakeem Jeffries Net Worth is Not the Lowest in Congress
While Hakeem Jeffries net worth is nowhere near the highest in congress, it is also far from the lowest. There are several congress members with negative net worth levels. That's because they have high mortgages that are hard to pay. Others have suffered through high legal bills for various legal defenses, which has impacted their net worth negatively and put them in severe debt.
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Written by Allen Lee
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