(NewsNation) — Minnesota Gov. and vice presidential candidate Tim Walz has a much lower net worth than other politicians and he doesn’t own a single stock, according to financial disclosures.
What is Tim Walz’s net worth?
Walz’s exact net worth is not known, but it’s estimated to be between $112,003 to $330,000 without counting his federal pension, which could add as much as $800,000 to that number.
Unlike many politicians, Walz doesn’t count any income from book deals (he hasn’t written one), speaking engagements or even real estate. He and his wife, Gwen Walz, sold their home in 2019 and currently live in a rental paid for by the state while the governor’s mansion is being renovated.
The couple took home a combined $166,719 in 2022, with just over $51,000 of that coming from Gwen Walz’s income as an educator and the rest from Tim Walz’s salary as governor. He has had a pay bump since then, his salary going from $116,000 to $149,550.
The majority of the Walz’s assets are in savings and pensions. They have a 529 college savings plan for their children and hold life insurance policies along with four pensions between them. He is also likely to be eligible for federal retirement plans.
A 2019 disclosure estimated the pensions to be worth $81,000 to $215,000 and a federal retirement plan for his years of service in Congress could earn a federal retirement benefit of $55,000 per year.
It’s possible Walz could have invested in a 401k-like Thrift Savings Plan, but that is unknown since it’s not required to be disclosed.
The couple did not list any capital gains or stock trades and do not appear to have any investments in the stock market.
How does Tim Walz compare to other candidates?
Walz’s income puts him well below the net worth of others in the race. Republican vice presidential nominee and Ohio Sen. JD Vance has a worth of $5 million to $10 million.
Vice President Kamala Harris has a net worth estimated to be around $8 million, and former President Donald Trump‘s net worth was calculated at around $7.67 billion. However, that was before a reported $1 billion increase following an assassination attempt on the former president. Trump is also facing significant legal fees and court judgments against him that could alter his financial profile.
Beyond the actual dollar amount, the source of Walz’s assets also differs significantly from his fellow politicians.
The other candidates have portfolios that include varied sources of wealth, including money from book deals and speaking engagements, business investments, real estate, stock holdings, crypto and financial securities. Walz, in contrast, has a financial portfolio that resembles an average American more closely than it does a typical politician.
What is Tim Walz’s position on stock ownership?
Walz’s refusal to invest in financial markets is unusual for a politician, but it’s one that Walz has backed up with his political views and policy efforts.
While in Congress, Walz introduced the STOCK Act, which was signed into law by former President Barack Obama in 2012. Standing for Stop Trading on Congressional Knowledge Act, the STOCK Act prohibits members and employees of Congress from using private information from their official business to engage in insider trading in the stock market.
Walz also advocated for more regulation on political intelligence firms that sell information gained from lawmakers and staff and backed efforts to require more disclosure for Super PAC donors, though those did not move forward into legislation.