Being a public office holder gives one fame, as well as the opportunity to leave a lasting impact on his society, but what it cannot guarantee you is wealth. Take for instance the case of New York governor, Andrew Cuomo. The trained lawyer has been in public service for most of his adult life and has served as the Secretary of Housing and Urban Development at the federal level as well as the Attorney-General of New York. Cuomo has also held sway as the Governor of New York for two terms of four years each and was re-elected to a third term in 2018.
During this time, he has implemented commendable initiatives in areas such as climate change, housing, education, and tax cuts for the middle class. He has also spearheaded the legalization of same-sex marriage and the use of medical marijuana. For all his impactful achievements, Cuomo has only been able to achieve a modest net worth of $5 million. He however continues hanging in there as politics allows him to bring about change and do justice.
Sources of Andrew Cuomo’s $5 Million Net Worth
He is the Highest-Paid Governor in the United States of America
One of the steady sources of Andrew Cuomo’s net worth is his salary as the Governor of New York. Cuomo first ran for this position in 2002 but lost. He eventually won election as the state’s Attorney-General in 2006. This particular victory gave him the impetus to contest for Governor again in 2010 and he won.
Cuomo remains the Governor of New York to date and earned a salary of $179,000 from 2010 to 2019. In 2019, the sum was increased to $200,000 and for 2020, Cuomo received $225,000. This means that he is now the highest-paid governor in the United States with the Governor of California, who earns about $210,000, coming second.
Asides from his official pay, Cuomo also gets other pecks such as free transportation as well as free housing in the Governor’s mansion. This ensures that he can save much of his salary.
The Governor Has Authored Several Books including a 2020 Bestseller
Another means through which Andrew Cuomo has grown his net worth is through writing. The governor occasionally takes out time from his busy schedule to author some books. To date, he has penned about three including Crossroads: The Future of American Politics (2003), and All Things Possible: Setbacks and Success in Politics and Life (2014). Cuomo’s latest effort is 2020’s American Crisis: Leadership Lessons from the Covid-19 Pandemic which details how he handled the pandemic situation in his state.
Exciting news: Gov Cuomo's new book American Crisis has debuted on the @nytimes best seller list at #7.
Let's learn the lessons of the Spring to be smart in fighting back this virus now.
Thank you for reading. https://t.co/IknPiDBMH5
— Andrew Cuomo (@andrewcuomo) October 22, 2020
The book was a culmination of his high-profile daily briefings but he faced criticism for writing a book and praising himself when the pandemic was yet to be over. Despite these criticisms, the book performed quite well as it sold more than 11,000 copies in its first week and landed on the NYT bestsellers list.
They were also book signing events where participants paid as much as $45 each. The exact amount that Cuomo has made from the book is not known but experts have forecasted that it would be much more than the $783,000 he made from his 2014 book, All Things Possible.
Sources of Andrew Cuomo’s Wealth
- Salaries as a Governor – $2.036 million
- Books – $2 Million
The New York Governor Was Worth $1.75 Million in 2013
Andrew Cuomo is now worth $5 million but he did not achieve this in a twinkle of an eye but rather over three decades. Upon qualifying as a lawyer in 1982, Cuomo spent the next two years working as an adviser for his father who was the governor of New York.
By 1984, Cuomo decided to practice the profession he had been trained for and variously worked in private practice as well as an assistant district attorney. This lasted for about four years during which he totaled annual salaries that were in the five-figure regions. From there, he was able to build up a net worth running into tens of thousands of dollars.
From 1990 to 1993, Cuomo served as the chairman of the New York Homeless Commission. He did a fine job in this regard and was thus asked to become the assistant secretary in the Department of Housing and Urban Development in 1993. He held this position for four years before being made the substantive secretary in 1997. Secretary Cuomo served for four years during which he earned an annual salary of about $199,000. This helped him to consolidate his five-figure net worth and take it into the six-figure region with the dawn of a new millennium in the 2000s.
Upon stepping down from the HUD role in 2001, Cuomo contested the governorship position of New York the next year. He lost and so spent some time penning his first book. He then went back into the corporate world as an advisor to real estate tycoon Andrew Farkas. Cuomo reportedly earned $1 million per annum for the two years he worked for Farkas (2004 and 2005) and this helped to bring his net worth closer to the seven-figure mark.
Andrew Cuomo suffered a drop in earnings after he was elected as the Attorney General of New York in 2006, he spent four years in that position, during which he received a salary less than $100,000 per annum. His fortunes however improved after he became Governor in 2010. His annual take home, as well as earnings from his second book, helped him to achieve a net worth of around $1.75 to $3 million in 2013. Since then, Cuomo’s net worth has continued to rise and is now perched at $5 million. He looks set to add to this amount thanks to the increase in his salary and the commercial success of his third book.
Andrew Cuomo Has a Passion for Muscle Cars
As the governor of New York, Andrew Cuomo is entitled to live in the state’s executive mansion located in Albany. He however demurred from occupying his official home for several years as he preferred to live in a private residence. For nearly a decade, Cuomo, his long-time partner, Sandra Lee, and his three daughters lived in a colonial-style mansion located in Mt. Kisco, Westchester County. The home measures 4.129 square feet and features four bedrooms. There is also a pond, gazebo, waterfall, fire pit, stone terrace, picket fence, and shrubbery.
Cuomo and his loved ones lived in this house from 2010 to 2019. They were however forced to sell it after he and Lee broke up in September 2019. The lady has since moved on with her life while Cuomo has now returned to live in the Governor’s mansion on a full-time basis. The picturesque Queen Anne-style mansion features several historic items. There are also a set of beautiful paintings and sculptures on loan from museums in the state.
For getting around, Andrew Cuomo’s transportation needs are covered by the state of New York. The Governor however has a thing for muscle cars and has owned and restored several over the years. They include a 1968 Pontiac GTO Convertible, a 1975 Chevrolet Corvette, a 1969 Cougar, a 1973 Camaro, and a 1969 Fiat 128. Cuomo also has a 1992 Harley Davidson bike amongst his enviable collection.