Mitt Romney net worth

Mitt Romney net worth

Net Worth: $250 Million

About Mitt Romney

Mitt Romney net worth

Mitt Romney is a former Mormon missionary, former governor of Massachusetts state (in office since 2003 to 2007) and a successful businessman. But what actually makes his face known in America and all over the world is his presidential candidacy in the elections 2012. Mr. Governor, as he was usually called by Obama, started as a simple consultant in a global management consulting firm Bain & Company.

Today Mitt Romney net worth is 250$, making him one of the wealthiest politicians in the United States and without doubt the richest Presidential candidate in quite a long time. So how did he get there?

In 1984 Mitt Romney left his position in the consulting firm and co-founded the spin-off company Bain capital. This private equity investment firm, which was not only founded but also led by Mitt, soon became extremely profitable. Bain Capital became the largest firm of its kind and made a fortune through leverage buyouts. Its success contributed to the current Mitt Romney net worth.

The company used to issue huge debts to take over other corporations that were going through some financial trouble.

Latter, when such a company became highly profitable again and its worth exceeded the debt that was initially issued, such a company was sold. The revenue from the transaction was first used to repay the debt, than whatever was left went to Bain Capital as a profit. Today the company specializes not only in private equity, but also in venture capital, credit and public market investments.

By the time Romney has left his CEO position at the company in 2002, Bain Capital had over 4 billion dollars under their management and Mitt Romney net worth was already estimated to be around 250$. It is hard to say what the exact income of Romney was in the years to come, but his presidential campaign in 2012 made his finances open to the public.

As the Ex-Governor declared, in the years 2010-2011 he earned 42,7 million dollars and paid 6,2$ in taxes.
The release of his tax records provoked quite a scandal, as the more observant citizens have noticed that Mitt’s tax rate amounted only to 14% of his revenues. At the same time regular earnings in the US are taxed at 35% and even the capital gains (which make most of Romney’s income) are typically taxed at 15%. What made people furious was the fact that although Mitt Romney net worth by far exceeds the fortunes of a standard citizen his tax is actually lower. Despite all the public resentment, it doesn’t look like Mitt Romney is going to lose his fortunes for government tax collectors any time soon. With a net worth of 250$ million, it seems like Mitt is going to keep his position in the top ranks of the wealthiest politicians in America.

Now you have an idea why Mitt Romney net worth is this huge

Mitt Romney net worth Mitt Romney net worth

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