Joe Manchin is the current senior senator from West Virginia since 2010. The American politician is also a businessman with several investments, including coal brokerage. As of 2023, the Democrat’s net worth is approximately $12 million.
Joe Manchin served in several positions before becoming a West Virginia Senator. He began his senatorial service in 2010 under President Barack Obama.
He served as the 34th Governor of West Virginia from 2005 to 2010. Before that, he had served as state senator for West Virginia between 1986 and 1996.
Ever wondered how this popular politician earned his net worth? Let us dive deeper into Joe Mnchin’s life to unravel the sources of his wealth and how he spends it.
Personal Life
Early Life
Sen. Joe Manchin was born on August 24, 1947, to a family of affluent business people. He grew up in his birth town of Farmington, West Virginia. In a family of five children, Joe Manchin is the second-born child of Mary O. Manchin and John Manchin.
His father and grandfather were successful businessmen in West Virginia. They also served as mayors of Farmington. Politics run in the family as Joe’s uncle, A.J. Manchin, is also a politician.
Manchin graduated from Farmington High School in 1965. In the same year, he enrolled at West Virginia University. He studied business and administration and education and graduated in 1970.
Family and Relationships
Joe Manchin married Gayle Conelly Manchin in 1967 and settled in Fairmont, West Virginia. The couple has three children; Heather Manchin, Joseph Manchin IV, and Brooke Manchin. Heather Manchin was the CEO of Mylan N.V., a pharmaceutical company, between 2012 and 2020.
Manchin and his wife own a $965,000 home on the Kanawha River. In Washington, D.C, Joe Manchin lives in a houseboat he purchased in 2013 for $250,000.
Take a Look at Who Is Joe Manchin?:
Estimated Net Worth
When Joe Manchin became a United States Senator in 2010, he had an estimated net worth of $6 million. According to his recent financial disclosures, Joe Manchin is worth $12 million. This makes him one of the richest senators in the United States.
Real Estate
Joe Manchin has a real estate empire across West Virginia. His investments span residential homes, commercial buildings, and undeveloped land. These investments play a significant role in making the Democratic Senator a millionaire.
He and his wife, Gayle Manchin, own a modest townhome on the Kanawha River in Charleston. While in D.C., the couple resides in a boathouse they call “Almost Heaven”. He drives a Maserati Levante worth $80,000.
Salary Being A Senator
Income
As a United States Senator since 2010, Joe Manchin receives an annual base salary of $174,000. It seems a small amount compared to what other business moguls make yearly. But, it gives the senator a comfortable life as he serves West Virginia.
How Joe Manchin Built His Net Worth
Joe Manchin began his journey to great wealth from birth. He was born to a working-class family. His father had several coal-mining businesses in West Virginia. Besides his parents’ inheritance, Joe joined the family business of coal mining after college in the 1970s and 1980s.
His success in the coal mining business is directly related to his shrewd business acumen and history in the sector. At some point, he was the CEO of a major coal mining company in West Virginia.
Over the years, the member of the Democratic Party has faced backlash and criticism. Many people do not approve of the way he handles the effects of mining on the environment. However, he is still very influential in West Virginia’s mining business.
Besides the successful coal-mining business, Joe Manchin has an extensive investment portfolio. His investments include real estate, insurance, and investments in energy companies.
Sen. Manchin owns a successful insurance company that serves West Virginia’s people and businesses. The company has been successful since its founding and continues to thrive. It offers competitive rates and excellent customer support.
Manchin is also known for his strategic investments. Throughout his business life, the American politician has invested in real estate. He is also believed to have made shrewd stock market investments all his life which have returned significant profits.
The Senator also owns stocks in energy companies. For instance, the senator receives a pension from Massey Energy Company. He worked for the company since his youth and climbed to become its president and CEO.
As part of his exit plan from Massey Energy Company, Joe receives a pension that covers part of his financial needs today. He left Massey Energy Company in 2000 to pursue his public service goal.
In addition to his retirement plan with Massey Energy, Sen. Manchin owns MECO Resources LLC (MRC) shares.
Joe Manchin also receives company dividends from several energy companies in West Virginia. These companies include Dominion Energy and FirstEnergy Corporation. By investing in these companies while they were small, he could grow with them. He now receives substantial paychecks in dividends.
How Joe Manchin Spends His Wealth?
In Washington, DC, Joe, and his wife live in a boathouse called “Almost Heaven.” He purchased the yacht in 2013 at $250,000. He drives an $80,000 Maserati Levante, the only car he has on public records.
He also hosts other senators and friends for yacht cruises with food and drinks.
Joe Manchin’s Conservative Beliefs
Joe Manchin is a moderate, conservative Democrat who has called himself several names to prove this statement. Among the names he has branded himself included a centrist, a moderate conservative, fiscally responsible, and socially compassionate.
FAQs
What Is The Age of Joe Manchin?
He is 76 years.
Where does Joe Manchin Live in West Virginia?
Joe Manchin purchased a riverfront home in Kanawha River in Charleston, West Virginia. He lives there with his wife.
How Much Is Joe Manchin’s Wife’s Net Worth?
Joe Manchin’s wife, Gayle Conelly, is worth $5 million. She is an educator and a government official.
Conclusion
Sen. Joe Manchin is a wealthy businessman and politician living lavishly. The truth about his net worth runs deep into his coal-mining history, politics, and several business investments. His success can be accredited to his shrewd business acumen and hard work.
