Kevin McCarthy Net Worth 2023: How Rich Is the Former Speaker?

The former speaker of the United States House of Representatives, Kevin McCarthy, has an estimated net worth of $45 million. McCarthy, an ex-firefighter and former chair of the California Young Republicans, assumed the position of 55th speaker of the United States House of Representatives in January 2023.

Who is Kevin McCarthy?

Kevin McCarthy announcing a bid for House speaker. Image source: NPR

Born January 26, 1965, McCarthy served as the 55th speaker of the United House of Representatives from January 2023 until October 2023. He attended California State University, where he received a Bachelor of Science in Marketing.

McCarthy began selling sandwiches out of the back of his uncle’s yogurt shop when he was 19 years old. He was a seasonal firefighter in addition to his college employment. McCarthy also graduated with a master’s degree in business administration from California State University in 1994.

McCarthy was born into the family of Roberta McCarthy, a housewife, and Owen McCarthy, an assistant municipal fire chief. Given that his parents were Democrats, McCarthy was the first Republican in his direct family. McCarthy is married to Judy, with whom he has two kids. From 1979 until 1983, he participated in the football squad at Bakersfield High School, where he attended.

McCarthy worked for Congressman Bill Thomas as a staff member from 1987 to 2002. He presided over the California Young Republicans in 1995. He presided over the Young Republican National Federation from 1999 to 2001. In 2000, McCarthy was elected to the Kern Community College District for the first time.

In 2002, McCarthy was chosen to serve in the California State Assembly. In 2003, he was appointed as the Republican floor leader. McCarthy was initially chosen to serve as a congressman for California’s 22nd District in the US House of Representatives in 2006.  He was appointed chief deputy whip of the House Republicans in 2009.

Then McCarthy was promoted to majority whip in 2010. McCarthy was chosen as the House of Representatives speaker on January 7, 2023, after serving in the chamber until 2022. He was the first speaker to be removed in a no-confidence vote, nevertheless, since he was also voted out in October 2023.

Kevin McCarthy’s net worth is estimated at $45 million. He has accomplished this by being a Representative to the US Congress, a businessman, a stockbroker, and a real estate investor.

McCarthy is a US Congress representative who receives $3 million in annual pay. His wealth is mostly a result of this compensation. He also possesses valuables valued at over $16 million, including ten high-end watches, luxury cars, and gold valued at $800,000.

McCarthy also keeps stocks from other companies in his Morgan Stanley trading account. These stocks have a combined worth of $7.1 million. Large corporations like Pfizer (PFE), ExxonMobil, Lockheed Martin, Nike, and Amazon are among the stocks he owns. He is one of the most active investors among Democrats, similar to another former House Speaker, Nancy Pelosi.

McCarthy has $10 million invested in real estate. In addition to six residences and two apartment buildings, he owns 930 acres of farmland. The annual rental income from these properties exceeds $860,000 in a year.

McCarthy’s net worth has increased significantly and steadily over time. McCarthy’s total worth in 2018 was $17 million. It increased to $19 million in 2019, $21 million in 2020, and $24 million in 2021. His net worth reached a remarkable $27 million in 2022, and projections indicate that it will rise even more to $45 million in 2023.

The bottom line: McCarthy remains one of the most affluent politicians in US history

With a net worth estimated at $45 million, McCarthy is one of the wealthiest speakers in history. He built his fortune through his long Congressional career, shrewd real estate and stock investments, and other assets. Despite his embarrassing ouster as Speaker in 2023, McCarthy’s financial success highlights his business acumen.

If you want to learn more about the net worth of other prominent individuals, check out our articles about Fed Chairman Jerome Powell and Tesla’s CEO, Elon Musk.