What is Tim Scott's net worth? GOP senator's fortunes dipped from $4M and turned to negative in 2017-18

'Unfortunately for Mr Scott, something happened between 2012 and 2013 that caused his net worth to drop from a peak'


                            What is Tim Scott's net worth? GOP senator's fortunes dipped from $4M and turned to negative in 2017-18
Tim Scott's net worth has dropped a lot (Getty Images)

Last week, as President Joe Biden and Republican Senator Tim Scott came face to face in the joint session of Congress, Scott's statement about racism in the country made headlines. During his rebuttal to Biden, Scott said that the US is not a racist country. Soon after his statement came to light, people pointed out at the atrocities faced by Black people in the country in the last few years, including what happened to George Floyd in Minnesota.

Scott, who is the only Black Republican in the Senate, said he saw progress in talks that stalled last summer as protests raged after the killings of George Floyd and other Black Americans. “One of the reasons why I’m hopeful is because my friends on the left aren’t looking for the issue, they’re looking for a solution, and the things that I offered last year are more popular this year,” the senator told CBS’s Face the Nation. “The goal isn’t for Republicans or Democrats to win, but for communities to feel safer and our officers to feel respected. If we can accomplish those two major goals, the rest will be history.” He was referring to the George Floyd Justice in Policing Act, which passed the House in March but is held by a 50-50 split in the Senate.

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Tim Scott grew up in a poor, single-parent household in North Charleston, South Carolina, to a mother who worked long hours as a nursing assistant. When he was in school, his future looked "murky at best" and would certainly not have included being a senator of South Carolina for nearly a decade and being talked of as a possible presidential contender in 2024. In 1995, Scott joined electoral politics when he sought a seat on the Charleston County Council, which he won and served till 2008. The same year he ran for a vacated seat in the state House of Representatives, and he took office in 2009. In 2010, Scott entered the race for the US House of Representatives. He defeated Paul Thurmond, son of the late Sen Strom Thurmond, in the primary and easily won the general election. He assumed office in 2011. In 2013 when James DeMint resigned, South Carolina Gov Nikki Haley appointed Scott to fill his Senate seat. Scott won a special election in 2014 to complete the term.



 

In 2016, Scott was re-elected to the Senate and he supported many of then-President Donald Trump’s policies. In 2017, he backed the president’s decision to withdraw from the Paris Agreement on climate change and voted to repeal the PPACA, though the legislation was defeated. That year, he also helped pass a massive tax-reform bill. In 2019, the House voted to impeach Trump over allegations that he had withheld aid to Ukraine in order to pressure the country into opening a corruption investigation into Joe Biden. The proceedings later shifted to the Republican-controlled Senate, and in February 2020 Scott voted to acquit Trump; the president was acquitted in a near-party line vote.

What is Tim Scott's net worth?

According to an article by Forbes, senators have a median net worth of $1.76 million but Senator Scott's net worth is surprisingly low. His net worth was declared much higher in 2009 when released financial records indicated a value of $3.88 million. According to Celebrity Net Worth, his current net worth is $200,000. Apart from his political career, he also owns an insurance company, Tim Scott Allstate, and worked as a financial adviser.



 

The website also reported "unfortunately for Mr. Scott, something happened between 2012 and 2013 that caused his net worth to drop from a peak of $4 million to just $250k in 2013, turning negative in 2017 when he listed a net worth of -$3.7 million. His 2018 estimate was -$1 million."