Rep. Adam Schiff from California has been very controversial lately, as he’s questioned Devin Nunes’ FISA memo and written his own counter-memo that he says puts things in context. The House Intelligence Committee voted to release the FISA memo but withhold the Democrats’ counter memo, a move that Schiff has greatly contested. Schiff may not be one of the richest people in Congress, but he’s definitely not poor either. Read on to learn more about Schiff’s net worth.
1. Adam Schiff Has a Net Worth of $1.74 Million, But It May Have Dropped in 2016
Adam Schiff have an estimated net worth of $1.74 million as of 2014 and $1.6 million as of 2015, according to InsideGov.com and Open Secrets. This is 63 percent higher than the average member of Congress and 104 percent more than the average representative, making him the 146th wealthiest person in the House. His net worth also puts him at 21st among all the members from California. (For some reason, the LA Times estimated his net worth as much, much lower, with a minimum net worth of $267,000 in 2014, which would make him the 309th wealthiest member of Congress.) Interestingly, his estimated net worth took a dip in 2008 before starting to grow again.
Even more interesting is that Open Secrets estimates his net worth in 2016 took a big dive, and places it at $692,011. This may be some kind of technical glitch, as you can see from the assets mentioned below, but it’s unclear.
2. His Minimum Liabilities Range from $600k to $1.2 Million
According to the LA Times, which estimates his net worth as much lower than most other sources, Schiff’s liabilities are $600,000 at minimum, and his assets are $867,000 at minimum. This isn’t a huge difference. The liabilities comes in the form of a Maryland home with at least a $500,000 mortgage, and a California home with a $100,000 mortgage.
But Open Secrets, in 2015, has a slightly different estimate, placing his liabilities as ranging from $600,000 to $1.2 million and his assets ranging from $878,000 to $2.4 million. A bigger difference, but still not as great as some other people may hold. But what happened to change things in 2016? In 2016, his assets are estimated as slightly higher, ranging from $1.06 to $2.1 million, and his liabilities are still listed as the same two mortgages as the previous years ($600,000 to $1.2 million.) So it’s unclear why his net worth was given a lower estimate overall by Open Secrets in 2016.
3. His Assets Include Stock in Apple
Schiff’s greatest assets, as of 2014, include at least $100,001 in Apple, $100,001 in BlackRock California Municipal Income Trust, $100,001 in Powershares QQQ Trust Ser 1, $100,001 in Fidelity Puritan Fund IRA, and $100,001 in iShares Trust Core S&P 500 Index. He has lesser assets in other sources include UBS Bank, Altria Group, and more. Things were similar in 2015, according to Open Secrets. Then, his greatest assets were $150-$350k in iShares Corp, $100-$250k Powershares, $100-$250k Fidelity, $100-$250k BlackRock, and $100-$250k Apple (among 33 assets.) His liabilities were still the two mortgages.
And in 2016, as mentioned above, his assets are actually given a higher estimated range (starting at $1.06 million and reaching the same upper end) and his liabilities are the same. He’s listed as having 26 instead of 33 assets by Open Secrets, but they still include iShares, Fidelity Puritan, and PowerShares. But now Putnam Short Duration Income Fund tops the list, and Apple is lower, at only $50,000 to $100,000 rather than $100-$250k like in 2015.
4. His Salary is $174,000 a Year and in 2016 He Raised Nearly $1 Million for His Election
As a Congressman, Schiff’s salary is $174,000 a year. He’s been a Representative in California since 2001. But most of his net worth comes from his stocks and other investments, rather than from his salary. According to Ballotpedia, Schiff raised $950,009 toward his campaign in 2016 and spent $913,099, which is less than the average $1.46 million spent by the U.S. House winners in 2016. In 2014 he raised $916,759 and in $2012 he raised $1.3 million. He typically raised a little over $1 million the years prior to that, except in 2000 when he raised $4.6 million. Total, he’s raised $14.3 million in elections over the course of his tenure.
5. He Has Mortgages on Two Homes
Adam Schiff’s only liabilities are in the form of mortgages that he has on two homes: a Maryland home with at least a $500,000 mortgage, and a California home with a $100,000 mortgage. He and his family lived in California first, before he joined the House. They tried living separately for a while, but didn’t like it. He, his wife Eve and two children ultimately relocated to D.C. from California because they hated the prolonged absences that kept them apart.