John Thune, The New Senate Majority Leader's Net Worth Revealed

Forbes

Republicans picked a new leader in the Senate. Unlike the president with whom he’ll be working, John Thune is a career politician.  Read the full story on Forbes: https://www.forbes.com/sites/kylemullins/2024/11/30/heres-how-much-john-thune-the-new-senate-majority-leader-is-worth/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, here's how much John Thune, the new Senate Majority Leader, is worth.

00:07It has been 17 years since Republicans in the Senate were led by someone other than

00:12Kentucky Senator Mitch McConnell.

00:15But in November, they chose a new leader, South Dakota Senator John Thune, McConnell's

00:20deputy since 2019.

00:22Among his priorities is regulatory reform.

00:26At a press conference following his election, Thune said, quote,

00:29We will work to make America prosperous again by streamlining the bureaucratic machine and

00:34overturning costly Biden-Harris regulations.

00:38Thune is relatively prosperous himself.

00:41More remarkable is the fact that virtually every dollar he's ever made has been thanks

00:46to the government, despite the fact that he's a small-government conservative.

00:51Since he graduated from business school in 1984, the now 63-year-old appears to have

00:56worked solely in government, government-adjacent nonprofits, or lobbying.

01:01His largest assets today, as Forbes estimates it, are his federal pension and federal retirement

01:06account.

01:08Beyond that, a Sioux Falls, South Dakota home worth around half a million dollars and some

01:12diversified investments worth between $330,000 and $1 million round out his financial picture.

01:20Add it all up, and Forbes estimates that he is worth $3 million today, almost all of

01:25it courtesy of taxpayers.

01:28Thune was born in Pierre, South Dakota's capital, in 1961.

01:33His father was a Navy pilot in World War II and later a teacher at Thune's high school.

01:37His mother was a librarian.

01:40Thune left for California to get his bachelor's at Biola University, then returned and secured

01:45an MBA from the University of South Dakota in 1984.

01:49Beginning in 1989, Thune headed the South Dakota State Republican Party for two years,

01:55then took over as head of the state's railroad division for another two years, and then worked

01:59for a nonprofit.

02:01His couple of years in state government secured him a pension that will pay him about $940

02:06per month starting in 2026, an asset Forbes estimates is worth about $90,000.

02:13In 1996, the then 35-year-old won South Dakota's only House seat.

02:18He came with a salary of $133,600.

02:23Thune ran for the U.S. Senate in 2004 and unseated Tom Daschle, the sitting leader of

02:28the Democratic caucus.

02:30Thune hasn't faced a competitive election since, running unopposed in 2010 and winning

02:35over two-thirds of the vote in 2016 and 2022.

02:39His stable job, which today comes with a salary of $174,000, helped him vault up the ranks

02:45of Republican leadership in the Senate.

02:47He became conference whip, or second-in-command, in 2019.

02:52Years in government also added value to his federal pension, which Forbes estimates is

02:56worth around $750,000 today.

02:59And assuming he's been making regular contributions and getting matching funds, his thrift savings

03:04plan — the government equivalent of a 401k — is likely worth around $1 million.

03:12The roughly $1.85 million in retirement assets, around half a million in home equity, and

03:17a diversified investment portfolio of between $330,000 and $1 million, all round out to

03:23about $3 million, almost all of which is attributable, in one form or another, to government work.

03:29The exception is his wife Kimberly's IRA, presumably funded by her work as an executive

03:34at Sanford Health Plan, the second-largest health insurer in the Dakotas.

03:40Upon becoming majority leader in January, Thune will get a raise from $174,000 to $193,400.

03:49The bump-up will help compensate for the increased demands of the job, including managing his

03:53caucus's relationship with a mercurial billionaire president who has already threatened to try

03:58to bypass the Senate if they do not confirm his Cabinet nominees.

04:03On the Senate floor on November 14, Thune said, quote,

04:06The American people handed President Trump and Senate Republicans a decisive victory,

04:11and now the real work begins, delivering on our agenda.

04:16For full coverage, check out Kyle Kahn Mullins' piece on Forbes.com.

04:22This is Kieran Meadows from Forbes.

04:24Thanks for tuning in.

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