Net Worth Ranker
What Is Rafael Edward ‘Ted’ Cruz’s Net Worth?
As of recent estimates, Rafael Edward “Ted” Cruz, the junior United States Senator for Texas, has a net worth of approximately $4 million. This figure is derived from a combination of assets, including stocks, mutual funds, and retirement plans accumulated over his career in law and politics.
Ted Cruz’s Financial Overview
During his 2018 Senate race against Beto O’Rourke, Ted Cruz and his wife, Heidi Cruz, estimated their combined net worth to be in the range of $2 million to $5 million. This valuation included their holdings in stocks, mutual funds, and a retirement plan originating from Ted Cruz’s previous employment at a law firm. However, they also declared liabilities of at least $1 million, primarily related to loans and mortgages.
Ted Cruz’s annual salary as a United States Senator is $174,000. While this is a substantial income, it’s worth noting that his wife, Heidi Cruz, is a managing director at Goldman Sachs, and her income is likely significantly higher. Though Heidi Cruz’s exact salary is not publicly disclosed, estimations suggest it could be around $300,000 per year. This makes her potentially the primary breadwinner in the Cruz family.
In addition to his senatorial salary and investments, Ted Cruz has also received financial support from various organizations, including the gun lobby. As of recent data, he has received $442,000 in contributions from gun rights groups, either directly or through Political Action Committees (PACs). The actual figure may be higher when considering indirect contributions, such as funding for attack ads against his political opponents.
A 2018 report indicated that the majority of Ted and Heidi Cruz’s assets are invested in stocks and bonds. These investments include shares in a BlackRock fund, with some holdings valued at millions of dollars. In 2017 alone, Ted Cruz earned over $33,000 from dividends and interest generated from these investments. He also derives income from mutual funds and his law firm retirement plan.
During his 2012 Senate campaign, Ted Cruz reportedly invested a significant portion of his and his wife’s savings. To finance the campaign, he took out a $1.2 million loan to himself. Additionally, during his 2016 presidential bid, financial documents revealed that he had debts ranging from $100,000 to $250,000 to Goldman Sachs. These debts were likely related to an earlier loan taken out to fund his 2012 Senate campaign. The documents also showed that their largest liability was a mortgage worth between $1 million and $5 million.
Ted Cruz’s Early Career and Legal Background
Rafael Edward Cruz was born on December 22, 1970, in Calgary, Alberta, Canada. His parents were operating an oil drilling firm in Calgary at the time. He graduated cum laude from Princeton University in 1992 with a Bachelor of Arts in public policy. During his college years, he won the title of US National Speaker of the Year in 1992. He later graduated cum laude from Harvard Law School in 1995 with a Juris Doctor.
From 1995 to 1996, Ted Cruz served as a law clerk in the United States Court of Appeals. He then became an attorney for a law firm, working on cases related to the National Rifle Association and Bill Clinton’s impeachment trial. After serving as Solicitor General of Texas from 2003 to 2008, Cruz returned to private practice before becoming the US Senator from Texas in 2013.
In 1999, Ted Cruz joined George W. Bush’s presidential campaign as a domestic policy advisor. After Bush won the election, Cruz became an Associate Deputy Attorney General for the US Justice Department. From 2003 to 2008, he served as the Solicitor General of Texas, arguing cases before the US Supreme Court on issues ranging from Second Amendment rights to gay rights.
Real Estate Holdings and Personal Finances
Ted and Heidi Cruz own a property in Houston, Texas. While the exact value of their home is not publicly known, the average price for a house in Houston is around $300,000. In the past, Heidi Cruz mentioned that she and her husband could not afford a second home, despite it being a long-term goal. She also mentioned working 70-hour weeks at Goldman Sachs to support her family and her husband’s political career.
Ted Cruz is married to Heidi Cruz since 2001, and they have two daughters. As a US senator, Ted Cruz earns an annual salary of $174,000. The majority of Ted and Heidi Cruz’s assets are in stocks and bonds. These include shares in a BlackRock fund. In 2017 alone, Ted Cruz earned over $33,000 from dividends and interest. Ted Cruz also has funds from mutual funds and his law firm retirement plan.
To fund his 2012 Senate campaign, Ted Cruz took out a $1.2 million loan. In addition, documents revealed that Ted and Heidi Cruz’s largest liability was a mortgage worth between $1 and $5 million.
Overall, Ted Cruz’s financial profile reflects a combination of his senatorial salary, investments, and his wife’s income from Goldman Sachs. His net worth is estimated at $4 million, with assets in stocks, mutual funds, and a retirement plan. He has also received financial support from various organizations, including the gun lobby. His debts include loans taken out to fund his political campaigns and a mortgage on his home.
