SENATE MIDTERMS 2022: What is Marco Rubio's net worth? Senator could need a financial boost
The Florida Republican will be highly dependent on donors to fund close race, where he's
Florida Senator Marco Rubio is up for reelection in 2022, and as we reported is having a bit of a challenge on his hands. Despite the state being a relatively safe one for Republicans, Rubio's lack of deference to Trump could put him at odds with the base, creating an opening for Democrats. Nonetheless, Rubio appears to be a favorite, if he can muster enough cash for a campaign to outdo his Democratic challengers. Unlike others, Rubio won't be able to fund his own campaign.
That's because the Senator maintains a rather modest net worth, highly unusual at a time when most elected officials are multi-millionaires at least. Take for example Democrat Mark Kelly of Arizona. The former astronaut is reportedly worth $20 million, and he's far from the richest member of the Senate. GOP leader Mitch McConnell is worth at least $35 million, but even he is nowhere near Mitt Romney, the richest US Senator with a net worth of around $250 million.
In many cases, politicians often donate to their own campaigns as a way to kickstart things or draw attention to their run. Rubio unfortunately, might not be able to do that. Not only is his net worth well below the millions of his colleagues, but he's also got a liability to pay off - a mortgage on his home.
What is Marco Rubio's net worth?
In 2020, Celebrity Net Worth estimated Rubio was worth around $400,000, with a large chunk of that income coming solely from his salaries. He earns $174,000 as a US Senator, and another $23,000 from the Florida International University Miami, where Rubio serves as a visiting professor at the Metropolitan Center. The role has come under the scanner before, but Rubio continues to draw a salary from the university according to his annual disclosure in 2020. The only other source of income Rubio listed that year was a $1,500 payment from Penguin Random House for a book forward he wrote.
Like his colleagues, Rubio also maintains a large amount invested in mutual funds and securities. Most of those investments are valued at between $1,000 and $15,000, with a few worth as much as $50,000. However, he drew no income from them that year. He only earned interest from his three bank accounts and dividends from Corporate Securities Stock. Rubio also has agreements for profits made from his three published books with Penguin Random House.
Unlike many of his colleagues, Rubio also has a mortgage he is yet to pay off. His disclosure notes the mortgage is valued at between $500k to $1 million, to be paid over 30 years since he took it in 2015. Overall, the document indicates Rubio is not exactly a multi-millionaire like other Senators but appears to have enough to live comfortably.
With that small net worth, Rubio will no doubt be looking to donors to help finance his run in 2022. As of October 2021, he managed to raise over $12 million, just shy of the $14 million his key Democratic challenger Val Demmings raised. However, Rubio also spent more than Demmings, indicating the Senator is having to fight hard for his seat. A large amount of money he's raised comes from PACs like the Fund For America’s Future PAC.
It's not been all smooth sailing though for Rubio. In June 2021, he went on Fox Radio to plead for donations, telling listeners, "every Republican was out-raised last cycle. So she’ll (Demmings) be formidable. She’s going to raise a ton of money online." But it appears there's little grassroots appetite for Rubio, given that Florida Governor Ron DeSantis has been dominating headlines for his handling of the pandemic, and is also up for reelection this year.
In contrast, Demmings has successfully managed to raise more from small donors, given that Democrats sense an opportunity to take more control of the Senate by voting out Rubio. In the end, it won't come down to who raises more money, but who managed to spend it. Given the strong support for Trump and DeSantis in Florida, Republicans should have little trouble retaining Rubio's seat, if he plays ball. However, if he decided to dilute his message on the 2020 elections, or refuse the endorsement of Trump, he could be in trouble. That's where Demmings will have to find an opening and convince Floridians she's a better option.
The 2022 midterms are scheduled for November 8, 2022.