What is Tim Scott’s net worth?
Tim Scott is an American politician and businessman who has a net worth of $200 thousand. Tim Scott is best known for being a United States Senator from South Carolina. In May 2023 Tim announced he was running for President in the 2024 Presidential election. In August 2023 Tim qualified to appear in the first Republican debate.
When Tim first released a financial report in 2009, he estimated his net worth at $3.88 million. Of that mount roughly $3 million was the value of real estate investments. Unfortunately for Mr. Scott, something happened between 2012 and 2013 that caused his net worth to drop from a peak of $4 million to just $250k in 2013, turning negative in 2017 when he listed a net worth of -$3.7 million. His 2018 estimate was -$1 million.
Tim Scott served as a member of the Charleston County Council from the 3rd district from February 1995 to January 2009. He served as a member of the South Carolina House of Representatives from the 117th district from January 2009 to January 2011. Tim Scott served as a member of the U.S. House of Representatives from South Carolina’s 1st district from January 2011 to January 2013. In January 2013 he became a United States Senator from South Carolina serving with Lindsey Graham. He was the first African American to serve in both chambers of Congress.
Early Life and Education
Born on September 19, 1965, in North Charleston, South Carolina, Timothy Eugene Scott was raised by a single mother in a low-income household. Despite the challenging circumstances, Scott embraced education and hard work as his pathway to success. After graduating from R.B. Stall High School, he went on to earn a bachelor’s degree in political science from Presbyterian College in 1988.
Entry into Politics
Scott’s political career began when he was elected to the Charleston County Council in 1995, becoming the first African American to hold the position since Reconstruction. He served on the council for 13 years, working on policies to spur economic growth and improve living conditions in the county.
South Carolina Legislature and U.S. House of Representatives
In 2008, Scott was elected to the South Carolina House of Representatives, where he served one term. His tenure was marked by his dedication to conservative fiscal policies. In 2010, he was elected to the U.S. House of Representatives, becoming the first African American Republican to serve in Congress from South Carolina since 1897. During his time in the House, he served on the House Committee on Rules, which is responsible for the rules of the House of Representatives, and on the House Committee on Small Business.
In 2012, Scott was appointed to the U.S. Senate by Governor Nikki Haley to fill the vacancy left by Senator Jim DeMint. The following year, he won the special election to serve the remainder of DeMint’s term. Scott made history again in 2014 when he was elected to a full term in the U.S. Senate, becoming the first African American in U.S. history to be elected to both the House and Senate.
In the Senate, Scott has been a key player in the passage of the Tax Cuts and Jobs Act of 2017. His signature policy initiative is the creation of “Opportunity Zones,” which provide tax breaks to businesses that invest in low-income areas. Scott is also known for his work on criminal justice reform and police reform.
In May 2024, Tim announced he was running for President. At the time of his announcement he entered a field of candidates that included former President Donald Trump, Florida Governor Ron DeSantis and former South Carolina Governor Nikki Haley.