What is Ted Cruz's Net Worth and Salary?
Ted Cruz, the junior United States Senator for Texas, has a net worth of $4 million. An influential figure in US politics, Cruz was the runner-up for the 2016 Republican Presidential Nomination. Though he began with a career in law, he eventually shifted towards politics and has also served as a professor at the University of Texas Law School. As a Senator, he earns an annual salary of $174,000.
During his 2018 Senate race against Beto O'Rourke, Ted Cruz and his wife estimated their net worth to be in the range of $2 to $5 million. Their wealth comprises stocks, mutual funds, and a retirement plan from his former law firm. They estimated their liabilities at over $1 million. Ted's wife, Heidi, serves as the managing director at investment bank Goldman Sachs, likely making her the primary breadwinner.
Besides his wife, Ted Cruz receives financial support from the gun lobby, notably the National Rifle Association, with contributions totaling $442,000 from gun rights groups, either directly or through a PAC. This amount is significantly higher when considering indirect contributions like funding attack ads against political opponents.
Early Life
Rafael Edward Cruz was born on December 22, 1970, in Calgary, Alberta, Canada, to an American mother and a Cuban father who were operating an oil drilling firm in Calgary. Although they had an on-and-off relationship, Cruz's parents divorced in 1997. He has two half-sisters from his father's first marriage.
From high school, Ted Cruz was interested in economic theory and republican ideals. He attended Princeton, graduating cum laude in 1992 with a Bachelor of Arts in public policy. During his college years, he became a skilled debater, earning the title of US National Speaker of the Year in 1992. He later moved to Harvard, graduating cum laude with a Juris Doctor in 1995.
Legal Career
From 1995 to 1996, Ted Cruz served as a law clerk at the United States Court of Appeals. He then became an attorney at a prestigious law firm, working on cases related to the National Rifle Association and Bill Clinton's impeachment trial. After his tenure as Solicitor General ended in 2008, Cruz returned to private practice, continuing as an attorney until 2013 when he became the US Senator from Texas.
Politics
In 1999, Ted Cruz entered politics by joining George W. Bush's administration as a domestic policy adviser. After Bush's election victory, Cruz became an Associate Deputy Attorney General for the US Justice Department. From 2003 to 2008, he served as the Solicitor General of Texas, presenting numerous arguments before the US Supreme Court on various issues, including Second Amendment rights and gay rights.
In 2012, Cruz won the US Senate election in Texas in an unexpected victory, having spent less on his campaign than his opponent. During his Senate tenure, Cruz sponsored 105 bills and played a role in the 2013 government shutdown. He was critical of both Democrats and Republicans, including President Obama.
It was widely assumed that Cruz would run for the Republican Presidential Nomination in 2016. After officially announcing his candidacy, he won 7.8 million votes, 12 states, and 559 delegates during the primaries, raising $92 million. Although he was the leading candidate to challenge Trump, he ultimately did not win the nomination.
While initially critical of Trump after suspending his campaign, Cruz later reconciled and spoke more favorably of him. Cruz defended his Senate seat in Texas narrowly in 2018 in a closely contested election.
(Photo by Michael Reynolds – Pool/Getty Images)
Relationships
Ted and Heidi Cruz have been married since 2001 and have two daughters.
Salary
As a junior United States Senator, Ted Cruz earns a salary of $174,000 annually. His wife, Heidi Cruz, is a managing director at Goldman Sachs and is believed to earn considerably more.
Stocks and Bonds
According to a 2018 report, almost all of Ted and Heidi Cruz's assets are in stocks and bonds, including shares in a valuable BlackRock fund. In 2017, Cruz earned over $33,000 from dividends and interest. He also draws income from mutual funds and his law firm retirement plan.
Debts
Ted and Heidi Cruz poured their life savings into his successful 2012 Senate campaign, taking out a $1.2 million loan. Financial documents from his 2016 presidential bid revealed debts between $100,000 and $250,000 to Goldman Sachs, likely from an earlier loan for his 2012 campaign, as well as a mortgage liability of $1 to $5 million.
Real Estate
Ted and Heidi Cruz own a property in Houston. Although the exact value of their home is unknown, the average price for a house in Houston is about $300,000. Heidi Cruz has expressed that they cannot afford a second home and that she works 70-hour weeks at Goldman Sachs to support their family.
