Mitt Romney net worth
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What is Mitt Romney’s net worth?
Mitt Romney is an American businessman and politician with a net worth of US$300 million. Mitt Romney is a former governor of Massachusetts, a former Mormon missionary, a 2012 Republican presidential candidate, and a Utah senator as of 2019.
Mitt Romney’s net worth makes him one of the richest politicians in the United States. During the 2012 presidential campaign, Romney’s financial disclosure statement estimated that his total net worth was US$80 to US$255 million; at that time, his IRA account alone was worth US$102 million. His wealth in financial disclosures for the 2018 Senate campaign was between US$19 and 250 million.
During his life, Mitte donated millions of dollars to the Church of Jesus Christ of Latter-day Saints and several charitable organizations, including the Taylor Foundation (controlled by the Romney family), MS Cure, and the Best Friends Foundation. Romney is also a best-selling author. He published “Transformation: Crisis, Leadership and the Olympics” in 2004 and “No Apology: A Great American Case” in 2010.
Early life and education
Mitt Romney was born Willard Mitt Romney on March 12, 1947 in Detroit, Michigan. His mother Lenore was a housewife, and his father George (born in a Mormon colony in Mexico) was an automobile supervisor. Mitte grew up with two older sisters (Margot and Jane) and one older brother (Scott). When George became CEO of American Motors in 1953, the family moved to Bloomfield Hills. Romney studied in the public school until the seventh grade, and then attended the private boys’ preparatory school Cranbook School, where he managed the hockey team and was a member of the encouragement team and the trail running team. In high school, Mitte helped George run for governor of Michigan; George served as governor of Michigan from 1963 to 1969, and failed when he ran for the Republican presidential candidate in 1968.
After graduating from high school, Mitte studied at Stanford University and then went to France to teach in July 1966. In June 1968, he was severely injured when a car hit the car he was driving in southern France; the wife of the president of the mission was killed in a plane crash. After returning to the United States after his mission, Romney studied at Brigham Young University in Utah and received a bachelor’s degree in English Literature in 1971. He later studied for the Doctor of Law/Master of Business Administration program at Harvard University and graduated in 1975; he graduated with honors from their law school, ranking in the top 5% of the business school class.
Business career
Romney joined the Boston Consulting Group as a management consultant in 1975, then transferred to Bain & Company in 1977 and became the company’s vice president the following year. He left Bain & Company in 1984 and founded a subsidiary private equity firm called Bain Capital. In the next 25 years, Bain Capital made a fortune through leveraged buyouts. When Romney left Bain Capital after working for 25 years, the company managed more than $4 billion in assets, and Romney had already pocketed hundreds of millions of dollars in personal wealth.
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Political career
Mitt unsuccessfully ran for Senate in 1994 in Massachusetts, losing to Ted Kennedy, who had been in the Senate since 1962. He served as the Chairman of the 2002 Salt Lake City Olympic Games Committee and was elected Governor of Massachusetts that same year; Served from 2003 to 2007 and refused to accept an annual salary of $130,000. Romney ran for the Republican nomination in the 2008 general election, but lost to John McCain. Romney ran again in 2012, choosing Paul Ryan as his running partner and securing the nomination, but Barack Obama again held 332 election votes with Romney in 2018 with 206 Senate votes. This time in Utah, and won 62.6% of the vote.
Romney has been outspoken when criticizing Donald Trump. Mitte said that he did not vote for him in 2016, but instead cast a supplementary vote for his beloved wife. Romney once said that he would not support Trump’s reelection, and he was the only Republican senator to vote for Trump’s conviction during the impeachment trial, which won him praise from the Democratic Party. In June 2020, Trump mocked Romney’s participation in the “Black Life Is Fate” protest; Mitte followed in the footsteps of his father, who participated in the civil rights march when he was governor in the late 1960s.
Breaking Mitt Romney’s net worth
When Romney left Bain Capital after 25 years of work, the company managed more than 4 billion U.S. dollars in assets, and Romney had collected hundreds of millions of dollars in personal wealth. Due to his various political activities, we have a fairly clear understanding of Romney’s net worth. Some highlights:
- On January 24, 2012, Mitte announced his tax records for 2010 and 2011. These disclosures show that Romney made $42.7 and paid $6.2 million in taxes in the past two years. More specifically, he made $21.7 million in 2010 and paid $3 million in federal taxes, and in 2011 he made $21 million and paid $3.2 million in taxes. These disclosures show that Mitte’s effective tax rate is 14%. His interest rate is so low because his income mainly comes from capital gains from investments. Capital gains are usually taxed at 15% instead of 35% of regular income.
- As part of the 2018 Senate campaign, Mitte published tax returns for 2015, 2016, and 2017, showing that his total income in those years was $83.8 million. The return also revealed that he and his wife Annie donated US$11 million to charity during this period.
- During the 2012 presidential campaign, Romney’s financial disclosure statement estimated that his total net worth was between US$80 and US$255 million.
- In the 2012 election campaign, we also learned that Romney’s IRA account alone was worth $102 million.
- During the 2018 Senate campaign, Romney’s financial disclosure statement estimated his total net worth to be between $73 and $270 million. After further review, his campaign eventually narrowed his estimated net worth to US$190 and US$250 million.
Real estate portfolio
Mitte and his wife have a valuable personal real estate portfolio. They own at least six properties across the country. In 2008, they spent 12 million U.S. dollars to purchase a waterfront mansion in La Jolla, California. They demolished the house and built an 8,000 square foot mansion on the plot. In July 2021, they sold the house for $23.5 million.
They also own a $9 million mansion in Park City, Utah, an 11-acre property worth $10 million in New Hampshire, and a townhouse in Boston, Massachusetts.
personal life
Romney was engaged to Ann Davis in June 1965 in the fourth grade of high school. They got married on March 21, 1969, just a few months after Mitte returned from a 2 1/2-year missionary trip in France; the couple held a civil ceremony in their home, and then flew to Utah the next day State, the wedding was held in the Salt Lake Temple. The Romney family has 5 sons: Taggart (born in 1970), Matthew (1971), Joshua (1975), Benjamin (1978) and Craig (1981). In 1998, Ann was diagnosed with multiple sclerosis; Mitte was diagnosed with prostate cancer in 2017 and was successfully treated at the University of California, Irvine Hospital.
Mitte has served in various roles in the Church of Jesus Christ of Latter-day Saints, including seminary teacher, ward bishop, and Boston stake chairman. Ann converted to Mormonism during Mitte’s mission in 1966, and she was baptized by his father.
Awards and honors
In 2008, Romney received the Canterbury Medal from the Beckett Foundation for Religious Freedom and the Outstanding Alumni Award from Cranbrook School. He also received the University of Utah (Business), Bentley College (Law), Suffolk University School of Law (Public Administration), Hillsdale College (Public Service), Liberty University (Humanities) and several other educations Honorary doctorate of the institution. “Time” magazine included Mitte in the 2012 list of the 100 most influential people in the world.
