Plutocracy (from Greek πλοῦτος, ploutos, meaning “wealth”, and κράτος, kratos, meaning “power, dominion, rule”), also known as plutonomy or plutarchy, defines a society or a system ruled and dominated by the small minority of the wealthiest citizens. – Wikipedia Definition
Congress Is Now Mostly A Millionaires’ Club
For the first time, more than half of congressional lawmakers are worth at least $1 million
By Andrew Katz
Congress is loaded, if you weren’t already aware.
The Center for Responsive Politics analyzed the personal financial disclosure data from 2012 of the 534 current members of Congress and found that, for the first time, more than half had an average net worth of $1 million or more: 268 to be exact, up from 257 the year earlier. The median for congressional Democrats was $1.04 million and, for Republicans, $1 million even.
To calculate the net worth of lawmakers, the Center added together members’ significant assets, such as corporate bonds and stocks, then subtracted major liabilities such as loans, credit card debt and property mortgages.
Here’s the breakdown: the median net worth for all House members was $896,000 (Democrats averaged $929,000 to Republicans’ $884,000) and, for Senators, $2.5 million. The median net worth for Senate Democrats was $1.7 million, down from $2.4 million in 2011; for Republicans: $2.9 million, up from $2.5 million in 2011.