Tennessee's U.S. senators are among the richest of the 535-member Congress, according to newly released financial disclosures.
U.S. Sen. Bob Corker, R-Tenn., added more than $1 million to his wealth in 2009. With a worth last year of at least $18.3 million, he's the 16th-richest member of Congress, according to an analysis by The Hill, a Washington, D.C., political newsletter.
U.S. Sen. Lamar Alexander, R-Tenn., reported no change last year but remained among the wealthiest senators, with a net worth of at least $12.1 million, The Hill reported.
Among The Hill's 50 wealthiest members of Congress, three were from Georgia and all three were Republicans.
* U.S. Sen. Johnny Isakson ranked 44th with reported wealth of $6.4 million;
* U.S. Rep. Tom Price ranked 32nd with reported wealth of $8.5 million;
* U.S. Rep. John Linder ranked 35th with reported wealth of $7.9 million.
"Congress has never been populated by the impoverished," said Dave Levinthal, communications director at the Center for Responsive Politics, a Washington group that tracks lawmakers' wealth. "The Senate is often called 'the Millionaires' Club' with good reason."
In its most recent analysis of congressional financial disclosures, the Center for Responsive Politics estimates that 44 percent of U.S. senators are millionaires.
But that wealth advantage does not center on party or ideology, Levinthal said. Among The Hill's 50th wealthiest members of Congress, 27 are Democrats and 23 are Republicans.
During 2009, the wealthiest members of Congress grew richer despite the lingering recession. The Hill estimates that the 50 wealthiest lawmakers collectively were worth nearly $1.4 billion last year, up $85.1 million from the previous year.
Sen. John Kerry, D-Mass., remained the wealthiest. His financial disclosure form gave a minimum net worth of $188.6 million at the end of 2009, up from $166 million in 2008.
Members of Congress are required to file financial disclosure forms that identify the range of income from their investments and businesses.
Corker's holdings
In a 19-page financial disclosure for 2009 released last week, Corker reported investment gains from his holdings in CBL & Associates, a Chattanooga-based real estate development company where he worked after graduating from the University of Tennessee in Knoxville.
Corker, the former Chattanooga mayor who earned his fortune building retail and office buildings and managing commercial real estate, also reported two real estate properties worth at least $5 million each - the Volunteer State Life Building in downtown Chattanooga and a shopping center in Maryville, Tenn.
He listed at least $5 million in assets in an investment fund managed by Pointer Management LLC in Chattanooga. He also lists holdings of more than $1 million each in funds controlled by the Chattanooga-based investment firms TSWII Management Co., managed by L.H. Caldwell III, and Priority Capital Management LLC, headed by John G. Davenport.
The senator also has a $1 million trust for each of his two daughters, The Hill reported.
Corker's liabilities included four $1 million mortgages on his real estate company, Corker Properties.
Alexander, Isakson
Alexander, a former Tennessee governor and U.S. secretary of education, reported much of his wealth in undeveloped land holdings he owns with his wife, Honey, in Nantucket, Mass.
He listed the value of his Nantucket properties at about $2 million and other real estate in Tennessee at more than $1 million. He also owns a farm in Victoria, Texas.
Alexander also has stock investments and bank accounts and has at least $500,000 in U.S. Treasury bills.
Isakson's biggest listed holding was 12 acres worth at least $1 million in Rabun County, Ga., and investments in apartments throughout Georgia, collectively worth at least $300,000.
U.S. senators are paid $174,000 per year, more than four times the average pay for all Americans. According to their financial disclosures, many lawmakers reported that the stock market rebound in 2009 helped them earn more in investment income last year than their congressional salaries.
Old story
Dr. Rick Wilson, a professor of political science at the University of Tennessee of Chattanooga, said the wealth advantage for members of Congress compared to those they represent is as old as the country itself.
"George Washington was probably the wealthiest person in the country in land at the time of the American Revolution, and Ben Franklin was probably the wealthiest person in nonland holdings," he said.
"Other founding fathers like Thomas Jefferson also had considerable wealth and, through the years, presidents like Teddy Roosevelt, Franklin Roosevelt and John Kennedy certainly had immense fortunes."
"The issue should be character, not total dollars," Wilson said.