Tim Scott Net Worth in 2024: How rich is Tim Scott? Timothy Eugene Scott is an American politician and businessman. Since 2013, Scott has held the position of junior United States senator for South Carolina, having been appointed to the U.S. Senate by Governor Nikki Haley.
Identified as a Republican, he secured his initial seat through appointment in 2013 and subsequently won a special election in 2014, retaining the position. In 2016, Scott was successfully elected for a full term.
Scott’s political career began in 2010 when he was elected to represent South Carolina’s 1st congressional district in the United States House of Representatives. Serving from 2011 to 2013, he then transitioned to the U.S. Senate.
Before his congressional role, Scott held a one-term position from 2009 to 2011 in the South Carolina General Assembly. Additionally, he served on the Charleston County council from 1996 to 2008.
Scott is among eleven African-Americans who have served in the U.S. Senate, and the first African-American to serve in both chambers of Congress. He is the seventh African American who has been selected into the Senate, and is the fourth from the Republican Party.
He is the first African-American senator representing South Carolina, the first African-American senator to be elected from the Southern United States since 1881 (four years after the close of Reconstruction), and also the very first African-American Republican to serve in the U.S. Senate since Edward Brooke left in 1979.
Tim Scott Net Worth
How rich is Tim Scott? The politician and businessman in 2009 released his financial records claiming a net worth of $3.88 million, but his net worth has since dropped significantly. He has an estimated net worth of $1 million.
He receives a congressional salary of $174,000, and his earnings from his written memoir, published by HarperCollins, amounted to $184,167. In addition to his political activities, he owns an insurance company, Tim Scott Allstate, and worked as a financial advisor.