Net Worth Ranker
What Is Tim Scott’s Net Worth?
As of the latest available information, Tim Scott’s net worth has seen significant fluctuations over the years. While he initially reported a net worth of $3.88 million in 2009, this figure included approximately $3 million in real estate investments. However, between 2012 and 2013, Scott experienced a considerable financial downturn, with his net worth dropping to around $250,000 by 2013. In 2017, his financial situation further declined, resulting in a reported net worth of -$3.7 million. By 2018, his estimated net worth was -$1 million. Recent reports indicate that Tim Scott’s net worth is $200 thousand.
Tim Scott’s Career and Financial Overview
Tim Scott’s career has spanned various levels of government, from local to national. He began his political journey as a member of the Charleston County Council, representing the 3rd district from February 1995 to January 2009. During his time on the council, he focused on policies aimed at fostering economic growth and improving living conditions within the county. Following his tenure on the Charleston County Council, Scott was elected to the South Carolina House of Representatives, where he served the 117th district from January 2009 to January 2011. His time in the state legislature was characterized by his advocacy for conservative fiscal policies. Scott’s ascent to the national stage began with his election to the U.S. House of Representatives, representing South Carolina’s 1st district from January 2011 to January 2013. He made history as the first African American Republican to serve in Congress from South Carolina since 1897. In January 2013, Scott was appointed to the U.S. Senate by Governor Nikki Haley, filling the vacancy left by Senator Jim DeMint. The following year, he won a special election to serve the remainder of DeMint’s term. Scott’s election to a full term in the U.S. Senate in 2014 marked another milestone in his career, as he became the first African American in U.S. history to be elected to both the House and Senate. His estimated net worth in 2009 was $3.88 million. In May 2023, Tim Scott announced his candidacy for President in the 2024 Presidential election.
Key Policy Initiatives and Financial Implications
As a U.S. Senator, Tim Scott has been involved in several key policy initiatives, including the passage of the Tax Cuts and Jobs Act of 2017. One of his signature policy initiatives is the creation of “Opportunity Zones,” which provide tax breaks to businesses that invest in low-income areas. These zones are designed to stimulate economic development and job creation in underserved communities. Scott has also been actively involved in criminal justice reform and police reform efforts. In May 2023 Tim announced he was running for President in the 2024 Presidential election. In August 2023 Tim qualified to appear in the first Republican debate. His financial report released in 2009, estimated his net worth at $3.88 million. Of that mount roughly $3 million was the value of real estate investments. Unfortunately for Mr. Scott, something happened between 2012 and 2013 that caused his net worth to drop from a peak of $4 million to just $250k in 2013, turning negative in 2017 when he listed a net worth of -$3.7 million. His 2018 estimate was -$1 million. Tim Scott served as a member of the Charleston County Council from the 3rd district from February 1995 to January 2009. He served as a member of the South Carolina House of Representatives from the 117th district from January 2009 to January 2011. Tim Scott served as a member of the U.S. House of Representatives from South Carolina’s 1st district from January 2011 to January 2013. In January 2013 he became a United States Senator from South Carolina serving with Lindsey Graham. He was the first African American to serve in both chambers of Congress.
