Bernie Sanders earned just as much blasting capitalism last year as he did representing Vermont — here's how the socialist senator became a millionaire
With more than a touch of irony, the income of U.S. Sen. Bernie Sanders skyrocketed last year thanks to his book that criticizes capitalism.
"It's OK to Be Angry About Capitalism" earned Sanders $170,000 in royalties last year — roughly the same as his annual salary of $174,000 for representing Vermont.
Don't miss
Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead. Get in now for strong long-term tailwinds
UBS says 61% of millionaire collectors allocate up to 30% of their overall portfolio to this exclusive asset class
Owning real estate for passive income is one of the biggest myths in investing — but here is 1 simple way to really make it work
The self-described democratic socialist has taken frequent jabs at the “millionaires and billionaires [who] own 79.% of all wealth” in the U.S. Yet royalties from multiple book deals have made Sanders part of this elite club he frequently targets.
Critics such as former CKE Restaurants CEO Andy Puzder, a pro-Trump conservative, have accused him of “hypocrisy.” Is the criticism valid, though?
Sanders’ road to riches
Sanders wasn’t always a millionaire. Financial disclosures from his time as the mayor of Burlington, Vermont reveal that he earned just $33,700 annually from 1981 to 1989. As a U.S. congressman, he earned $96,000, and then $165,000 in the senate. As of 2015, Bernie and his wife had total assets worth less than $750,000 (along with somewhere between $25,000 to $65,000 in credit card debt on his Visa cards.)
Put simply, Sanders has spent most of his life as a non-millionaire. However, his growing popularity has generated lucrative book deals that began in the 2010s. After publishing “Our Revolution,” he earned $1 million in 2016 and $1.1 million in 2017. (He also donated all royalties from his 2011 book, “The Speech,” to charity.)
As of 2023, Bernie and his wife own at least three properties, ranging from a family home in Vermont to a townhouse in Washington D.C. Sanders’ net worth is estimated to be $3 million, according to Celebrity Net Worth.
Read more: Need to build your credit? Here's how to boost your score ASAP and spend like usual on everyday purchases — all while getting cash back rewards
Champagne socialist?
Sanders’ net worth, while sizable, doesn’t make him the only rich politician — or anywhere near the richest. His wealth is dwarfed by Sen. Rick Scott of Florida, who created the Columbia Hospital Corporation. Scott was worth more than $300 million as of 2022.
In fact, Sanders isn’t even the wealthiest Democrat. That distinction goes to Sen. Mark Warner of Virginia, who made his wealth in venture capital and is estimated to be worth $215 million.
While those figures dwarf Sanders’ net worth, the Vermont firebrand has been especially scrutinized because of his outspoken criticism of rich people. He has described billionaires as “immoral” and believes no one should have that much wealth.
In fact, his earnings from book sales may not be at odds with his stances on capitalism. On his website, he targets the “ultra-wealthy” with a proposed tax that kicks in at a net worth threshold of $23 million and above. The taxes are highest for the wealthiest, which means if implemented they would reduce the total wealth of billionaires by half within 15 years.
What’s more, Sanders isn’t part of the charmed circle he targets. His wealth is below the $10.4 million threshold for the top 1% of Americans, and his annual income falls far below the $824,000 required to enter the 1% club, according to the Economic Policy Institute.
Sanders has also declared and paid taxes on his income. His income sources are clear and lack any evidence that he uses the tax loopholes he often criticizes. In fact, he was also the co-sponsor of the “Buffett Rule” bill, which was introduced after billionaire investor Warren Buffett said it was unfair that he was paying a lower tax rate than his secretary.
Could it be that those who call Sanders a hypocrite are just trying to protect their own wealth? Whatever the case, Sanders makes just enough to live comfortably, and shows enough spunk at 81 to make the super-rich uncomfortable.
What to read next
Worried about the economy? Here are the best shock-proof assets for your portfolio. (They’re all outside of the stock market.)
This janitor in Vermont built an $8M fortune without anyone around him knowing. Here are the 2 simple techniques that made Ronald Read rich — and can do the same for you
You could be the landlord of Walmart, Whole Foods and CVS (and collect fat grocery store-anchored income on a quarterly basis)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
