Tim Kaine’s Net Worth: 5 Fast Facts You Need to Know

Tim Kaine

Sen. Tim Kaine of Virginia is now a top contender to be Hillary Clinton’s vice presidential running mate. (Getty)

Hillary Clinton is expected to name her vice presidential pick within the next few weeks– sometime after the Republican National Convention ends, and before her own convention begins in Philadelphia on July 25.

The Associated Press reported in June that Clinton’s short list includes Massachusetts Sen. Elizabeth Warren, Virginia Sen. Tim Kaine and Housing and Urban Development Secretary Julian Castro.

Kaine emerged as an early favorite in many reports, with speculation growing in recent weeks. The Virginia Senator is currently listed as Clinton’s most likely running mate at 35 percent by the prediction markets monitored by Predictwise.com.

This isn’t been the first time Kaine’s name has been tossed around in veepstakes speculation. In 2008, Kaine was on the short list to be President Obama’s running mate.

As Clinton’s vice president announcement looms, we take a look at the financial aspect of Kaine’s political career and life.

Here are five fast facts to know about Kaine’s net worth, income and more:

1. His Net Worth Is Estimated at $1.45 Million

Tim Kaine, Bill Clinton, Barack Obama

US President Barack Obama (C), former president Bill Clinton and Tim Kaine wave at supporters during a campaign rally at Jiffy Lube Live in Bristow, Virginia, on November 3, 2012. (Getty)

As of 2014, Senator Kaine had an average net worth of $1,451,518, which is slightly higher than average for members of Congress, according to Inside Gov.

Kaine’s net worth was $352,509 more than the average member of Congress which is $1,099,009 and $1,423,248 less than the average senator. When compared to the Virginia Congressional Delegation, Kaine had a net worth that was $655,039 less than the average, which comes in at $2,106,557.

U.S. Senators earn an annual salary of $174,000. Since the early 1980s, Senate leaders, who consist of majority and minority leaders, and the president pro tempore, are paid higher salaries than other members. Currently, leaders earn $193,400 per year.

2. He Accepted $160,000 Worth of Legal Gifts While in Office

Tim Kaine, Barack Obama

Tim Kaine applauds as U.S. President Barack Obama delivers his State of the Union speech before members of Congress in the House chamber of the U.S. Capitol January 20, 2015 in Washington, DC. Obama laid out a broad agenda to including attempts to address income inequality and making it easier for Americans to afford college education and child care. (Getty)

The 58-year-old senator took $160,000 worth of legal gifts while in office, Politico reported.

Kaine accepted the gifts while serving as governor and lieutenant governor of Virginia, according to disclosures compiled by the Virginia Public Access Project.

The disclosures have been publicly available for years, but could now be under some scrutiny, since Kaine is a possible vice presidential pick for Clinton.

Most of the gifts, which came between 2001 to 2009, were for travel to and from political events and conferences, according to the disclosures. However, Kaine did receive an $18,000 Caribbean vacation from Virginia-based tech investor James Murray, Jr. and a trip to watch George Mason University play in the NCAA basketball tournament.

In 2007, he received $5,500 in clothing from Stuart Siegel of S&K Menswear, a company that declared bankruptcy in 2009.

The largest disclosure came from Obama for America– $45,075 for travel and lodging during the 2008 presidential campaign.

The gifts were all legal under Virginia’s relatively relaxed gift laws.

Kaine’s aides emphasized there was no suggestion of official favors in return, telling Politico:

During his eight years as lieutenant governor and governor, Sen. Kaine went beyond the requirements of Virginia law, even publicly disclosing gifts of value beneath the reporting threshold. He’s confident that he met both the letter and the spirit of Virginia’s ethical standards.

3. Kaine Cut His Pay As Virginia Governor

Tim Kaine, DNC

Tim Kaine speaks during day one of the Democratic National Convention at Time Warner Cable Arena on September 4, 2012 in Charlotte, North Carolina. (Getty)

After serving two years as Virginia’s governor, Kaine cut $667,000 in spending for the executive’s office and executive mansion, including a five percent reduction in his $175,000 salary in 2007, according to several news reports.

The following year, Kaine continued those reductions, trimming $1.4 million from the same areas, according to a report in 2008 by the Richmond Times-Dispatch.

Kaine’s predecessor, Mark Warner, cut his own salary by 20 percent when in office.

4. He Raised Over $18 Million on His 2012 Campaign

Tim Kaine

Tim Kaine speaks to his supporters at the Downtown Richmond Marriot after winning the Virginia U.S. Senate seat on November 6, 2012 in Richmond, Virginia. Kaine defeated former U.S. Sen. George Allen in a tight race. (Getty)

During the Virginia Senate race, Kaine’s campaign raised $18,045,722, according to Vote Smart.

His top contributor was the League of Conservation Voters, which donated $164,079, while JStreetPAC came in second at $124,182.

After a grueling 19-month contest with George Allen, Kaine won the Senate seat in November 2012.

5. Kaine & His Wife Have Lived in the Same Neighborhood for 30 Years

Joe Biden, Tim Kaine, Anne Holton

Tim Kaine (D-VA) (L) participates in a reenacted swearing-in with his wife Anne Holton and U.S. Vice President Joe Biden in the Old Senate Chamber at the U.S. Capitol January 3, 2013 in Washington, DC. (Getty)

Kaine is married to Anne Holton, who is the daughter of former Republican Governor Linwood Holton.

Kaine earned his B.A. in economics from the University of Missouri, before attending Harvard Law School, where he met his wife in a study group. Holton would bake Kaine cookies in an attempt to gain his attention, according to U.S. News & World Report.

The couple married on November 24, 1984 at St. E’s altar, a year after Kaine graduated from Harvard with a Juris Doctor and was admitted to the Virginia bar. The Kaines eventually settled in Richmond, and still live in the same Northside neighborhood where they moved as newlyweds more than 30 years ago.

The Kaines have three children: Sons Nat and Woody and daughter Annella. All three attended Richmond public schools. Nat, their eldest child, graduated from George Washington University ROTC.

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