Kevin McCarthy is an American politician who is the 55th and current Speaker of the United States House of Representatives.
He was born on January 26, 1965, in Bakersfield, California, and represents California’s 20th congressional district.
McCarthy is a member of the Republican Party and has been serving in Congress since 2006:
He was first elected to the California State Assembly in 2002 and served as Assembly Republican Leader before being elected to Congress.
McCarthy was recently ousted from his position as Speaker of the House in an extraordinary showdown, a first in U.S. history.
Kevin McCarthy early life and education
McCarthy grew up in a family of Democrats, but he became a Republican in his early 20s.
He attended California State University, Bakersfield, where he earned a bachelor’s degree in marketing in 1989.
After graduation, McCarthy started his own small business, a deli, which he ran for several years.
He then went on to work in the California State Assembly as a legislative assistant.
In 2002, McCarthy was elected to the California State Assembly, where he served until 2006.
In 2006, he was elected to the United States House of Representatives, representing California’s 22nd congressional district.
McCarthy has since been re-elected to Congress several times and has risen through the ranks to become the House Minority Leader in 2019.
Throughout his career, he has been known for his conservative views and his support for small businesses and the military.
McCarthy has also been a strong advocate for the Republican Party and has worked to promote its values and policies.
Kevin McCarthy net worth
McCarthy’s net worth is a topic of debate, with various sources reporting different figures.
According to Celebrity Net Worth, McCarthy’s net worth is $300,000.
However, other sources report his net worth to be much higher, ranging from $81,000 to $95 million.
McCarthy’s net worth has grown significantly since he took office, from a negative $2,000 in 2015 to at least $80,000 by 2016, with an annual salary increase from $193,400 to $223,500 when he became Speaker of the House.
As a senior member of Congress, McCarthy’s annual salary was $175,000, which increased to $223,500 when he became Speaker of the House.
McCarthy owns several assets, including luxury cars and California real estate worth $21 million.
His investments include a trading account with Morgan Stanley with a portfolio of $7.1 million, and he owns stocks in companies such as Apple, Pfizer, and Boeing.
How does Kevin McCarthy make money?
McCarthy’s sources of wealth include politics and real estate.
As a congressional representative and Republican House leader, he receives an annual salary of $193,400, which increased to $223,500 when he became Speaker of the House.
He has also raised over $30 million in campaign contributions for his various political offices since 2006.
According to CooPWB, he holds $10 million in real estate investments, including 930 acres of agricultural land, 6 houses, and 2 apartment blocks.
McCarthy also owns several luxury cars and has California real estate worth $21 million.
Additionally, according to Popular Bio, he is the Chairman, President, and CEO of Kayne Anderson, which has contributed to his net worth.
Kevin McCarthy career
After briefly attending community college, McCarthy started his own small business, Kevin O’s Deli, at the age of 21.
He later entered public service due to the obstacles he faced as a small business owner.
McCarthy was elected to the California State Assembly in 2002 and served as Assembly Republican Leader.
In 2006, he was elected to the U.S. House of Representatives, succeeding his mentor, Bill Thomas.
McCarthy was appointed Chief Deputy Whip before being elected as House Majority Whip in 2010. In 2014, he was elected Majority Leader in the House.
In 2018, he was elected House Republican Leader, which he served before being elected Speaker of the House in January 2023.
McCarthy is known for his conservative views, including his opposition to abortion and support for gun rights.
In October 2023, he was voted out of his position as Speaker of the House in an extraordinary showdown, becoming the first House Speaker to be ousted in U.S. history.
The move to oust McCarthy began after he relied on Democrats to avert a government shutdown, which angered hardline Republicans in his party.
Kevin McCarthy’s woes
McCarthy was recently removed from his role as US House speaker by hard-right members of his party.
This marks the first time in US history that a speaker of the House has been removed from office.
McCarthy’s removal was led by Florida Republican congressman Matt Gaetz, who accused McCarthy of cutting a “secret side deal” with Joe Biden on providing additional funding to Ukraine, and of working with Democrats to pass a stopgap spending bill.
His willingness to collaborate with Democrats to prevent economic chaos was seen as a betrayal by the hard-right flank of his party.
Despite his repeated efforts to appease them, he failed to win nearly unanimous support across a deeply divided conference.
Some Democrats also had grievances against McCarthy, with some saying that ‘nobody trusts Kevin McCarthy’.
However, it was the hard-right Republicans who ultimately voted to remove him from office.
The House is now on recess for a week, during which members will be discussing who to back in the looming vote for a new Speaker.
Other names being mentioned as potential replacements for McCarthy include Louisiana Republican Steve Scalise and Minnesota Republican Tom Emmer.
McCarthy himself has ruled out running again.
