US presidential hopeful Romney discloses his net worth

2011-08-13 10:51

Washington – Mitt Romney, the Republican frontrunner to challenge President Barack Obama in the 2012 election, yesterday reported a net worth of up to $264 million (R1.9 billion).

Romney’s office said his financial disclosure report showed assets valued at between $85 million and $264 million, but added “a more accurate range is between $190 million and $250 million”.

Romney, a former head of private equity firm Bain Capital and an ex-governor of Massachusetts, contributed tens of millions of dollars to his failed 2008 campaign for the Republican presidential nomination.

His financial disclosure form was filed yesterday, a day before Republicans in Iowa hold a straw poll, a nonbinding mock election that tests the strength of campaigns and traditionally winnows out some losers from the presidential field.

“Governor and Mrs Romney’s assets are managed on a blind basis,” said Gail Gitcho, communications director for his campaign team.

“They do not control the investment of these assets. They are under the control and overall management of a trustee.”

Romney’s investments were in areas including consumer staples, energy, financial, healthcare, industrial companies, information technology and communications, his office said.

Romney raised more than $18 million in the second quarter for his presidential nomination bid.

Still, Obama and the Democratic National Committee raised about $86 million in the same period.

Romney had a heated exchange with hecklers in Iowa on Thursday over whether the wealthy should pay more into the government-run Social Security retirement programme.

He rejected a shouted suggestion that corporations should pay higher taxes.

“Everything corporations earn ultimately goes to people. Where do you think it goes?” he responded.

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