Eric Hovde is an American businessman, investor, and aspiring politician. A member of the Republican Party, he is contesting the seat currently held by Senator Tammy Baldwin. If successful, he will be one of the wealthiest U.S. senators. But how rich is the multimillionaire investor really? Today, we will reveal Eric Hovde’s net worth and public income sources.
How rich is Eric Hovde?
Eric Hovde attended East High School and graduated from the University of Wisconsin-Madison with a degree in economics and international relations.
He started his career in finance and climbed the ranks to successfully own banks, including H Bancorp and Sunwest Bank, which operate in various U.S. states, including Arizona, California, Florida, Idaho, and Utah.
Hovde is a multimillionaire with shares in several businesses. He is the current CEO of Hovde Properties, a real estate investment and development firm established by his grandfather. Additionally, he is the CEO and co-founder of Hovde Capital Advisors, a hedge fund centered around the financial services industry.
Eric Hovde first attempted to enter politics in 2012 when he ran for the U.S. Senate in Wisconsin. However, he lost the primary to Tommy Thompson, who ultimately lost to Tammy Baldwin. In 2024, he won the Republican primary and will challenge Baldwin for her seat. If successful, Eric Hovde’s net worth will make him one of the richest senators today.
What is Eric Hovde’s net worth?
Disclaimer: While we strive to estimate net worth accurately from filings, disclosure rules have shortcomings. Personal residences, certain personal property, and federal retirement accounts are often not reported. Large assets can be listed in broad categories like “Over $1 million” or “Over $50 million,” potentially worth much more. Likewise, state financial forms may omit residential property and liabilities like mortgages.
Eric Hovde’s assets and liabilities
According to his financial disclosure form, which was reported on July 14, the total value of his assets is approximately between $195.4 million and $564.5 million. The most valuable of these include real estate holdings in Madison and Milwaukee, as well as his ownership stake in Sunwest Bank and other corporate securities. The value of his Sunwest Bank position is “over $50 million.”
In fact, Hovde is the chairman and CEO of the Utah-based bank. He has yet to state what he will do with the position if elected to the U.S. Senate. If he opts to keep it, he might find himself in an open conflict of interest.
His total liabilities range from $11.6 million to $53.3 million and include various mortgages and lines of credit.
Insider trading involvement
Eric Hovde has never held an elected official position, so he couldn’t have used insider information for trading stocks, at least in theory.
That said, if he manages to become a senator, he will have to account for several conflicts of interest, primarily his CEO positions in several banks, such as Sunwest Bank and H Bancorp. This could affect Eric Hovde’s net worth, as his most valuable asset is directly tied to his position in these financial institutions.
Who is Eric Hovde?
Eric Hovde was born on December 4, 1963, in Madison, Wisconsin. He is a businessman, investor, banker, and philanthropist, and he runs an investment firm established by his grandfather in 1933.
Apart from his business, Hovde runs the Hovde Foundation with his brother. This charity, founded in 1998, aids in researching a cure for multiple sclerosis and has featured prominently in his electoral campaign. Eric Hovde himself was diagnosed with MS.
Hovde has pledged that, if he wins and becomes a senator, he will tackle inflation and national debt and address immigration, foreign policy, and healthcare reform.
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The bottom line
The challenger to the Wisconsin Senate seat is incredibly wealthy. In fact, Eric Hovde’s net worth is estimated between $142 million and $552 million, making him one of the richest U.S. senators today. If he wins the elections, that is.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/eric-hovde-net-worth/