Social media users share posts online that raise the question of how the net worth of Senator Mitchell McConnell increased drastically between 2005 and 2015 when he was on a senator’s salary. The increase was due to a family inheritance his wife received in 2007.
Examples can be seen here, here and here.
The reports read: “Sen. Mitch McConnell’s Net Value: 2005: $ 2,962,015 2015: $ 26,927,535 Increase: $ 23,965,520 (+ 809.1%) How does a $ 193,400-year-old senator increase his net worth to nearly $ 2.4 million in a year, every year for a decade?
Former Senate Leader Mitchell McConnell would indeed have earned $ 193,400 a year, as explained here on the Senate’s website.
McConnell’s wife, former Secretary of Transportation Elaine Chao, inherited after her mother’s death in 2007, as explained by Politico here and The Washington Post here. Both articles confirmed this with McConnell’s spokesman.
Forbes estimates the amount inherited at about $ 9 million (here).
The Washington Post article links here to a financial disclosure report for McConnell for 2008, in which the amount between $ 5 million and $ 25 million appears as a gift from family member of the file ‘on page 4’.
When asked, McConnell’s team referred Reuters to the Politico article above.
The Washington Post checked these rumors about McConnell’s increased wealth in June 2020 here.
VERDICT
Missing context. Senator Mitchell McConnell’s sudden increase in net worth was due to an inheritance his wife, former Transport Minister Elaine Chao, received after her mother’s death in 2007.
This article was produced by the Reuters Fact Check team. Read more about our fact-checking work here.