|Net Worth:||$190–250 million|
|Income Sources:</strong||Investments, Politics|
|Age/Date of Birth:||March 12, 1947|
|Height:||6 feet, 2 inch (1.88 m)|
Mitt Romney is an American businessman and politician who began his political career in the mid-1990s. While he served as the 70th governor of Massachusetts from 2003 to 2007; he unsuccessfully ran for the Republican presidential nomination in 2008 – he lost to John McCain. Nonetheless, he was the Republican nominee for the US President in the 2012 elections. As fate would have it, Romney lost to Barack Obama.
Analysis of His Current Net Worth
Debt Securities: +$91 million
The biggest chunk of Mitt Romney’s funds is invested in debt securities; this is inclusive of his Federal Home Loan Banks consolidated obligations worth the sum of $36 million and an estimated ten million dollars worth of structured notes from both Goldman Sachs and BNP Paribas. In recent months the American politician discarded foreign equities held through Thornburg Investment Management, buying notes from the governments of different countries like Canada, Sweden, and Australia. This gave him some international exposures without the prospective political liability of establishing any foreign companies. In the same category is a personal loan of about $400,000 for his family’s horse trainer, in addition to another loan held by a suburban home located in Missouri, Tex.
Bain Alternative Investments: +$52 million
In 1984, the former Governor of Massachusetts launched private equity offshoot Bain Capital at the behest of Bill Bain, the founder of Bain & Company. 15 years down the line, he exited from the buyout company, leaving with a healthy retirement package which ensured that he got profit shares from all Bain funds; this arrangement lasted till February 2009. In addition, Mitt Romney got the right to invest in Bain funds; a privilege he enjoyed with his former partners.
Other Alternative Investments: +$29 million
The senator has his connections managing a majority of his non-Bain alternative assets, Paul Singer – the Billionaire hedge fund manager oversees over $1 million invested in his Elliot Associates fund and delivers returns to Mitt. In October 2011, the Romney super PAC Restore Our Future received a $1 million donation from Singer. Mitt also has investments in a private equity fund management firm known as Golden Gate Capital.
Mutual Funds and ETFs: +$23 million
Though Romney is not a direct holder of many stocks, the shrewd businessman takes advantage of mutual funds as well as ETFs to maintain equity exposure both at home and abroad. His ETFs coverer the United States, Latin American, and European markets. His top holdings include S&P 500 ETF, Goldman Sachs-managed mutual funds, an S&P Europe 350 ETF, and SPDRs.
Real Estate: +$18 million
Mitt Romney is the proud owner of three choice landed properties: a La Jolla, Calif. beach house purchased with $12 million in 2008, a townhouse condo in Belmont Mass bought in 2010 with the sum of $895,000 and an $8 million worth summer compound in Wolfeboro, N.H.. The house is located on the shores of Lake Winnipesaukee and consists of a main home, a rehabilitated stable and an expanse of land.
Cash: +$16 million
Romney’s cash which include bank deposits, international currencies, and money market accounts was formerly estimated at$1 million but has jumped $15 million. His cash is not only delineated in United States dollars, the senator now holds small amounts in Canadian and Australian dollars, including British pounds.
Individual Equities: +$600,000
Presently, Mitt is a holder of three individual stocks namely Marriott Vacations Worldwide, Marriott International, and Ford Motors. He previously dumped 71 stocks, including ADRs which worth is estimated at $6 million; these include, Google, McDonald’s, JPMorgan, Apple, and Walmex. Romney is said to have ties with Ford owning a 2005 Ford Mustang.
Romney invests in horses and owns several through Rob Rom Enterprises, LLC, a Moorpark, Calif.-based Company with a one-third stake in Rafalca. There is a 15-year-old Oldenburg mount that represented the United States in the Reem/Acra World Cup Final in April in the Netherlands. Reportedly, Mitt and his family ride such breeds as Missouri Fox Trotters and Austrian Warmbloods. Also counted under this category are their four automobiles: a 2002 Chevy pickup, a couple of Cadillacs, and a 2005 Ford Mustang.
While Romney holds the bulk of his investments in blind trusts, he also invests in gold, owning a $260,000 investment.
Mitt Romney’s Total Wealth: $250 million
Currently, Mitt Romney’s total net worth is estimated at about $250 million. This figure was approved after Forbes’ analysis of 184 assets belonging to the American businessman and politician; these include his real estates, automobiles, and several other investments as listed above.
His Early Life
Willard Mitt Romney was born on March 12, 1947, in Detroit, Michigan, where he was also raised as a member of The Church of Jesus Christ of Latter-day Saints (LDS Church). His father, George W. Romney rose to prominence in the late 1950’s as the CEO of American Motors who helped rescue the company from a financial crisis.
Following his popularity, George Romney got involved with politics and served as the governor of Michigan from 1963 to 1969. He also served as the United States Secretary of Housing and Urban Development from 1969 to 1973. Like his son, George unsuccessfully ran for Republican Party’s presidential nomination. That was in the 1968 election; he was defeated by Richard Nixon.
Meanwhile, Mitt worked in his father’s campaign team and had a brief stint as an intern in his office before leaving for France in 1966 on a Mormon missionary journey. After spending over 2 years in France, he returned to the US and enrolled at LDS Church-operated Brigham Young University, Utah from where he earned a BA in 1971. Subsequently, he attended Harvard and graduated in 1975 with a joint Juris Doctor and MBA.
Business and Career Beginning
Mitt Romney began his business career at management consulting firm, Boston Consulting Group. In 1977, he was hired by another Boston-based consulting firm, Bain & Capital. Mitt experienced rapid success at the firm and a year later, was named the firm’s Vice President. He became one of the firm’s leading consultants and was a top-preferred choice by clients.
Seven years later, in 1984, Mitt together with Bill Bain, raised $37 million to fund private equity investment firm named Bain Capital, a spin-off of Bain & Company. Romney served as the firm’s sole shareholder, managing general partner, CEO and president.
Bain Capital which initially invested in venture capital began making huge profits when they switched to leveraged buyouts. Going by the concept of leveraged buyouts, Bain Capital would buy a company with money borrowed from a bank using the company’s asset as collateral, while developing the company to increase its valuation enough to pay off the debt at which it was bought and also make huge profits for the firm. Bain Capital would then sell the developed company for much profit. This concept has been heavily criticized for its role in laying off workers.
The effective execution of this method soon made Bain Capital America’s leading investment firm. By 1999, Bain Capital had about 18 partners and 115 employees with over $4 billion under its management. The firm also made an annual average return of 50-80% to its investors. They were involved with companies in the medical, industrial and entertainment sector including Brookstone, Sealy Corporation, and Accuride Corporation.
Between 1991 and 1992, Romney returned to Bain & Company to serve as CEO and save the firm from the brink of bankruptcy. At the time, he also remained the managing director of Bain Capital. He left Bain Capital in 2002 to focus on another task. However, while relinquishing his managerial roles, he negotiated a deal that entitled him a share of profits made from some entities. This sees him earn an average of $20 million annually as a retired partner.
Mitt Romney first dabbled in politics in 1994 when he stepped down from his position at Bain Capital to run for Massachusetts Senator. However, after he lost to incumbent Ted Kennedy, he immediately returned to his roles at Bain Capital.
After leaving Bain Capital in 2002, Mitt accepted a job offer to become the CEO and President of Salt Lake Organizing Committee for the Olympic and Paralympic Winter Games of 2002. The committee was at the time plagued by corruption and was running short of its revenue goals. Romney donated $1 million of his own money to the organization and donated his 3-year salary of $1.4 million to charity. Under Romney’s helm, the organization made a huge financial turnaround and even recorded a surplus of $100 million after the games ended. He penned his experiences into the book “Turnaround: Crisis, Leadership, and the Olympic Games” published in 2004.
Romney’s impressive success at the committee brought him much acclaim and his experience helped him relaunch his political career. He successfully ran for Governor of Massachusetts and served for a single term where he rejected the $135,000 salary.
However, since opting instead to run for president in 2008 rather than a gubernatorial rerun, Romney continued to be active behind-the-scenes, endorsing and raising funds for Republican candidates. In 2016, US president-elect Donald Trump considered Romney a candidate for Secretary of State.
Romney was elected U.S. Senator from Utah on November 6, 2018, winning 62.6% to 30.9% over Democrat Jenny Wilson. With his election, he became the third individual to have served as governor of one state and senator from another state.
Meet Mitt Romney’s Wife And Children
Mitt Romney was still in his senior year in high school when he got officially engaged to Ann Davies in June 1965. Their engagement period lasted till 1969 before they took their relationship to the ultimate conclusion of marriage. During this period, Romney was actively involved in missionary work for his church, and a few months after his return from France, the couple exchanged marriage vows on the 21st of March 1969.
They were first joined in a civil ceremony at the bride’s home in Bloomfield Hills and the next day flew to Utah for a wedding ceremony hosted at the Salt Lake Temple in accordance with the Mormon faith. Important to note that Ann was not formerly a Mormon, she only converted to the faith while Mitt was away on missionary work.
Ann’s health started failing in 1998 she came down with multiple sclerosis. After her diagnosis, horse riding was recommended for Mitt’s wife as a form of therapy for her condition. The couple shares five sons.
Barely one year after their nuptials, the couple’s first son Taggart was born in 1970. As at that time, Mitt Romney and Ann were still BYU undergraduates, residing in a basement apartment. Just like his parents, Mitt’s eldest son is an alum of BYU after which he proceeded to Harvard Business School for further studies. Tag follows in his father’s footsteps as a consultant, businessman, and political advisor, and now manages his own private equity firm called Solamere Capital. He is married to Jen and they share six children, including twin sons born through a surrogate.
Mitt Romney’s second son Matthew Romney, who joined the family in 1971 is also a graduate of BYU and HBS. Currently, he is engaged at Excel Trusts as its Senior Vice President of Capital Markets. Matt lives in San Diego with his wife Laurie and they share three children.
Born in 1975, Joshua is “the dreamy one” in the family according to his brothers. The BYU alum is said to be nursing a political career and supports his dad’s political aspirations. Josh’s wife is also called Jen and they live in Salt Lake City with their children.
Ben Romney is the fourth child of the American business tycoon and his wife and the only Romney with blond hair. Born in 1978, the BYU graduate is a medical resident in radiology, based in Boston. He is equally married but is yet to have children. However, he and his wife are pet parents to Kingsley, a designer dog that is half poodle half yorkie.
He is the youngest son of the Romney clan born in 1981. Another BYU alum who is a music lover. Mitt Romney’s last child is presently working in the real estate industry but was formerly employed at McGarry Bowen as an advertising music producer. Craig is married to Mary with whom he shares two children.
Mitt and his wife live alone these days as all their children have all left home. However, they enjoy having so many grandchildren whose number keeps on increasing as time rolls by. The family always comes together on special occasions.
|Estimated Net Worth:||$190–250 million|
|<strongSource of Wealth:</strong||Investments, Politics|
|Also Known As:||Mitt Romney|
|Profession:||Politician, businessman and former US presidential candidate|
|Famous For:||70th Governor of Massachusetts|
|Colleges/Universities Attended:||Harvard Law School (1975)
Harvard Business School (1975)
Brigham Young University (1971)
Stanford University (1965-1966)
Cranbrook Schools (1959-1965)
|Educational Qualifications:||A degree in English, (JD–MBA)|
|Birthday & Zodiac
|Age/Date of Birth:||March 12, 1947|
|Birth Place:||Detroit, Michigan|
|Ethnicity/Race:||Mixed of English, Scottish, 1/8th German, and at least 1/64th French|
|Country of Residence: ||United States of America (USA)|
|Height:||6 feet, 2 inch (1.88 m)|
|Other Body Measurements:||N/A|
|Spouse/Partner:||Ann Romney (m. 1969)|
|Family and Relatives
|Father:||George W. Romney|
|Siblings:||Scott Romney (Brother)
Margo Lynn Romney (Sister)
Jane Romney (Sister)
|Other Relatives:||Grandchildren: David Mitt Romney, William Ryder Romney.
Harold A. Lafount (Grandfather)
Anna Amelia Romney (Grandmother)