McCormick, the former chief executive of the hedge fund Bridgewater Associates, first sought the GOP nomination for US Senate in 2022 — but narrowly fell short to celebrity doctor Mehmet Oz. (Oz went on to lose to Democrat John Fetterman.)
Two years later, McCormick won the Republican Senate nomination and a highly-competitive general election race against Democratic Sen. Bob Casey Jr., an institution in Pennsylvania politics.
McCormick is now a freshman senator, and he’s among the body’s wealthiest members. According to BI’s estimates, McCormick is worth at least $123 million.
A note about our methodology: Business Insider calculated lawmakers’ net worth based on their most recent financial disclosures. Members of Congress only have to estimate broad ranges over their assets. BI’s estimates are based on the combined value of the lowest range of these estimates minus any liabilities lawmakers might have. Lawmakers are not required to report the value of their residence.
Based on this conservative approach, BI’s estimates will likely be significantly less than others, including Quiver Qualitative’s. Unlike Quiver, BI did not calculate the live value of lawmakers’ stock holdings. Quiver’s live estimates are as of March 25, 2025.