Dean Phillips’ net worth revealed

In this piece, we explore Dean Phillips’ net worth, assets, and investments, as well as controversies and personal life details.

Who is Dean Phillips?

Dean Phillips is an American politician and businessman serving as the US Representative for Minnesota’s 3rd congressional district since 2019. A member of the Democratic Party, his district includes the western suburbs of the Twin Cities, such as Bloomington, Minnetonka, and Edina.

Phillips has a diverse business background, having owned and started several companies. He was the president and CEO of his family’s liquor business, the Phillips Distilling Company, and co-owned Talenti Gelato and Penny’s Coffee.

In politics, Phillips is known for his efforts to promote bipartisan collaboration. He was re-elected multiple times and played a significant role in various legislative initiatives. Despite his support for President Joe Biden’s policies, Phillips challenged him for the Democratic Party nomination in the 2024 presidential election.

Dean Phillips’ net worth

There are varying reports on Dean Phillips’ net worth, with World Wire estimating his wealth to be between $20.5 million and $70 million and Celebrity Net Worth suggesting it’s $80 million. However, we have different figures, based on his 2023 financial disclosure report, where Phillips’ net worth ranges between $13,513,049 and $75,145,998.

Disclaimer: Estimating a Congress Representative’s net worth is challenging because disclosure forms do not mandate exact values. Instead, they report the value of their assets and liabilities within specified ranges. While we strive to accurately estimate net worth 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. Additionally, Dean Phillips earns $174,000 annually, but this isn’t required to be disclosed.

How did Dean Phillips make his money?

Here’s a brief overview of Dean Phillips’ income sources over the years:

• Phillips Distilling Company: Dean Phillips served as the president and CEO of his family’s liquor business, which is known for producing a variety of spirits;

• Talenti Gelato: Phillips co-owned Talenti, a popular gelato brand that gained significant market share before being sold to Unilever;

• Penny’s Coffee: Dean Phillips co-founded Penny’s Coffee, a chain of coffee shops in Minnesota;

• Political career: As a US Representative, Dean Phillips earns $174,000 annually.

Dean Phillips’ assets

According to his 2023 financial disclosure report, Dean Phillips’ assets range from $19,513,049 to $76,646,000, and his liabilities total between $1,500,002 and $6 million. Out of all his reported assets, the most valuable ones include:

• The Dean B. Phillips 1992 GST trust, valued between $5,000,001 and $25 million;

• The Phillips Qualified blind trust, valued between $5,000,001 and $25 million;

• The Dean B. Phillips 2001 GST trust, valued between $1,000,001 and $5 million;

• Cash in JP Morgan checking accounts, valued between $1,000,001 and $5 million;

• CD&R Fund X Private Investors, Cayman LP, valued between $1,000,001 and $5 million.

Controversies

Dean Phillips faced criticism after removing references to Diversity, Equity, and Inclusion (DEI) from his campaign website, a move reportedly influenced by his financial backer, Bill Ackman, who opposes DEI. However, Phillips defended the decision, claiming it better aligned with his own views rather than being a response to donor pressure.

Phillips also faced criticism for comments suggesting that many Americans lack confidence in Vice President Kamala Harris. Although these remarks drew backlash, he later apologized, explaining that his statements were based on feedback he received from others.

The bottom line

Although we can’t exactly pinpoint what Dean Phillips’ net worth is, according to his 2023 financial disclosure, in the range of $13,513,049 and $75,145,998. Still, he isn’t the wealthiest American politician, but it’s safe to say that he’s doing more than fine for himself.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.