Net Worth / Politicians

How Rich Is Rep. Kevin McCarthy as He Resigns From Congress?

December 8, 2023

3 min Read

Written by Dawn Allcot

Edited by Cory Dudak

House Republicans meet to determine their nominee for House speaker, Washington, USA - 24 Oct 2023

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Just two months after he was ousted as speaker of the House of Representatives on Oct. 3, Rep. Kevin McCarthy (R-Calif.) has announced his resignation from Congress, effective at the end of this year. As the only speaker in history to be voted out of office, McCarthy vowed to “never, ever give up fighting for this country that I love so much.”

Florida Republican Representative Matt Gaetz initiated McCarthy’s removal in a no-confidence vote in October, and was uncharitable after McCarthy’s announcement Wednesday, posting “McLeavin” on his X account and “promoting a previously released thirteen-minute video based on the ouster of McCarthy, which he led,” according to CNN.

McCarthy became speaker in January 2023 via a messy, 15-ballot vote after former Rep. Nancy Pelosi (D-Calif.) stepped down from her role as speaker of the House at the end of 2022, leaving the House without a speaker at the start of the new year.

How Rich Is Kevin McCarthy?

By some accounts, McCarthy is recognized as one of the wealthiest politicians in the U.S., though pinning down those accounts is easier said than done. The website CAKnowledge.com reported his net worth as $30 million.

However, according to the more reliable Celebrity Net Worth, the “onetime deli counter owner” from Bakersfield, California, is only worth around $300,000. Other sources, including the Los Angeles Times, have reported his net worth at a minimum of $81,000.

McCarthy has been a congressional representative for 17 years. Before being voted in as speaker, McCarthy received an annual salary of $174,000. His salary jumped to $223,500 upon becoming House Speaker, a position he held for a scant nine months.

Born in Bakersfield, California, McCarthy graduated from California State University, Bakersfield, and went on to chair the Young Republican National Federation before serving in the California State Assembly beginning in 2002. He joined the U.S. House of Representatives in 2007 and has held the roles of party whip and minority and majority leader.

According to CAKnowledge.com, McCarthy owns several assets in the form of luxury cars, as well as California real estate. But according to his biography on the House of Representatives website, he still lives in Bakersfield with his wife and their two children in what Celebrity Net Worth describes as a 1,571-square-foot home worth approximately $300K.

David Nadelle contributed to the writing of this article.

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