What is Glenn Youngkin's net worth? Virginia's possible new Guv is a multimillionaire
Republican candidate Glenn Youngkin is closing in on becoming Virginia's next Governor. Youngkin has captured a narrow lead in the hotly-contested election and is reportedly three points ahead. It's too early to call if he will actually win the election, but many believe the GOP will take back the state, which Joe Biden won in the 2020 Presidential Election. Notably, the race has been dubbed a battle between "two wealthy men", and for good reason.
But before we get to that, here's why the race matters. Biden captured the state in 2020, one of the many he flipped to become President. But, the GOP is expected to wrestle back control with the 2022 midterms, allowing them to once again control the Senate. In recent weeks, the Dems have been hit by the controversy in Loudon County, with the assault scandal worsening in recent days.
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With that in mind, Youngkin is fighting a close contest with Democratic candidate Terry McAuliffe, who previously served as Governor between 2014 and 2018. Both men are known to be extremely wealthy and have drawn in millions more from their campaigns. Here's what we know about Youngkin's net worth, and how he made his millions.
What is Glenn Youngkin's net worth?
In financial disclosures ahead of the election, Youngkin reported stock and other financial holdings of between $14.5 million and $30.9 million. However, it is widely expected that's just a fraction of his actual net worth. The Washington Post pegged his net worth at around a massive $400 million. A large amount of that comes from his former role as CEO of the Carlyle Group, a private equity group.
As CEO, Youngkin held more than 6.7 million shares in the company, which is valued at around $310 million as of June 2021. It is believed he has more though, with around $108 million he has not yet vested. On top of that, there's the money he made as a salary. Carlyle's financial filings from 2018 show Youngkin received a compensation package totaling more than $37 million, from both cash and stock. In 2019, it was $16.7 million.
But that's not all. Youngkin also reportedly holds stock in major firms like Microsoft, Apple, and Alphabet and bonds issued by Virginia authorities. He also has a substantial number of real estate holdings in Virginia, Wyoming, and Texas. Unfortunately, we'll never know exactly how much he has and his exact net worth, because Virginia's financial disclosure requirements are pretty lax. In all, Youngkin has listed 43 assets of more than $250,000, but it's unclear exactly what each asset is worth.
Virginia's expensive campaign
With such massive net worth, it should come as little surprise Youngkin was able to pay for the bulk of his campaign. According to Forbes, 40% of the cash Youngkin has raised came from his own fortune, which amounts to around 4% of his fortune. In March 2021, he contributed $1 million to his PAC and loaned $16.5 million to his own campaign to date.
Youngkin has also raised around $280,000 from seven billionaires and their spouses. Overall, Youngkin's campaign raised $42.3 million. His challenger managed to raise $44.5 million, mostly on the back of the $1.2 million he raised from at least ten billionaires. The over $2 million spent on the race makes this one of the most expensive in Virginia's history. As of early November 3, Youngkin was projected as the winner by NBC News, which could set the stage for extremely bitter and hard-fought midterm elections.