Romey poises to become one of the richest presidents with $250 million net worth

Romey poises to become one of the richest presidents with $250 million net worth

Seattle : WA : USA | Jun 04, 2012 at 1:28 AM PDT
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Mitt Romney on Hispanic Conservatism

If Mitt Romney wins the presidential election, he will become one of the wealthiest presidents of the United States. According to a latest financial report made public by the Republican Party, Romney’s personal fortune stands around $250 million despite his shedding off dozens of stocks in several foreign corporations during the last ten month.

Romney declared his riches in a financial statement to the Federal Election Commission. According to his campaign spokesperson, Romney and his wife Ann held possessions of around $250 million. Besides, they have additional $100 million in a separate trust for Romney 5 sons.

"Governor and Mrs. Romney's assets are managed on a blind basis. They do not control the investment of these assets, which are under the control and overall management of a trustee. The trustee is Brad Malt, a partner at Ropes & Gray law firm," Andrea Saul, a campaign spokesperson, told USA Today.

According to details provided in the new financial report, Romney has sold a large quantity of stocks, including stocks in big corporations such as Boeing, Volkswagen and PepsiCo., that had been administered via his blind trust.

The stakes shedding also counted in selling of his stocks in many distinguished companies with whom Romney had conflict of ideology, including China-based corporations Hang Lung and Komatsu. It should be noted that Mitt Romney has supported tougher dealings with Chinese government over its growing financial interests.

It is pertinent to mention here that President Barack Obama declared in May that his assets are between $2.6 million and $8.3 million.

Romney’s exact net worth had not been clear as of now, even though it had been declared in the $200 million to $250 million range. After his declaration of wealth in 2010, he had reportedly paid income taxes of $3 million. It is pertinent to note that a big chunk of his riches came from capital gains, thus he apparently paid lower taxes than ordinary Americans.

“The capital gains earned from the two account sales were reported as being between $100,000 and $1 million each, according to the report. Overall, he reported capital gains worth at least $4.5 million,” according to the USA Today report.

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Mitt Romney
Mitt Romney
Kamran Ahmed is based in Seattle, Washington, United States of America, and is an Anchor on Allvoices.
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