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AP Romney's estimated wealth in millions By JIM KUHNHENN, Associated Press Writer Sat May 12, 3:28 AM ET WASHINGTON - Republican Mitt Romney is expected to report financial assets between $190 million and $250 million, an amount that would likely make him the wealthiest of the 2008 presidential candidates. ADVERTISEMENT Aides to the former Massachusetts governor said his assets have been held in a blind trust that he and his wife set up when he took office in 2002. The adviser who provided the estimate of his assets cautioned that the number is based on 2005 and 2006 financial activity and could amount to a bigger total once the disclosure report is filed later this year. The adviser spoke on condition of anonymity because the totals have not been officially released. The deadline for filing financial disclosures is Tuesday but Romney on Friday obtained an extension. Romney lent his campaign $2 million this year and could clearly tap his wealth again if necessary. Romney is not the wealthiest candidate ever to run for president.
John Kerry, the 2004 Democratic presidential nominee, reported a net worth between $165 million and $235 million in 2005, most of it controlled by his wife, Teresa Heinz Kerry. Under federal law, officials who are required to divulge their finances must only list their assets and income in broad ranges, making it impossible to pinpoint their exact wealth. Romney also has a blind trust for his children and grandchildren that is estimated to hold assets between $70 million and $100 million, the adviser said. Those assets do not benefit Romney or his wife and are not required to be reported in federal financial disclosures. Romney has five sons, five daughters-in-law and 10 grandchildren. In 1984, Romney founded Bain Capital, an investment company that helped finance Staples, Domino's Pizza and Brookstone.
In the 2008 race, Romney surprised the Republican field by raising more than $20 million for his campaign in the first three months of the year, outpacing GOP front-runners Rudy Giuliani, the former New York City mayor, and Arizona Sen.
The estimated total is the first glimpse of Romney's wealth since he has been a public official. Aides said his holdings are complicated, spread across partnerships, investment funds and hedge funds. One adviser said obtaining the underlying assets of the hedge fund alone is "a pretty arduous task."
Federal Election Commission to delay the official filing of his financial disclosure documents for 45 days beyond Tuesday's deadline. Candidates are entitled to obtain two extensions of up to 45 days each. Most presidential candidates have yet to file their reports. Romney communications director Matt Rhoades said the trustee for Romney's blind trust and "advisers are working diligently to complete the voluminous and complex process and we'll comply with the law." Romney's top rivals, Rudy Giuliani and John McCain, also are wealthy men. Estimates put their net worth at between $20-$32 million. Giuliani, the former New York City mayor, earned his fortune from a multitude of business consulting ventures and paid speeches after leaving office.
The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
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