Senate leaders see their wealth rise

The leaders of the Senate saw their personal wealth rise last year as the economy emerged from a recession.

The net worths of both Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell grew in 2010, according to new disclosure forms.

McConnell reported a minimum net worth of $9.8 million, while Reid reported wealth of at least $3.4 million. 

Financial disclosure reports for lawmakers for both the House and the Senate were released Wednesday, giving value ranges for their assets and liabilities. The forms give a good estimate of lawmaker wealth, though they show ranges rather than precise values for stocks, pension plans, vacation homes and other assets of lawmakers.

McConnell remains one of the wealthiest lawmakers on Capitol Hill, his disclosure form shows. His reported minimum net worth of more than $9.8 million in 2010 is an increase of close to 29 percent. In 2009, he was worth around $7.6 million.

{mosads}McConnell saw his wealth rise because of some smart plays in the stock market with his wife, former Bush Labor Secretary Elaine Chao. They exchanged some of their stock holdings for Vanguard 500 Index Admiral shares, with a value of at least $500,001.

Chao also gave several paid speeches, according to McConnell’s financial disclosure report. She spoke to the University of Illinois-Champaign, Corning Inc. and the American Chamber of Commerce in Chicago. Her speaking fees were more than a $1,000 per appearance.

Senate Majority Leader Harry Reid (D-Nev.) also maintained a solid foundation of wealth last year. He reported net worth of at least $3.4 million in 2010, an almost 10 percent rise over the prior year. Reid had a minimum net worth of close to $3.1 million in 2009.

Much of Reid’s wealth is wrapped up in land holdings in his home state of Nevada and in Arizona. Those holdings include 160 acres in Bullhead City, Ariz., that’s worth at least $1 million. He also reported a loan to his campaign valued at least $50,001.

As in 2009, Reid caught a Christmastime jet ride thanks to Sen. Dianne Feinstein (D-Calif.) last year. Reported as a gift, its value was $14,500, as determined by Senate Ethics Committee staff. The flight dropped off Reid in Reno, Nev.

Updated at 5:42 p.m.