As Inequality Soars, Congress a 'Millionaires Club'

For the first time since U.S. lawmakers have been required to publicly disclose their personal financial data, millionaires now make up the majority of seats in the Capitol building, according to a report released Friday by the Center for Responsive Politics.

According to recent data collected by the group, at least 268 U.S. lawmakers out of 534 total had an average net worth of $1 million or more in 2012.

Of those lawmakers, many are worth far more, with the wealthiest, Darrell Issa (R-Calif.), coming in with an average net worth of $464,115,018.

The median for all federal lawmakers came to $1,008,767 — higher than all previous years on record.

“Members of Congress have long been far wealthier than the typical American, but the fact that now a majority of members — albeit just a hair over 50 percent — are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code,” the group writes on their Open Secrets blogs.

“It’s true that Congress has long been filled with the wealthy,” writes Paul Blumenthal at the Huffington Post, “but this millionaire milestone comes as the country faces a growing income inequality gap not seen since the Gilded Age.”