Robert Francis “Beto” O’Rourke (born September 26, 1972) is an American businessman, musician, and politician who represented Texas’ 16th congressional district in the United States House of Representatives from 2013 to 2019. O’Rourke sought the Democratic nomination for President of the United States in 2020. Here’s more about Beto O’Rourke net worth and background.
O’Rourke was born into a rich local political family in El Paso, Texas and is a graduate of Woodberry Forrest School, a private boarding school in Virginia with a tuition of $57,000, and Columbia University, a private university in New York City with a current tuition of over $58,000 for the 2019/2020 school year. He also revealed on July 14, 2019 that he and his wife are descendants of slave owners.
While studying at Columbia, O’Rourke began a brief music career as bass guitarist in the post-hardcore band Foss. When you grow up wealthy, this is the kind of stuff you can afford to do after your parents spend over half a million dollars in tuition on your education. After his college graduation, he returned to El Paso and began a business career.
In 2005, he was elected to the El Paso City Council; he served on the Council until 2011. O’Rourke was elected to the U.S. House of Representatives in 2012 after defeating eight-term incumbent Silvestre Reyes in the Democratic primary.
After being re-elected to the House in 2014 and 2016, O’Rourke declined to seek re-election in 2018. Instead, he ran for United States Senate against incumbent Republican Ted Cruz, that drew national attention.
It was the way O’Rourke responded to a question about how disrespectful he thought the NFL players were to kneel during the national anthem that really rocketed him to fame. Here’s a video clip of his viral answer.
Despite O’Rourke’s Obama-like oratory skills, he was defeated 50.9% to 48.3% by Ted Cruz. Undaunted, on March 14, 2019, O’Rourke announced his campaign for President of the United States in the 2020 United States presidential election.
Beto O’Rourke Has A Very High Net Worth
Despite being a Democratic and positioning himself as an everyday man of the people, Beto O’Rourke has a net worth of between $10 million and $15 million as of 2020. Compare O’Rourke’s net worth to Senator Ted Cruz, who is estimated to only have a $4 million net worth, and ranked 41st out of 100 senators.
That said, it’s likely Senator Ted Cruz and his wife, Heidi Cruz, have some hidden assets that make them much wealthier since Mrs. Cruz is a Managing Director at Goldman Sachs. Managing Directors regularly make well over $1 million a year.
Much of O’Rourke’s $10+ million net worth came from an inheritance. When his father died in 2001, O’Rourke inherited an 18-unit apartment complex in El Paso, which was valued at about $5 million, according to financial disclosure forms.
Real estate prices have increased by well over 100% in El Paso, Texas since his inheritance in 2001. Therefore, with the addition of regular savings of his $174,000 Congressional salary and investing in other assets, Beto O’Rourke is easily worth over $10 million.
Investing in Texas real estate is still one of the most attractive investment trends over the next couple of decades given there is a demographic shift away from expensive coastal city real estate towards the heartland. Firms such as Google are spending $13 billion to invest in offices to hire thousands of people in Texas, the Midwest, and the South.
The best way to invest in this trend is through real estate crowdfunding where you can buy a portion of various commercial real state projects around the country instead of having to take a concentrated bet. The best platform is Fundrise in my opinion, started in 2012. They are the pioneers of the eREIT product and have one of the best screen mechanisms.
Not only is Beto O’Rourke a deca-millionaire, he also married into extreme wealth. In 2005, he married Amy Hoover Sanders, the daughter of real estate tycoon William Sanders, with an estimated net worth of about $500 million according to Forbes. The Times described Sanders as “one of the most influential figures in a region ruled by mercantile interests.”
Given the wealth of O’Rourke’s father-in-law, many have speculated William Sanders bankrolled a Super PAC to buy Beto a congressional seat. If you’ve got $500 million, it’s hard to blame Mr. Sanders for wanting to support his son-in-law succeed.
Wealthy Politicians Are A Dime A Dozen
What’s very interesting is how so many politicians try to position themselves as working class Americans. They’ve mastered sleight of hand and developed wonderful oratory skills to convince the public they are just like everybody else.
Beto O’Rourke is a fantastic speaker no doubt. But let’s not kid ourselves that he didn’t grow up in an extremely privileged household. His children all have trust funds and they will inherit hundreds of millions of dollars upon his father-in-law’s death.
It’s unfortunate that so much time and campaign money is being spent feeding the egos of political candidates when the time and money could be used to help those truly in need.
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