At Least Six Millionaires to Take Senate Oaths Tuesday

http://www.bloomberg.com/politics/articles/2015-01-06/at-least-six-millionaires-to-take-senate-oaths-tuesday

1. David Perdue

Perdue, a former CEO of Dollar General Corp. and Reebok, funded much of his own Senate campaign against a crowded Republican primary field and Democrat Michelle Nunn. His assets fall between $16.9 million and $47.1 million, with a net worth midpoint of $31.6 million. His stock portfolio is broad and deep, ranging from Apple Inc., to Xylem Inc., a water technology company. The only liability Perdue lists is a $250,000 to $500,000 margin loan with Goldman Sachs Wealth Management. That suggests his multimillion-dollar home on Georgia's Sea Island is paid off. Going to Washington will mean a hit to Perdue's income stream. His $174,000 salary as a senator will only put a small dent in the $716,081 in compensation he'll lose from stepping down from board of director positions he's had with four companies, including Alliant Energy Corp. in Madison, Wis.

2. Steve Daines

Daines, who is moving from the House to the Senate, earned a chemical engineering degree from Montana State. He's had a varied career, including working for his father's construction business and Procter & Gamble. His assets fall somewhere in the range from $7.5 million to $33 million. By far, his biggest asset is the Genesis business park in Bozeman that he valued at between $5 million and $25 million. The midpoint of his net worth range is $18.7 million.

3. Mike Rounds

Rounds was South Dakota's governor for eight years and the majority leader of the state Senate for six years before that. He made his money in insurance and real estate. The midpoint of his net worth range is about half of Perdue's, but he still does quite well, with assets of between $5.7 million and $27 million. That kind of money goes a long way anywhere, including in South Dakota, which is roughly average for cost of living when compared to the 49 other states. Rounds lists just one liability worth more than $10,000: a line of credit for between $100,000 and $250,000 with First National Bank in Pierre, S.D.

4. Thom Tillis

Tillis, a former partner at business consultant PricewaterhouseCoopers, lists assets worth between $3.8 million and $14.2 million. His home and a life insurance policy are his two biggest assets, with each valued between $1 million and $5 million. The outgoing speaker of the North Carolina House has a bit more debt than his fellow senators-elect in the top wealth tier. Tillis has a mortgage and home equity line of credit—both at 2.75 percent interest—that combined are between $350,000 and $750,000.