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Marketplace Morning Report
Globalist Quiz

How many millionaires are in Congress?

Stephan Richter Sep 7, 2010
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TEXT OF INTERVIEW

STEVE CHIOTAKIS: We thought we’d test our knowledge of
international affairs once again, as we do every so often. And we’re glad to bring in Stephan Richter, with this morning’s Marketplace Globalist Quiz. Good morning, Stephan.

STEPHAN RICHTER: Good morning Steve. Are you ready for today’s quiz?

CHIOTAKIS: I am.

RICHTER: Of the 535 members of the U.S. Congress, what’s the share of millionaires? Is it A) less than 10 percent, B) close to half of all the members of Congress, or C) even two-thirds of the members of Congress.

CHIOTAKIS: I know they call the Senate the “millionaire’s club.” Well there’s 100 of them right there. I would say half.

BUZZ

RICHTER: Half is a brilliant answer, but since you talked about the Senate, you should have gone for two-thirds are actually millionaires.

CHIOTAKIS: So Stephan, I’m curious about what’s the comparison between how much the lawmakers make and the rest of us make in this country?

RICHTER: The median U.S. family has a net worth of about $120,000. For the average member of the U.S. House of Representatives, it’s $666,000. So that goes to show that in terms of the representativeness of the U.S. Congress, there’s a lot of rich people there and very few average folks.

CHIOTAKIS: Well I’m headed to Washington then. That’s where the money is, Stephan.

RICHTER: That is probably truer than we all wish for.

CHIOTAKIS: And thanks for providing us with that insight, Stephan.

RICHTER: It was my pleasure, dollar for dollar.

CHIOTAKIS: Stephan Richter is publisher and editor-in-chief of The Globalist. To learn more about the global economy, politics and culture, visit TheGlobalist.com.

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