What is Mitch McConnell’s net worth? Former Senate Majority Leader, 83, announces retirement from Senate

Former Senate Majority Leader Mitch McConnell (R-Ky.) will reportedly announce on Thursday, February 20, that he will not seek reelection in 2026. McConnell, who stepped down from leadership last year, was the longest-serving party leader in US history. He went on to become one of Donald Trump’s GOP antagonists ever since the new administration started.

Addressing colleagues on the Senate floor on Thursday, McConnell, 83, said, "Representing our commonwealth has been the honor of my lifetime. I will not seek this honor an eighth time. My current term in the Senate will be my last." He added that his birthday, February 20, was a good time to make his announcement.

What is Mitch McConnell’s net worth?

According to the website Open Secrets, McConnell had an estimated net worth of $34,137,534 in 2018. In 2021, Forbes estimated that he and his wife, former cabinet secretary Elaine Chao, were worth about $30 million.

McConnell sits on a multimillion-dollar fortune, with he and Chao owning homes in Louisville, Kentucky, and Washington, D.C. They also own a large portfolio of stocks, bonds and money market funds.

McConnell was not born rich. He contracted polio as a young boy in the Deep South, and said in a 1990 campaign ad, “I recovered, but my family almost went broke.”

Over the years, after McConnell and Chao got married, their fortune remained relatively static. It was in 2008 that they suddenly got a whole lot wealthier when they received a multimillion-dollar gift from Chao’s father, James Chao, in memory of her mother, who died a year back. A copy of a will for Chao’s mother which Forbes obtained in 2019, detailing her holdings at the time of her death, worth nearly $59 million. It included a “closely held business interest” worth $57.5 million.

Chao’s father, 97, is still alive. It is likely that another rush of money will make its way to Chao and McConnell when he dies.