Though not as wealthy as big-shot politicians, Kevin McCarthy is a wealthy representative. He is one of the richest politicians in the United States. He has a modest net worth of $300,000, primarily thanks to his political career income.
Kevin Owen McCarthy is the current representative of California’s 20th district. He is the speaker of the U.S. House of Representatives, a position he won after days of painstaking competition.
When Nancy Pelosi stepped down as the U.S. House of Representatives speaker, she left an opening that Kevin McCarthy utilized to win the position. The Republican leader got hold of the office after days of dramatic late-night voting. House Representatives returned to the ballot 15 times before determining a winner. Kevin McCarthy, California’s 20th Congressional District representative, won the elections. He assumed office as the 55th speaker of the U.S. House of Representatives.
Would you love to learn more about the financial journey of the former House majority leader? Dive into Kevin McCarthy’s journey. See how politics shaped his wealth and understand his net worth.
Kevin McCarthy Biography
Kevin Owen McCarthy is a United States politician born on January 26, 1965. Born in Bakersfield, California, McCarthy is a fourth-generation resident of Kern County. His family is of Irish descent on the father’s side and Italian origin on the mother’s side.
McCarthy’s mother, Roberta Darlene, was a homemaker. His father, Owen McCarthy, worked for the Kern County Fire Department.
Despite growing up in a working-class family of Democrats, Kevin Owen became the first Republican in his family. All three generations of his family before him were members of the Democratic party.
Kevin McCarthy attended Bakersfield High School, where he played for the school’s football team. He graduated in 1983 and enrolled at the California State University in Bakersfield. He graduated with a Bachelor of Science in marketing in 1989 and signed up for a master’s from the same university.
While in college, Kevin McCarthy worked for the Kern County Fire Department as a seasonal firefighter. He then moved on to work as an intern for Congressman Bill Thomas. Kevin graduated with his MBA in 1994.
Kevin McCarthy met his future wife, Judy Wages, in high school. They were attending the same biology class, and though Judy liked one of Kevin’s friends, he pursued and won her heart. The two married in 1992 and have two children, Meghan McCarthy and Connor McCarthy. Kevin and Judy are long-life Kern County residents. They are staunch Christians and members of the Southern Baptist Convention.
McCarthy is a former member of the Community Action Partnership of Kern. The organization strives to address the underlying causes of poverty. It also works to reduce the effects of poverty on the community.
In 2015, Kevin dropped out of the House Speaker race. Shortly after, allegations of infidelity emerged. He allegedly had an affair with Renee Ellmers, a married Republican house representative. McCarthy and Ellmers denied the accusations. But the events leading to his withdrawal suggested otherwise.
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A few days before he dropped out of the race, Congressman Walter B. Jones Jr. wrote to Cathy McMorris Rodgers, the Republican Conference chair. In his letter, Walter B. Jones Jr. wanted Republicans seeking leadership to step down if they had scandals.
In 2018, Kevin McCarthy faced another scandal involving his brother-in-law’s construction company. The allegations stated that the company’s owner, William Wages, received $7.6 million since 2000. Wages allegedly received no-bid and federal contracts through his construction company. He received payment for construction two construction projects. One was at the Naval Air Weapons Station China Lake in Bakersfield, and the other was at Naval Air Station Lemoore in Kings County, California.
Early Entrepreneurial Experience
Kevin McCarthy developed an interest in politics and electoral position at the age of 21. He had opened a Deli he called Kevin O’s. Kevin McCarthy wanted to run for elective office to ease the pain of running small businesses in California. He experienced the redundant and tedious requirements and decided something needed to change.
From Internship To Early Political Career
His early political career began in 1987 when he interned for Congressman Bill Thomas. He worked for Thomas until 2002. In 1995, he became the chairman of Young Republicans in California. In 1991, he became the chair of the Young Republican National Federation, a position he held for three years.
First Elective Position
Kevin worked as district director for Congressman Thomas from the early 1990s to 2000. His first elective position was as a trustee in the Kern Community College District in 2000. In 2002, he became a member of the California State Assembly from the 32nd district.
His Entry To U.S. Congress
When Representative Bill Thomas decided to retire from Congress in 2006, Kevin McCarthy sought to replace him. He won the election with a landslide, 70.7% of the total vote.
McCarthy’s Stance on the 2021 Insurrection
After the 2021 insurrection, McCarthy criticized Donald Trump for it. He accused the former president of disrupting the certification of President-elect Joe Biden. Donald Trump was against the presidential election results and wanted them overturned. In an interview with The New Yorker, Bill Thomas criticized McCarthy, calling him a liar who changes the lie whenever necessary for him.
After winning his congressional elections, McCarthy ran unopposed in the 2008 and 2010 elections. He represented California’s 22nd district.
In 2012, he defeated Terry Phillip to represent California’s 23rd district. In the following elections, Kevin beat Democrats Raul Garcia in 2014 and Wendy Reed in 2016. He defeated Tatiana Matta in 2018 and Kim Mangone in 2020. In the 2022 elections, Democrat Marisa Wood challenged Kevin McCarthy and lost. Kevin Owen McCarthy bagged 67.3% of the votes.
Kevin was the House Majority leader for five years before becoming the minority leader in 2019, a position he currently holds. This was after the Republicans lost control of the House in the 2018 midterm elections. Before then, Kevin McCarthy was the Chief Deputy Whip of the House Republicans. He held this position from 2009 to 2011. He also served as the House Majority Whip between 2011 and 2014 before becoming the House Majority Leader.
Kevin McCarthy has been a member of several committees. These include the Committee on Financial Services. He served on the Subcommittee on Financial Institutions and Consumer Credit. Other service areas include the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises. He has also served in the Congressional Western Caucus. McCarthy started serving on the steering committee of the House Republicans in his first year as a member of the U.S. Congress.
Election as House Speaker
After days of voting by representatives, McCarthy won the position of House Speaker on January 7, 2023. The voting began on January 3, with McCarthy bagging 203 votes, Democrat Hakeem Jeffries receiving 212 votes, and other Republican representatives getting a combined vote count of 19. McCarthy finally won the elections with 216 votes after 15 rounds of voting. This was a voting record as it was the first time a vote for House Speaker went beyond nine rounds since 1859.
Kevin McCarthy Net Worth Growth
Several sources, such as CAKnowledge.com, say McCarthy is worth millions of dollars. The American politician’s net worth is estimated at $300,000. His sources of income include his political income of $223,500 per year. This includes his salary as a congressional representative and House Speaker.
The member of the Republican Party has assets ranging from real estate properties to a modest car collection. His assets have no attached value, but looking at his net worth, you can tell that they are not worth a lot of money.
Kevin McCarthy has a modest car collection that comprises a $120,000 Jaguar XF and a Lexus ES worth $136,000. His collection also features a Lincoln Continental, Aston Martin DBX, BMW X6, and a Toyota Vellfire.
Kevin McCarthy House
Kevin McCarthy and his family own a massive home that sits on a 1,571-square-foot compound in Bakersfield, California. The house dates back to 1987, but McCarthy bought it in 1996. It has an estimated financial value of $300,000. From McCarthy’s financial disclosure forms of 2019, the house has a mortgage loan of up to $100,000.
McCarthy and his family still live in their Bakersfield home. It is a luxury home with a tennis court and a wine cellar.
Who is Kevin McCarthy Married To Now?
What is Kevin McCarthy’s Business?
Kevin McCarthy is an American politician with a modest net worth of $300,000. He is a member of the Republican Party who grew up in a working-class family of Democratic party supporters. McCarthy has built his wealth from his long, successful political career. He is the current speaker of the United States House of Representatives.