- Sen. Elizabeth Warren is dropping out of the 2020 Democratic primary, according to The New York Times, after she failed to place higher than third in any race so far.
- Warren has famously roasted her opponents for their wealth -and after former Mayor Mike Bloomberg dropped out of the race, she was briefly the richest potential Democratic nominee.
- Warren and her husband have a $12 million fortune, according to Forbes.
- The Massachusetts senator and her husband own two homes: a house in Cambridge worth about $3 million and an $800,000 condo in Washington, DC.
- In addition to her $174,000 senator’s salary, Warren has made hundreds of thousands of dollars from book royalties. Prior to becoming a senator in 2013, Warren made her money teaching, writing, consulting, and through investments.
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Sen. Elizabeth Warren is planning to drop out of the 2020 Democratic primary, The New York Times first reported Thursday. Her withdrawal narrows the contest to former Vice President Joe Biden and Sen. Bernie Sanders.
Sen. Elizabeth Warren has notoriously skewered her wealthy opponents.
She went after former New York City Mayor Michael Bloomberg in one debate saying: “Democrats take a huge risk if we just substitute one arrogant billionaire for another.” In another debate, she criticized former Mayor Pete Buttigieg for hosting a donor dinner “held in a wine cave full of crystals and $900-a-bottle wine.”
“We made the decision many years ago that rich people in smoke-filled rooms would not pick the next president of the United States,” Warren said at the time. “Billionaires in wine caves should not pick the next president of the United States.”
While Warren is not a billionaire, when Bloomberg ended his bid for the nomination on Wednesday morning, it briefly rendered Warren the richest remaining Democratic presidential nominee hopeful.
Warren and her husband have an estimated combined net worth of $12 million, according to Forbes. Most of their wealth is held in retirement accounts and real estate. The senator has also brought in hundreds of thousands from book royalties.
A spokesperson for Warren didn't immediately respond to a request for comment from Business Insider.
Read on for an in-depth look at Warren's wealth, assets, real estate, and lifestyle.
Massachusetts senator Elizabeth Warren reportedly plans to end her bid for the 2020 Democratic presidential nominee.
The New York Times first reported her imminent withdrawal on Thursday morning.
Warren's 2017 financial disclosures placed her net worth between $4.6 and $10.6 million, Business Insider previously reported. Today, Forbes estimates her and her husband Bruce Mann's combined net worth to be $12 million.
Their wealth is held mainly in retirement accounts and real estate, according to Forbes. Warren and her husband have TIAA and CREF accounts, which are available for nonprofit employees and teachers, worth at least $4 million.
The couple also own two homes: one in Cambridge, Massachusetts, and one in Washington, DC.
Source: Business Insider, Forbes
Warren has been married to Bruce Mann, a professor at Harvard Law School, for almost 40 years.
The couple met at an economics and law conference in Florida when they were both 29 years old, according to CNN.
Mann would have been the first male presidential spouse if Warren were elected president.
Mann is "unquestionably the quieter half of the couple," according to MJ Lee and Gregory Krieg, who interviewed the couple for CNN.
"I don't want to be married to somebody like me. I want to be married to somebody like him," Warren told CNN. Warren and her first husband, Jim Warren, married when she was 19 and were together for a decade.
The couple's primary residence is a Victorian-style house in Cambridge, Massachusetts, that they bought in 1995 for $447,000, per Forbes.
Today, the two-bedroom, 3,728-square-foot house is worth an estimated $3.1 million, according to Zillow.
The median home value in Cambridge is $853,197.
Warren and her husband live with their golden retriever, Bailey, who was sometimes seen at campaign events.
"We named him after George Bailey, the community banker in 'It's a Wonderful Life' - a guy who was decent, determined, and saw the best in people," Warren wrote on Twitter when they got the dog in 2018.
Warren has two children with her ex-husband.
The couple also own a two-bedroom condo in Washington, DC, that they bought for $740,000 in 2013.
The 1,400-square-foot apartment is located in Penn Quarter, a historic neighborhood with theaters and museums that borders DC's Chinatown.
The current median home value in the neighborhood is $488,429, according to Zillow.
Before she became a senator in 2013, Warren made money teaching, writing books, and consulting.
Between 2008 and 2018, tax returns show that Warren and her husband earned about $10 million, per Forbes. In those years, Warren made at least $290,000 consulting on legal cases, according to Forbes.
Warren recently released new details about her private legal work, revealing that she earned approximately $2 million representing private clients over the course of 30 years.
After she became a senator in 2013, Warren stopped her consulting work, but she went on to bring in hundreds of thousands in book royalties.
Warren has published several books, including "The Two-Income Trap" in 2004, "A Fighting Chance" in 2014, and "This Fight Is Our Fight: The Battle to Save America's Middle Class" in 2017.
She has co-authored several other books, including "The Fragile Middle Class: Americans in Debt."
In 2017, Warren and her husband reported an income of $913,000, according to Newsweek.
The salary of a typical US senator is $174,000, and Warren also raked in $430,370 in book royalties. The couple paid paid $302,000 in taxes that year and donated $82,000 to charity.
In 2018, Mann made $400,000 teaching at Harvard, where he's been working since 2006. The average salary for a Harvard Law professor is about $145,000, according to Paysa.
While Warren and her husband are reportedly millionaires, their fortune doesn't come close to placing them among the "ultra-millionaires" the senator planned to tax if she became president.
Warren's campaign centered around a proposed "Ultra-Millionaire Tax" that calls for a 2% annual tax on households with a net worth between $50 million and $1 billion, and a 3% annual tax on households with a net worth over $1 billion.
An Insider poll found that more than half of Americans support Warren's wealth tax proposal, which the senator has said could generate $2.75 trillion in revenue in a decade.
Warren was briefly the richest remaining Democratic presidential candidate.
Rep. Tulsi Gabbard of Hawaii has an estimated net worth of $500,000, according to Forbes.
Bernie Sanders and his wife, Jane, are worth an estimated $2.5 million, according to Forbes. Like Warren, the Vermont senator has brought in significant income from writing books. In both 2016 and 2017, he earned more than $1 million, largely from book royalties, financial-disclosure documents show.
Forbes estimates that former vice president Joe Biden and his wife, Jill, are worth $9 million. The Bidens made $15.6 million between 2017 and 2018 from book royalties and paid speaking engagements, according to financial disclosures.
The two richest of the Democrat hopefuls (by a wide margin) have dropped out, and left Warren in the top spot for 24 hours. Those were former hedge-fund manager Tom Steyer, who Forbes estimates is worth $1.6 billion, and Mike Bloomberg, who Forbes estimates is worth $58.4 billion.