JD Vance Net Worth: From Author to Vice President
Key Takeaways
– JD Vance is the first venture advisor, author of Hillbilly Elegy, and a crypto-supporter.
– As a US Senator, JD Vance’s salary is $174,000. However, his Vice President salary is much higher, at $235,100/year.
– Vance is also the co-founder of venture capital firm Narya Capital with Peter Thiel.
JD Vance is a former Ohio venture capitalist best known for his work explaining the rise of Donald Trump. Today, he’s Trump’s right-hand man for a 2024 victory. According to Forbes, JD Vance net worth in 2024 is estimated to be around $10 million.
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The success of Hillbilly Elegy remains the linchpin in Vance’s financial portfolio. Though the film adaptation didn’t quite receive the same accolades as the book, both continue to generate ongoing royalties- a substantial source of income, no doubt.
As a senator in the United States, Vance earns an annual income of $174,000. Besides this official remuneration, his status as a leading Republican figure attracted many campaign contributions and donations.
A major contributor to Vance’s wealth is his investments, especially through Narya Capital, a venture capital firm he co-founded. Aside from these streams of income, Vance supplements his income by engaging in media appearances and conferences for which he charges speaking fees.
Did you know? Though Vance has a fat Senate salary of $174,000, the majority of his fortune stems from book royalties, investment profits, and other ventures.
Before he was a politician, JD Vance first came into the public eye as the author behind the best-selling memoir Hillbilly Elegy, on how he rose out of a small Ohio town.
Fairly quickly, Hillbilly Elegy climbed the New York Times Bestseller list upon its release in 2016. That small memoir rose to number one on bestseller lists within months. Through July 2023, the memoir has sold an astonishing 1.6 million copies, Axios reported.
In 2020, the book was made into a Netflix movie starring Glenn Close and Amy Adams. During the week of July 15 that same year, the film ranked as one of the streamer’s top 10 movies in the United States, per The Hollywood Reporter.
When Donald Trump named Vance his vice-presidential pick, new interest emerged in Vance’s memoir. The book shot to the top of Amazon’s Best Sellers chart, showing it has remained a relevant and popular read. Financially, Hillbilly Elegy has also paid off for Vance, who pulled in more than $121,000 in royalties in 2022, according to his most recent financial disclosures.
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JD Vance is highly regarded for his contribution to literature, and besides that, he is a political figure, but he has carved a niche in the technology industry as an investor.
After law school, Vance and his wife, Usha Chilukuri, began clerking in Cincinnati, Ohio, before moving to Washington, D.C. The couple later relocated to California, where Vance joined Mithril, a venture capital firm he had co-founded with tech entrepreneur Peter Thiel.
Other than that, Vance founded Narya Capital, a venture capital firm investing in emerging technology companies. Concentrating on restoring the American Midwest, Narya has been very instrumental in ensuring innovations within the region, an effort which has further enriched Vance’s financial portfolio.
JD Vance is reportedly one of the richest members of the US Senate, but in his case, his deep pocket has little to do with having had the job of senator. Most of the part of the wealth in Vance comes from activities prior to this office, book royalties and business success after Netflix purchased movie rights for a well-documented segment of Vance’s life.
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Markets Insider pegs his stake in over 120 private companies. His diverse bets include everything from Anduril Industries, a firm manufacturing defense technologies, to sneaker marketplace StockX.
Financial disclosures from JD Vance have shown that he has quite an interesting portfolio. According to the research, which is anchored on 2022 data, the majority of private businesses where Vance has invested ranged between $1,000 and $15,000. Other publicly traded assets in which Vance holds interests include retail giant Walmart and streaming site Rumble.
In June 2018, JD Vance and his wife purchased an estate in Cincinnati, Ohio, for $1.4 million. The property sits on two acres with a 4,700-square-foot mansion built back in 1858, featuring five bedrooms and five bathrooms.
The purchase was mortgaged through Navy Federal Credit Union at a fixed rate of 3.875% for 30 years. The loan is valued between $500,000 and $1 million.
In addition to the Cincinnati property, Vance and his wife own a townhouse in Washington, D.C. The D.C. home was purchased in 2014 for $590,000 and has since been periodically rented out for $3,000 per month.
Beyond real estate, Vance has demonstrated significant interest in gold and cryptocurrencies, particularly Bitcoin. He has been an outspoken supporter of digital currencies.
Senator Vance still retains assets from the venture capital funds he managed before entering politics. In his recently filed 2023 Senate financial disclosure, those were valued at more than $600,000.
Aside from these assets, Vance also reported healthy savings: hundreds of thousands of dollars in savings accounts and millions more invested in mutual funds. His crypto holdings are valued between $100,000 and $250,000.
An analysis by the Washington Post estimated that the range of the total value of the reported assets owned by Vance and his spouse was between $4.1 million and $11.8 million. Vance and his spouse had received between $201,801 and $1.2 million from their investments in 2023.
In 2023, Senator Vance introduced a proposal aimed at significantly increasing the tax burden on the wealthiest colleges’ endowment investments. The new law would raise the tax on net investment gains from the current 1.4 per cent to 35 per cent.
Apart from this, Vance also had some reforms which would target the charitable foundations. His plan would force foundations with assets of more than $100 million to devote a greater share of their assets to charity.
Currently, those foundations are required to give away 5 per cent of their assets every year. Under the new proposal, that would increase to 20 per cent, meaning a larger portion of the wealth amassed by foundations is given to charity rather than remaining on the books.
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