In America, just as it is in many countries of the world, politicians tell us that they joined politics to make a difference. Maybe some of them do. But then why are politicians so rich? Why does one need to have a lot of money to get into politics? Why do politicians seem to only better the lives of the already rich people in Society?
What about the wealthy financiers who make ridiculously big donations to put political candidates in office? What role does the Media play in putting only rich people in political office? Why can a poor person not become a congressman, or a governor?
What role should money play in a democracy?
We will attempt to answer some of these questions in this post. But let us start by highlighting the top 10 richest politicians in America.
Mike Bloomberg
Estimated net worth: USD60 billion
Michael Rubens Bloomberg tops the list of the biggest men in American politics! He is a billionaire businessman who is so successful that one could think that politics should be an unnecessary stress for him. Mike Bloomberg is also Philanthropist, and Author.
Mike Bloomberg made his money by selling financial information. He is the owner and co-founder of the world renowned financial information company called Bloomberg LP. Making money is his thing, and the financial information he sells has improved the lives of so many people.
His political career has seen him become the Mayor of New York City from 2002 to 2013, and then in 2019 he vied for the Presidential Candidacy in the presidential primaries under the Democratic Party. By contesting the Primaries he also broke the record for the most expensive primaries campaign in the history of the US. The campaign was unsuccessful.
As a Philanthropist he has given out over 8 billion dollars to people in need through the giving pledge.
Donald Trump
Estimated net worth: $3.1 billion
Former President Donald Trump is reportedly worth an estimated $3.1 billion dollars. Whether or not this estimate is accurate (Bloomberg thinks not) he is clearly one of the richest men in American politics. His money comes from a real estate empire he inherited, investments, golf courses, and a winery. Donald Trump was also a television show host.
Some analysts say that Donald Trump’s wealth has been significantly impacted by some fruitless business ventures that he has invested in, while others say he has profited immensely during his presidency as his Golf Course and Hotels have benefited from his presidency.
Jim Justice
Estimated net worth: $1.9 billion
Governor Jim Justice of West Virginia, with a net-worth of around 2 billion dollars, comes in next on our list of the wealthiest men in American politics. His wealth comes from a coal business he inherited from his father. Today, he is a certified mining magnate; with coal mines in five different states in America. He was already a very rich man before becoming a politician. Jim Justice is the only billionaire in the whole of West Virginia.
Bill Haslam
Estimated net worth: $1.8 billion
Former Governor Bill Haslam of Tennessee comes in next on our list; he is worth an estimated $1.8 billion. Before becoming Governor, he was Mayor of Knoxville, Tennessee. Bill Haslam started out at his father’s oil company Pilot Corporation, and rose to president of the company in the 1990s. Haslam then left Pilot and from 1999 to 2001 was the CEO of the e-commerce division at the department store chain Saks Fifth Avenue. He has served on the board of directors at Harold's Stores, Incorporated. He is a thoroughly capable man.
Tom Steyer
Estimated net worth: 1.6 billion dollars.
Thomas Fahr Steyer of the Democratic Party comes in next with an estimated 1.6 billion dollars. He is an expert money manager and made his money at Farallon Capital which he founded. He is also the co-founder of Onecalifornia Bank, which became (through merger) Beneficial State Bank. Another thing Tom Steyer knows how to do is bring people together and make them bring out money. As a fundraiser he has worked for John Kerry, Hillary Clinton and Barack Obama. He is also a philanthropist, environmentalist, and social activist.
Mark Dayton
Estimated net worth: $1.6 billion
Former Gov. Mark Dayton of the state of Minnesota comes in next with his family fortune estimated at about $1.6 billion. He is old money; his family fortune can be traced back to Dayton’s great-grandfather, who founded the department store business that his family would later mould into Target.
Mark Dayton has been a Senator and Governor.
Bruce Rauner
Estimated net worth: About $400 million
Republican Bruce Rauner is a former Governor of Illinois. With an estimated networth of about $400 million he comes in next on the American political rich list. Before winning office in 2015, he worked in finance having served as chairman of GTCR, a Chicago-based private equity firm. He also founded his own establishment; a venture capital firm called R8 Capital Partners, which specialized in investing in smaller, local companies. He was once estimated to worth close to 1 billion dollars.
Malcom Forbes
Estimated net worth: USD 400 million
Malcolm Stevenson "Steve" Forbes Jr. of the Republican Party comes in next on this list. Perhaps nobody on the planet knows more about watching the richest people in politics or any other field than him. Malcolm Forbes is an American publishing executive, who controls the famous Forbes Magazine. He is also an adviser at the Forbes School of Business & Technology.
He was a candidate in the 1996 and 2000 Republican Presidential primaries. He is more of a financial brain than a political one; we have much to learn about money from a man like him.
Greg Gianforte
Estimated net worth: $315.7 million
Governor Greg Gianforte of Montana comes next on our list. He was already an accomplished businessman, engineer, and politician. He was the second-richest member of Congress. A big part of his fortune came from his activities as a venture capitalist. He sold Brightwork Development, to McAfee Associates for $10 million in 1994, and then later sold RightNow Technologies to Oracle for $1.5 billion in 2012. He is estimated to be worth $315.7 million at the moment, and he has quite a good political career. He is a republican.
Jared Polis
Estimated net worth: $300 million
Jared Polis is the Governor of Colorado. He is one of the youngest politicians in the U.S. politics, and also one of the wealthiest. He made most of his money as an entrepreneur; he founded American Information Systems while he was still a student at Princeton. After that, he founded more companies, including Proflowers.com.
Before becoming Governor, he was a member of Congress. He was the first openly gay parent to serve in Congress. Jared Polis is a Democrat.
Conclusion:
What Should be the Role of Money in Democratic Politics?
Understandably, in a monarchy like England where the realm is dominated by Lords whose families have been loyal to the Crown for generations, one could expect politics to be the domain of the very wealthy. After some exceptional service to the Crown they are given a Title, and land to govern. They could be forgiven for making all their decisions in favor of the Crown, rather than the people because it was the crown who gave them power.
In a Democracy it is the People who give Power. What excuse could there possibly be for a few rich people continuing to dominate American Politics? America is a Democracy, Correct? Why does money have to be such a huge factor in determining who gets elected into office?
People Should Empower People
The very essence of democracy should be a government that puts the interests and wishes of the people above all else. Therefore the people should do a better job of identifying those who represent them. Funding has never been easier; crowd-funding is now offered by a lot of companies, and this can be used to raise funds to put the right persons in office.
Media
Of course the media plays a big role in empowering people, and putting political candidates into office. Perhaps we should dedicate a whole article to understanding how the media works, and finding out what we can do about it. Please check the next article on this site.
THIS IS THE SECRET OF MONEY THEY DON'T WANT YOU TO KNOW
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