Mitt Romney Net Worth 2022 – How Did He Get Rich?

Mitt Romney Net Worth 

Mitt Romney has an estimated net worth of $300 million. Former Massachusetts Governor Mitt Romney made a run for the Republican nomination in the 2008 presidential election, losing to John McCain. He made another run for the presidency in 2012 but was defeated by President Barack Obama. Romney earned the majority of his income from his business, books, and political career.

Mitt Romney was born in Michigan on March 12, 1947, the son of former Michigan Governor George Romney. He founded the investment firm Bain Capital and later ran for the Massachusetts Senate in 1994, where he was defeated by incumbent Ted Kennedy. Romney took over the Salt Lake City Organizing Committee and oversaw a successful Olympic Games in 2002.

He was elected governor of Massachusetts in 2003 and ran for the Republican presidential nomination in 2008, but lost to candidate John McCain. Romney ran for president again in 2012, this time with U.S. Representative Paul Ryan of Wisconsin as his running mate, but was narrowly defeated by President Barack Obama in a close race. In 2019, he was elected to the United States Senate from Utah.

To calculate the net worth of Mitt Romney, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as student loans and credit card debt, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Mitt Romney
Net Worth: $300 Million
Monthly Salary: $1 Million+
Annual Income: $20 Million+
Source of Wealth: Businessperson, Politician, Consultant

Early Life

Willard was born Mitt Romney was born on March 12, 1947, in Detroit, Michigan, and raised in Bloomfield Hills, Michigan. He attended the prestigious Cranbrook School before graduating from Brigham Young University in 1971. In 1975, he received both a law degree and a Master of Business Administration from Harvard Law School and Harvard Business School.

Romney married Ann Davies in 1969, and the couple has five sons: Tagg, Matt, Josh, Ben, and Craig. Mitt and Ann Romney are Church of Jesus Christ of Latter-day Saints members. Because of their candor about their faith, the Romneys and other members of the Church of Jesus Christ of Latter-day Saints have received unprecedented media attention.

Entry into Politics

Mitt Romney began his career in business as the son of George Romney, a former governor of Michigan who ran for the Republican Party’s presidential nomination in 1968 (he was defeated by Richard Nixon). Before founding the investment firm Bain Capital in 1984, he worked for the management consulting firm Bain & Company. In 1994, he ran for a seat in the United States Senate in Massachusetts, but was defeated by longtime incumbent Ted Kennedy.

Romney shot to national prominence in 1999, when he was named president of the Salt Lake Organizing Committee. He was instrumental in rescuing the 2002 Winter Olympic Games from financial and ethical problems, and he oversaw the successful Salt Lake City Games in 2002.

Romney published Turnaround: Crisis, Leadership, and the Olympic Games in 2004.

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Massachusetts Governor

Romney turned his Olympic success into politics when he was elected governor of Massachusetts in 2003. Romney oversaw the reduction of a $3 billion deficit during his governorship. He also signed into law a health-care reform program that will provide nearly universal health care to residents of Massachusetts.

2008 Presidential Run

Romney announced his presidential bid after serving one term as governor and declining to run for re-election. He won primaries in Massachusetts, Alaska, Minnesota, Colorado, and Utah before losing the Republican nomination to Senator John McCain of Arizona. Romney spent approximately $110 million on his campaign, including $45 million of his own money, according to reports.

Romney has maintained that he is open to running for president in the future. He kept much of his political staff and political action committees, as well as raising funds for other Republican candidates. Romney’s book No Apology: The Case for American Greatness debuted on The New York Times best-seller list in March 2010.

2012 Presidential Campaign

Mitt Romney officially launched his presidential campaign for 2012 on June 2, 2011, at a farm in New Hampshire.

Romney took many standard Republican positions on taxes, the economy, and fighting terrorism during his campaign, while consistently and vocally criticizing his opponent, Democrat President Barack Obama. Romney specifically condemned President Obama’s health-care reform program, which drew criticism from the press because the president’s plan was similar to the Massachusetts plan that Romney supported as governor.

Furthermore, during the 2012 presidential campaign, critics charged Romney with shifting his position on several key issues, including abortion; Romney supported Roe v. Wade—the U.S. Supreme Court decision upholding a woman’s right to abortion—while campaigning for a Senate seat in 1994, but maintained an ardent pro-life stance throughout his 2012 presidential campaign.

Romney emerged as the Republican nomination frontrunner from the start of his campaign. He had more mainstream Republican appeal than Tea Party-backed opponents such as Texas Governor Rick Perry. Romney won the New Hampshire Republican primary by capturing more than 39 percent of the vote in January 2012. As the race progressed, Rick Santorum emerged as his most formidable rival, winning several states. However, Romney secured a significant lead in the number of delegates required to secure the nomination.

Romney benefited from a narrowing of the field in April 2012, when Santorum announced that he was suspending his campaign. That left only Ron Paul and Newt Gingrich as Republican contenders, with Gingrich eventually dropping out.

Romney’s campaign received negative attention in July 2012, when President Obama’s campaign ran advertisements claiming that his opponent was the CEO of Bain Capital until 2001, not 1999, as previously stated. Around the same time, news reports began to circulate about Bain Capital’s economy-stifling practices; according to the reports, Romney’s company had invested in several businesses that specialized in job relocation overseas.

Romney’s campaign responded with its own political advertisements, claiming that Obama was more concerned with his donors than with the American people. This was just the beginning of the barbs and arrows that would be thrown between the two candidates on the campaign trail.

Running Mate and Republican Nomination

Romney named 42-year-old U.S. Representative Paul Ryan of Wisconsin as his running mate for vice president in August 2012. The announcement put an end to months of speculation about potential vice-presidential candidates for the 2012 election, as media attention shifted to Ryan, a fiscal conservative and chair of the House Budget Committee.

On the first day of the 2012 Republican National Convention in Tampa, Florida, Romney became the Republican Party’s official presidential nominee, receiving 2,061 delegate votes—nearly double the required 1,144—on August 28, 2012. Several Republican politicians, including McCain, supported Romney and Ryan during the convention. “We’ve drifted away for four years,” McCain said at the convention. “People want more of America, not less of it. What they want to know is whether we still believe… Mitt Romney believes, and I trust him to lead us.”

After the first presidential debate with Obama in early October 2012, Romney made headlines. He delivered an outstanding performance, earning praise for his oratory abilities from both citizens and critics. Most critics agreed that Romney won the debate and that his performance boosted his public perception and status in the presidential race significantly. Obama, on the other hand, was praised for his performance in the second and third debates, with many critics claiming that he had won both.

On November 6, 2012, as each state announced its election results, many Americans sat on the edge of their seats. The results were announced shortly before midnight: Romney was defeated by Obama in a close race, with the president receiving slightly more than half of the popular vote and roughly 60% of the electoral vote.

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Co-Existing With Donald Trump

Romney withdrew from public view following his exhausting campaign and defeat. He rejoined Marriott International’s board of directors and became executive partner group chairman of Solamere Capital, appearing for interviews on occasion.

By 2014, the former presidential nominee was back in the game, endorsing a number of Republican candidates ahead of the midterm elections. His presence fueled speculation that Romney would run for president a third time, but after reportedly considering the possibility, Romney announced in early 2015 that he would not.

Nonetheless, Romney remained active in the public debate as the campaign season progressed. With Donald Trump emerging as the surprise GOP frontrunner over strong establishment candidates like Jeb Bush and Marco Rubio, Romney became one of the New York businessman’s most vocal Republican critics, referring to him in a March 2016 speech as “a phony, a fraud.”

Romney maintained his stance even after other Republicans backed their nominee, before extending an olive branch after Trump won the election in November 2016. The president-elect appeared willing to put their feud behind him, reportedly considering Romney for the position of secretary of state before nominating Rex Tillerson.

The schism resurfaced in 2017, when Romney criticized Republican support for controversial Senate nominee Roy Moore, a Trump supporter. Despite Trump’s encouragement to run for re-election, 83-year-old Utah Senator Orrin Hatch announced his retirement at the end of his term in early 2018, sparking speculation that Romney would run for his seat.

It was revealed around this time that the former Massachusetts governor had been treated for prostate cancer the previous summer. A Romney aide told CNN that the cancer was surgically removed and that it had not spread beyond the prostate.

Utah Senator

Romney announced his Senate bid in mid-February 2018 via video announcement, saying, “I have decided to run for United States Senate because I believe I can help bring Utah’s values and Utah’s lessons to Washington.” With McCain battling brain cancer and seemingly nearing the end of his career, pundits predicted Romney would take over as the Senate’s leading center-right critic of the Trump administration.

Romney finished second to state Rep. Mike Kennedy at the Utah GOP convention in April, setting up a potentially difficult primary battle. Romney, on the other hand, easily defeated his opponent in the June primary election before defeating Democrat Jenny Wilson in the November election to win the Senate seat.

During the highly charged impeachment hearings and trial that lasted from fall 2019 to February 2020, Romney once again emerged as a foil to Trump. He was one of only two Republican senators (along with Susan Collins of Maine) to vote to allow witnesses during the Senate trial, and the only Republican to vote to convict the president on one of the two impeachment charges, for abuse of power.

Further Reading

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How To Become Rich Like Mitt Romney?

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1 thought on “Mitt Romney Net Worth 2022 – How Did He Get Rich?”

  1. So you have to be a total bastard ( like Romney) to be successful?
    This jerk was in the business of buying up manufacturing companies
    then outsourcing the production work to China. He put thousands of
    honest working Americans out of employment to ruin them financially.
    In other words, he oppressed the working class to enrich himself.
    This is NOT success, this is evil greed! Please get your story straight!

    Reply

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