Examining the millionaires club: Rep. Rooney’s assets increased 175% last year; Sen. Baxley’s down by 26%

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Florida Trend, in a piece published today, highlighted Florida’s millionaire lawmakers, how they earned their bucks, and their change in net worth from 2011.

In all, 49 lawmakers are worth greater than $1 million, representing about one out of every three in office.  Among them, 16 are in the Senate, and 33 are in the House.

The top five millionaire lawmakers are Senate President Don Gaetz, worth $26.2 million, up 5.4% from 2011; Sen. Wilton Simpson, worth $15.6 million, up 27% ; Sen. Jeremy Ring, worth $14.1 million, down 6.4%; Sen. Jeff Brandes, worth $12.2 million, up 17.8%; and Rep. Jose Oliva, worth $9.7 million.

Taking the data provided by Florida Trend, I’ve calculated the following:

Among members of the Senate, 40% are millionaires.  In the House, this is true for 28%.

While Republicans make up 64% of the House, they represent 70% of House millionaires.  Likewise, in the Senate, Republicans represent 65% of the body but comprise 80% of Senate millionaires.

But here’s the more interesting stuff: changes in net worth.

Of the 45 millionaire legislators who reported a change in net worth between 2011 and 2012, 33 of them (73%) saw their wealth go up.

Of the 12 millionaire legislators who lost net worth between 2011 and 2012, four are Democrats and eight are Republican.  This means, proportionally, 31% percent of millionaire Democrats lost some dough this year, compared to 25% percent of millionaire Republicans.

Sen. Dennis Baxley saw his net worth fall by 26.4%, the greatest drop of any legislator, followed by Sen. Tom Lee by 11.2%, and Rep. David Richardson by 10.6%.

Legislator gains were far greater for some.  Rep. Patrick Rooney Jr. saw a gain in net worth 174.6% from 2011, bringing him to a total of $7.9 million in 2012.  The bulk of his wealth is derived from interest in various funds.

Rep. Dana Young’s assets increased by 123.8% since 2011. The Tampa attorney reported $2.02 million in assets in 2012.  Representatives Kevin Rader, Dan Raulerson, and Jim Waldman reported increases in worth of 94%, 95.5%, and 61.1%, respectively.