Here's how much 2024 presidential candidate Tim Scott is worth

Tim Scott’s actual property empire is a speck in comparison with Donald Trump’s. Contemplating the place the South Carolina senator obtained his begin, that is nonetheless fairly spectacular.

AndLike a few of his rivals for the presidency, Tim Scott didn’t inherit nice wealth nor a distinguished household identify. As a substitute, he grew up in poverty. Nevertheless, the senator manages to begin his personal enterprise, construct a small actual property portfolio, win the election and turn out to be a millionaire – proving that the American Dream continues to be attainable, even for a poor black child from South Carolina.

Scott obtained his massive break in 2010, when he gained election to the U.S. Home of Representatives—guaranteeing him an annual wage of $174,000, almost 3 times the $60,000 he paid himself as an insurance coverage firm proprietor. He took workplace in January 2011 and offered his firm for greater than $500,000 three months later. It wasn’t lengthy earlier than he began writing books, together with two alongside former South Carolina Rep. Trey Gowdy, and ultimately earned greater than $700,000 as an writer between 2017 and 2022.

What did Scott do along with his cash? At this time he is price simply over $1 million, and he owns a minimum of 5 properties in entire or partially: one in D.C. and 4 within the Palmetto State. This actual property portfolio represents the vast majority of his web price. He additionally holds a federal pension valued at roughly $265,000 after 12 years on Capitol Hill. Finishing his portfolio: An array of inventory holdings, together with shares in massive names like Apple, Boeing, Coca-Cola, and Goal.

It’s a far cry from the place it began. Rising up in North Charleston, South Carolina, because the grandson of a cotton collector and son of a single mom, Scott labored in a movie show and dreamed of turning into an expert soccer participant. However politics additionally intrigued him, beginning with a scholar council run within the eighth grade and persevering with by way of highschool. He’s ultimately elected president of the coed authorities, defeating a extra achieved opponent and what he refers to as his “impressively distinguished” enamel.

After commencement, Scott labored 70 hours per week at a movie show, obtained braces to repair his entrance enamel and headed off to varsity, the place, because of a bunch referred to as the Fellowship of Christian Athletes, Jesus “turned all the things” to him. His religiosity continues to be demonstrated at the moment when he offers Bible-quoted sermons—and even utters his marketing campaign slogan, “Religion in America.” Scott earned a level in political science from Charleston Southern College in 1988.

He started working as a salesman in faculty and continued after incomes his diploma, promoting merchandise of accelerating worth over time—vacuum cleaners, then males’s clothes, then insurance coverage insurance policies. In 1999, on the age of 34, he opened his personal Allstate franchise. Within the first week with out gross sales, his company ultimately gained Company Rookie of the 12 months for South Carolina. His secret: Promise prospects a quote inside an hour of receiving their order.

Actual property wealth

After rising up in poverty, Tim Scott acquired his childhood residence, in addition to a minimum of 4 different properties. His small empire now accounts for the majority of his multi-million greenback fortune.

Round this time, he additionally started promoting his concepts to voters. He was first elected to the Charleston County Council in 1995—the primary black Republican elected to any workplace in South Carolina since Reconstruction. He joined the Republican Celebration, he says, as a result of the native Democratic Celebration advised him to “Wait my flip and go to the again of the road.”

Within the 2000s, Scott started to get entangled in actual property in South Carolina. Together with Michael Salley, a realtor now working within the Hanahan, South Carolina Metropolis Council, he bought two rental properties in 2005, one in Goose Creek and one in Summerville, for a complete of $250,000. The pair barely parted methods with the latter, who offered it in 2008, however the Goose Creek house is price an estimated $270,000 at the moment, greater than double the preliminary price, and there is solely an estimated $40,000 of debt remaining on the mortgage. .

Scott’s political profession blossomed after only some years. He chaired the Charleston County Meeting in 2007 and 2008, then served two years within the South Carolina State Meeting from 2009 to 2011, earlier than transferring to the US Home of Representatives. In 2013, he was appointed to a vacant Senate seat by Nikki Haley, then Governor of South Carolina, and is now a presidential candidate working in opposition to Scott. In simply 4 years, he went from his county council to the U.S. Senate.

Scott, who just isn’t married, offers up his insurance coverage firm, giving him the chance to deal with his new job – and ultimately, a string of actual property offers. In 2013, he upgraded his private residence from a 2,300-square-foot North Charleston home to a 3,000-square-foot Hanahan residence, promoting the previous to his longtime affiliate Joe McCune. Then in 2017, he upgraded once more, paying half 1,000,000 {dollars} for 3,400 sq. toes lower than a mile away. Sensible transfer. This home is now valued at roughly $800,000, earlier than subtracting the estimated $440,000 remaining on the mortgage.

In 2017, Scott additionally bought a one-bedroom condominium, which he shares with McKeown, only a quick distance from the Capitol Constructing for $325,000. She nonetheless owes about $230,000 in debt and is price about $360,000 at the moment. And in 2018, Scott acquired two extra rental properties in South Carolina. One he purchased with Michael Salley, a realtor and metropolis councilman. the opposite was his childhood residence. Collectively, the 2 houses are price greater than $400,000 and have an estimated $85,000 in debt.

Up to now two years, Scott has slowed his shopping for spree, opting as an alternative to take a position a few of his cash in shares and mutual funds. A few of his investments are within the sorts of corporations you may count on a Republican to assist, like Palantir Applied sciences, based by billionaire GOP donor Peter Thiel; and Tesla, the auto large led by Elon Musk.

However his most helpful asset as a presidential candidate could also be his personal story, a rags-to-riches story that Scott likes to share with voters. “I’m honored that our tales are woven collectively into the higher story of America,” he wrote in his 2022 diary. “Though our lives are however one thread, collectively we will weave a gorgeous tapestry. And I, for one, plan to make my story matter!”

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