Tim Scott Net Worth
Tim Scott, an American politician and businessman, has a net worth of $200,000. Best known as a United States Senator from South Carolina, Scott announced his candidacy for the 2024 Presidential election in May 2023 and qualified for the first Republican debate in August 2023.
| Tim Scott Net Worth | $200,000 |
| Date of Birth | September 19, 1965 |
| Place of Birth | North Charleston |
| Nationality | American |
| Profession | Politician and Businessman |
Early Life and Education
Timothy Eugene Scott was born on September 19, 1965, in North Charleston, South Carolina. Raised by a single mother in a low-income household, Scott overcame challenging circumstances through education and hard work. After graduating from R.B. Stall High School, he earned a bachelor’s degree in political science from Presbyterian College in 1988.
Financial Journey
Scott’s financial trajectory has seen significant fluctuations. In 2009, he reported a net worth of $3.88 million, with $3 million attributed to real estate investments. However, between 2012 and 2013, his net worth plummeted from $4 million to $250,000, turning negative by 2017 with a reported net worth of -$3.7 million. By 2018, his net worth was estimated at -$1 million.
Political Career
Scott’s political career began with his election to the Charleston County Council in 1995, where he served for 13 years, becoming the first African American to hold the position since Reconstruction. In 2008, he was elected to the South Carolina House of Representatives, serving one term and focusing on conservative fiscal policies.
U.S. House of Representatives
In 2010, Scott was elected to the U.S. House of Representatives from South Carolina’s 1st district, making history as the first African American Republican to serve in Congress from South Carolina since 1897. During his tenure, he served on the House Committee on Rules and the House Committee on Small Business.
U.S. Senate
In 2012, Scott was appointed to the U.S. Senate by Governor Nikki Haley to fill the vacancy left by Senator Jim DeMint. He won a special election in 2013 to complete DeMint’s term and was elected to a full term in 2014, becoming the first African American to serve in both chambers of Congress.
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In the Senate, Scott played a crucial role in the passage of the Tax Cuts and Jobs Act of 2017 and championed the creation of “Opportunity Zones,” which offer tax breaks to businesses investing in low-income areas. He is also noted for his work on criminal justice and police reform.
2024 Presidential Run
In May 2023, Tim Scott announced his candidacy for President in the 2024 election. His entry into the race added him to a field of notable candidates, including former President Donald Trump, Florida Governor Ron DeSantis, and former South Carolina Governor Nikki Haley.
Tim Scott Net Worth
Tim Scott net worth is $200 million.