Although not the richest US Senator, Rand Paul’s net worth is definitely one to watch out for. In this piece, we’ll pick apart his finances to get to the bottom of how rich he is and whether he was ever part of any controversy, such as insider trading.
Who is Rand Paul?
Rand Paul is a physician-turned-politician representing Kentucky in the US Senate for the past 13 years. He gained national attention during his 2016 presidential campaign as a Republican candidate. Despite a rocky relationship with Donald Trump during the primaries, Paul now enjoys the former president’s endorsement.
Rand, the middle of five children, was the son of Ron Paul, a physician who, while serving in the U.S. House of Representatives (1976–77, 1979–85, and 1997–2013), helped swing the Republican Party rightward and toward libertarianism. Rand attended but did not graduate from Baylor University, leaving upon his admission to medical school at Duke University. He earned a medical degree in 1988, and he went on to specialize in ophthalmology. In 1989 he met Kelley Ashby, and they married two years later.
After about 15 years of working in partnerships and clinics, Paul established his own medical practice in Bowling Green, Kentucky. In 1997 he broke away from the medical board with oversight for certification in his field, the American Board of Ophthalmology, and founded a rival certification authority, the National Board of Ophthalmology. The latter group, the board of which was made up entirely of members of his family, disbanded in 2011. He was also active in the Lions Club International, which runs eye banks and offers humanitarian aid related to eye care around the world.
While a college student, Paul was involved in several conservative organizations, and he worked for his father during the 1988 U.S. presidential election, when his father was campaigning on the Libertarian Party ticket. In 1994 Paul founded the antitaxation group Kentucky Taxpayers United, with himself at the head. Two years later he helped his father defeat an “establishment” Republican candidate after the elder Paul decided to run for Congress after an absence of more than a decade.
In 2009, riding a wave of anti-Washington sentiment, Rand Paul took advantage of the unpopularity of incumbent Senator Jim Bunning of Kentucky and announced that he was running for the seat. Bunning subsequently withdrew from the race, and Paul, aligned with the Tea Party movement, won the Republican primary. He then easily defeated the Democratic candidate in the 2010 general election, despite controversy over a campaign trail statement in which Paul questioned the constitutionality of the Civil Rights Act of 1964.
With Utah Senator Mike Lee, Paul founded the Tea Party Caucus upon entering the Senate in 2011. He soon became a vocal opponent of his party’s leadership and establishment Republicans. Among the issues he pursued were massive cuts in federal spending. Consistent with his generally libertarian position, Paul’s proposed cuts involved not only social programs but also defense allocations. In addition, he sought the abolishment of all foreign aid. Although Paul generally voted on the losing side in arguments over the budget, he was an influential voice on some issues, such as the government shutdown of 2013.
Adopting philosophically consistent but not ideologically rigid positions, he forged unlikely alliances with such groups as the American Civil Liberties Union and with such individuals as Democratic Senator Patrick Leahy, with whom he introduced legislation softening mandatory minimum sentencing penalties in federal cases. In April 2015 Paul announced that he was entering the U.S. presidential election race of 2016. He suspended his campaign in February 2016. He subsequently offered a tepid endorsement for the party’s nominee, Donald Trump, whom he once called “a delusional narcissist and orange-faced windbag.”
After Trump won the presidential election, Paul became increasingly supportive of him, though he occasionally refused to back the administration’s policies. While Paul voted for a massive tax reform bill in 2017, that year he also helped defeat a Republican-led effort to repeal and replace the Patient Protection and Affordable Care Act (PPACA; 2010); he opposed the proposed replacement plan, claiming it was too similar to the PPACA. In November 2017 Paul made additional news when he was attacked by his neighbour, who later pleaded guilty to felony assault; the altercation, which left Paul with bruised lungs and broken ribs, was allegedly motivated by a “yard dispute.”
In 2019 Trump was impeached by the House of Representatives following a whistleblower’s allegation that Trump had extorted a foreign country to investigate one of his political rivals. The proceedings then moved to the Republican-controlled Senate, and Paul made headlines by revealing the alleged whistleblower’s name, despite a law protecting the person’s identity.
In February 2020 Paul voted for Trump’s acquittal; the president was acquitted in a near party-line vote. During this time, the coronavirus was spreading around the world, eventually becoming a global pandemic. As schools and businesses closed, the U.S. economy entered an economic downturn that rivaled the Great Depression. In March 2020 Paul became the first senator to test positive for the virus, and he went into a self-quarantine. The following month he resumed his public duties. Paul was elected to a third term in November 2022.
Paul wrote the books The Tea Party Goes to Washington (2011; with Jack Hunter), Government Bullies: How Everyday Americans Are Being Harassed, Abused, and Imprisoned by the Feds (2012; with Doug Stafford), and Taking a Stand: Moving Beyond Partisan Politics to Unite America (2015).
Early Life and Medical Career
Rand Paul was born on January 7, 1963 in Pittsburgh, Pennsylvania to Ron Paul, a politician, and Carol. He has four siblings named Ronald, Lori, Robert, and Joy. In 1968, the family moved to Lake Jackson, Texas, where Paul grew up. There, his father started a medical practice, and was eventually elected to the United States House of Representatives.
Paul attended Brazoswood High School, where he competed on the swimming and football teams. Later, at Baylor University, he continued his swimming career, and became involved with the Young Conservatives of Texas. Paul ultimately dropped out of Baylor after he was accepted to the Duke University School of Medicine, which didn’t require an undergraduate degree for admission at that time. He earned his M.D. in 1988.
Following a residency in ophthalmology, Paul relocated to Bowling Green, Kentucky in 1993. He landed his first medical job at Downing McPeak Vision Centers, where he worked for about five years. Following this, he worked at the private medical group Graves Gilbert Clinic for around ten years. Following this, he established his own medical practice in a converted house. Between 1993 and 2010, Paul faced two malpractice lawsuits. In 2003, he withdrew from the American Board of Ophthalmology and declared himself self-certified by the National Board of Ophthalmology.
US Senator
In August of 2009, Paul announced his campaign for the US Senate as a Republican. In May of the following year, he won the Republican Senatorial primary by a 23% margin. Although he caused controversy for making some racist comments in the run-up to the general election, he managed to defeat his rival Jack Conway with 56% of the vote. After being sworn in, Paul formed the Senate Tea Party Caucus, and immediately began making other disastrous decisions.
His first legislative proposal was to slash $500 billion from federal spending, including drastically cutting the Department of Energy and eliminating the Department of Housing and Urban Development. Later, he blocked legislation intended to strengthen safety rules for oil and gas pipelines, and blocked another bill that would provide $36 million in benefits to disabled and elderly refugees.
Paul drew more backlash in 2013, when it was found that he had plagiarized from the Wikipedia page for the film “Gattaca” in a speech he gave in support of Virginia gubernatorial candidate Ken Cuccinelli. Following this incident, it was discovered that Paul had systematically plagiarized from other authors in many of his prior speeches, articles, and books.
In terms of legislation, he went on to make a string of appalling actions, including approving the Keystone Pipeline; blocking a tax treaty with Switzerland; supporting the abolishment of gun-free zones; pushing to withdraw from the Paris Agreement; defending Donald Trump’s campaign finance violations; and advancing efforts to repeal the Affordable Care Act. Moreover, Paul has repeatedly made false claims that the 2020 presidential election was stolen. After the rightwing terrorist attack on the US Capitol, he voted against creating an independent commission to investigate the crimes committed.
2016 Presidential Campaign
Paul announced his presidential candidacy for the Republican nomination in April of 2015. Early the next year, he suspended his campaign after he finished in fifth place in the Iowa caucus. Although he initially opposed his rival Donald Trump, he began siding with him after Trump won the nomination.
Political Views
Paul supports the ultra-conservative Tea Party movement, and considers himself a “constitutional conservative.” Fiscally, he supports a balanced budget amendment and a flat tax rate of 14.5% for businesses and individuals. Paul opposes most sensible and progressive positions, including women’s rights, LGBTQ rights, immigrant rights, gun control, and universal healthcare. Like other conservatives, he also denies the reality of climate change, and has repeatedly made false claims about COVID-19 and vaccinations. He has often appeared on the radio program of rightwing conspiracy theorist Alex Jones.
Personal Life and Assault
In 1990, Paul married freelance writer Kelley; together, they have three sons named William, Duncan, and Robert. The couple resides in Bowling Green, Kentucky, and are active members of the Presbyterian church.
In November of 2017, Paul was assaulted by his neighbor Rene Boucher while he was mowing his lawn. Paul suffered five broken ribs, and had to have part of his lung removed as a result of his injuries. Boucher, meanwhile, was charged with one count of fourth-degree assault, and was eventually released on a $7,500 bond.
Reportedly, the altercation was caused by a dispute over Paul leaving tree debris too close to his property line. Boucher was initially sentenced to 30 days in prison, one year of probation, 100 hours of community service, and a fine. Subsequently, federal prosecutors decided on a 21-month prison term. After a resentencing, however, Boucher received an eight-month prison term and six months of house arrest.
Rand Paul doesn’t have a bachelor’s degree
Paul holds a medical degree from Duke University, but he was a few courses shy of earning a bachelor’s degree from Baylor University. The Kentucky senator was enrolled at the Texas Christian college, where he studied biology and English, from fall 1981 to summer 1984. He left the program after receiving his acceptance to medical school. At the time, Duke did not require a bachelor’s degree for admittance, but the policy has since changed.
A fact-check conducted by The Washington Post revealed two instances on the same day in February where Paul stated that he held degrees in biology and English. A spokesman for the senator later argued to the paper that a medical degree is a biology degree.
He worked on his father’s presidential campaign while attending medical school.
Despite the demanding workload of medical school, Paul worked as a volunteer for his father, Ron Paul’s 1988 Libertarian Party campaign for president. According to The New York Times, the two would hold regular debates during road trips on topics such as foreign policy and military interventions, with the younger Paul taking stances that skewed closer to Republican ideology.
His father’s campaign ultimately garnered less than 1 percent of the vote.
Rand Paul founded an eye care clinic to aid low-income people.
Rand Paul founded the Southern Kentucky Lions Eye Clinic, which provides free exams and surgeries to those in need, in 1995.
The senator told National Review in 2013 that he has performed more than 100 pro bono surgeries.
“There’s a philosophic debate which often gets me in trouble, you know, on whether health care’s a right or not,” he said at a Q&A at the University of Louisville. “I think we as physicians have an obligation. As Christians, we have an obligation. … I really believe that, and it’s a deep-held belief.”
Rand Paul’s net worth
As of recent estimates, Rand Paul’s net worth stands at approximately $1.5 million, according to Celebrity Net Worth. This figure places him among the less wealthy members of the Senate, where the average net worth tends to be significantly higher.
How did Rand Paul make his money?
Just like many other US Senators, Rand Paul has diverse income sources, such as:
- Medical career: Before politics, Paul earned an undisclosed amount from his ophthalmology practice in Bowling Green, Kentucky;
- Senatorial salary: As a US Senator, he receives an annual salary of $174,000;
- Book royalties: His book, “Taking a Stand,” published in 2014, earned him between $100,000 and $1 million;
- Investments: Paul has been active in stock trading, although specific details about his returns are not widely publicized.
Paul’s assets and investments
Just like his income sources, Paul’s portfolio of assets and investments is also diverse. His financial holdings range from stock holdings and mutual funds to real estate and business entities. He also has significant investments in inflation-protected securities funds and money market funds. That said, here’s a rundown of these assets and investments:
- Stock holdings: Senator Rand Paul’s wife, Kelley Paul, purchased up to $15,000 worth of shares in Gilead Sciences (NASDAQ: GILD), a research-focused biopharmaceutical company. This was the only individual stock reported in his financial disclosure;
- Mutual funds: According to Incomepedia, Rand Paul owns assets valued between $461,032 and $1,490,000, which includes mutual funds providing income between $3,610 and $15,000;
- Real estate: Incomepedia also reports that he earns between $5,001 and $16,200 from real estate and up to $105 from business entities;
- Inflation-Protected Securities funds: Rand Paul’s biggest investment holdings are in Vanguard’s Inflation-Protected Securities funds, in which he has two separate investments (one in a joint account) worth $100,000 to $250,000 each;
- Money market funds: Money.com also reports that Paul’s next biggest holding is $50,000 to $100,000 in a Vanguard money market fund. He and his family hold a half dozen money-market accounts;
- Gold investments: According to his most recent disclosure report, Rand Paul has invested between $1,001 and $15,000 in American Century’s Global Gold fund.
Insider trading involvement
Rand Paul’s active involvement in stock trading has not been without controversy. Allegations and investigations into insider trading among US lawmakers have put Paul under scrutiny. A former Southern District of New York federal prosecutor called for Rand Paul to be investigated for insider trading. However, it is important to note that while there have been accusations, no conclusive evidence has led to legal action against him.
Remdesivir controversy: The Washington Post first reported that Senator Rand Paul’s wife purchased a stake in Gilead Sciences, the manufacturer of remdesivir, an antiviral drug used for the treatment of COVID-19, back in February 2020.
How much is Rand Paul worth?
Rand Paul is a physician and Republican politician who serves as the junior US Senator from Kentucky. All in all, Rand Paul’s net worth of $1.5 million is more than a hefty sum. But despite being one of the more active senators in stock trading, his wealth is moderate compared to many of his peers in the Senate. Still, controversies regarding insider trading and his wife’s investment in Gilead Sciences affect the Kentucky Senator’s public profile.
As a Senator Rand Paul earns an annual salary of $174,000. Rand Paul has described himself as a constitutional conservative, and is a supporter of the Tea Party movement and other retrograde positions. Rand Paul ran for the Republican presidential nomination in 2016, and after losing it, became a toady for his rival Donald Trump.
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