Net Worth

Tim Scott net worth 2023 – Debunking Rumors About 2024 Presidential Candidate’s Financial Status

  • Tim Scott is running for the republican nomination in the 2024 US Presidential Election.
  • He is currently a senator from South Carolina.
  • Before entering into politics, he had a successful career as a businessman.
  • Currently, Tim Scott’s Net Worth is $1 Million.
  • Tim also has multiple residential properties in D.C. and Palmetto.

Tim Scott is an American politician who is running for president of the United States in 2024. Currently, he is serving as the junior United States senator from South Carolina. According to the latest reports published by Forbes, Tim Scott’s Net Worth is $1 Million.

Unlike many other presidential candidates, Scott is not that fortunate to inherit millions of dollars. In fact, he grew up as a poor kid in South Carolina. He is a self-made man who made his fortune through real estate and politics.

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tim scott campaign faith in america
Tim Scott (Campaign Faith in America )

Tim is an ideal example that proves you can achieve anything through hard work and determination. In May 2023, he declared his candidacy for the 2024 Republican presidential nomination. If he comes out successful, he will be only the second Black president of the United States after Barack Obama.

Tim Scott Information

Name Timothy Eugene Scott
Age 58
Profession Businessman, and Politician
Post Junior United States senator from South Carolina
Nationality American
Net Worth $1 Million

Tim Scott Net Worth, Salary, and Earnings 

In 2009, Senator Tim Scott published his financial records claiming that his net worth is $3.88 Million. However, his wealth has significantly dropped since then.

After his presidential nomination, Forbes claimed that his current net worth is just over a million dollars. He currently owns a total of five properties. Four of these properties are in Palmetto State. The fifth one is in Washington D.C.

These properties make up most of Tim Scott’s current net worth. Additionally, Scott also has a federal pension that is worth $265,000. He got this pension by spending 12 years on Capitol Hill.

Scott has diversified his assets by investing in various equity holdings including reputable companies such as Boeing, Apple, Coca-Cola, and Target.

The report also suggested that Tim Scott got $500,000 when he sold his insurance company after winning elections to the US House. He also earned more than $700,000 by writing books between 2017 and 2022. Also Check Doug Burgum Net Worth

Tim Scott’s annual congressional salary is $174,000. There are also reports about him paying $184,167 in advance for his own memoir.

Assets and Investments

Open Secret, a firm that follows money in politics, released a detailed report about Tim Scott. This report provides information about the top investments made by Scott in the past few years. We have summarized this report in the following table. Take a look.

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Name of the Company Maximum Value of the Amount Invested
Summerville, SC $250,000
Hanahan, SC $250,000
The Allstate Corp $50,000
Congressional Federal Credit Union $15,000
Fidelity Asset Manager 20% $15,000
General Electric $15,000
Fidelity Growth & Income K $15,000
Oppenheimer Global A $15,000
Allstate Insurance $30,000
SC Retirement System $50,000
Residential Rental $100,000

Tim Scott House and Real Estate Investments

If you know Tim Scott then you might be aware of the fact that he has been interested in Real Estate Business even before joining politics. Here are some publicly known real estate deals done by Tim Scott.

  • Scott bought 2 rental properties in 2005. One of them was in Goose Creek and the other one was in Summerville. This deal cost him $250,000. He sold these properties in 2008. Michael Sally was his partner in these deals.
  • In 2013, Tim Scott sold his 2,300 square feet North Charleston home to Joe McKeown. He then used that money to buy a new 3000 square feet Hanahan home.
  • He did a similar thing in 2017 when he paid $500,000 to buy a new 3,400 square feet home after selling his Hanahan home. This property is just 1 kilometer away from his previous home. According to Forbes, this new property is worth $800,000 today.
  • Tim Scott jointly owns a one-bedroom apartment with Joe McKeown worth $360,000.
  • In 2018, Scott once again joined hands with Michael Sally to buy another rental property in South Carolina.
  • Finally, Tim Scott also has his childhood home. The worth of both of his South Carolina homes is over $400,000.
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Tim Scott Personal Info – Family, Early Life, and Education

Tim Scott with mother

Tim Scott was born on September 19, 1965, in North Charleston, South Carolina. He had a challenging childhood with his parents getting divorced when he was only 7 years old. Her mother Frances raised him and his older brother Ben Scott Jr.

He grew up at the home of his maternal grandparents, where he became very close to his grandfather. Scott joined summer school after he failed in many subjects at North Charleston’s R.B. Stall High School. However, he was excellent in sports, especially Football.

With the help of his partial Football scholarship, he studied at Presbyterian College from 1983 to 1984. He then transferred to Charleston Southern University and graduated in 1988 with a bachelor’s degree in political science.

After completing college, he worked as an insurance agent. Later, he established his own insurance firm called Tim Scott Allstate. Tim stepped into the world of politics in 1995 when he was elected to the Charleston County Council.

In 2013, he created history by becoming the first African American senator from South Carolina. If he becomes the president of the US then he would be the first single man to hold the presidency. 

Full Name Timothy Eugene Scott
Date of Birth September 19, 1965
Birthplace North Charleston, South Carolina
Gender Male
Zodiac Sign Virgo
Father Ben Scott Sr.
Mother Frances Scott
Siblings 1 older brother
Brother Ben Scott Jr. (a sergeant major in the U.S. Army)
Religion Christianity
Education Bachelor of Science in Political Science
School Charleston’s R.B. Stall High School
College Charleston Southern University
Sexual Orientation Straight
Marital Status Unmarried
Height 180 cm (5 Feet and 11 Inches)
Ethnicity Black
Weight 88 Kg (195 lbs)
Hair Color Bald
Eye Color Black
Tim Scott's childhood photo
Tim Scott’s Childhood Photo (IMG Facebook)

Political Career and Success

Tim Scott has achieved many notable milestones in his political career.

  • Scott won a special election for the Charleston County Council in February 1995. He received nearly 80% of total votes in this election on a white-majority seat.
  • In 2010, he along with Allen West became the first African-American Republican in Congress since 2003. He also became the first African-American Republican elected to Congress from South Carolina in 114 years.
  • In 2013, with the help of Nikky Haley, Tim Scott became the first African-American U.S. senator from South Carolina.
  • During his tenure in the Senate, Scott worked on many important issues including tax reform, criminal justice reform, and job creation.
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Tim Scott Voting Record

Election Name of the candidate defeated by Tim Scott Percentage of Total votes received by Tim Scott
Republican Primary – 2008 South Carolina General Assembly 117th District William Bill Crosby 53.3%
General election 2008 – South Carolina General Assembly 117th District Write-In 99.3%
Republican Primary – 2010 1st Congressional District of South Carolina Paul Thurmond 31.5%
Republican Primary Runoff – 2010 1st Congressional District of South Carolina Paul Thurmond 68.4%
2010 1st Congressional District of South Carolina Elections Ben Frasier 65.4%
South Carolina’s 1st congressional district, 2012 Bobbie G. Rose 62%
2014 United States Senate Special Republican Primary Election in South Carolina Randall Young 90%
2014 United States Senate special election in South Carolina Joyce Dickerson 61.1%
2016 United States Senate election in South Carolina Thomas Dixon 60.6%
2022 United States Senate election in South Carolina Krystle Mathews 62.9%

2024 Presidential Election Candidacy

On May 22, 2023, Tim Scott formally announced his candidature for president. He is trying his luck for a republican nomination against frontrunners like former President Donald Trump and Florida Gov. Ron DeSantis.

Tim is hopeful that his amiable and positive persona will help him gather support from different sections of society. He has already gained endorsements from senators like John Thune and Mike Rounds. Thune even compared him with Ronald Regan.

Social Media Profiles and Contact Details

Twitter /SenatorTimScott 
Instagram /senatortimscott
Facebook /votetimscott/
Email Address for Media Inquiries [email protected]
Email Address for Scheduling Requests [email protected]
YouTube /@SenatorTimScott
Campaign Website 

Frequently Asked Questions

Which political party does Tim Scott belong to?

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Republican Party

What is the tagline of Tim Scott’s 2024 US presidential campaign?

Faith in America.

Is Tim Scott married?

No, he has never been married and has no children.

What is Tim Scott’s Address?

7620 Rivers Ave, Ste. 370 #312 North Charleston, SC 29406

What are Tim Scott’s opinions on a wall at the US-Mexican border?

Tim Scott supports building a wall and vows to fully fund the same if becomes the president of the US.

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category by: Net Worth

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