Inside Hakeem Jeffries' Net Worth: How He Really Became A Millionaire

Forbes

The House minority leader and longtime politician is plenty comfortable, even after putting two kids through college.  Read the full story on Forbes: https://www.forbes.com/sites/kylemullins/2025/10/10/how-hakeem-jeffries-became-a-millionaire/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, how Hakeem Jeffries became a millionaire.

00:04Two decades ago, Hakeem Jeffries was a litigator for CBS, notably fighting a suit over Janet

00:11Jackson's 2024 Super Bowl so-called wardrobe malfunction. Crane's New York business profiled

00:18him, speculating on his political future and an anticipated run for a Brooklyn State Assembly seat.

00:24Despite the, quote, massive pay cut and a commute to dreary Albany that winning would entail,

00:30Jeffries was undeterred, telling Crane's, quote, public service involves sacrifice.

00:36His 2006 victory earned him a state legislature seat with a $79,500 salary and launched his

00:45political career, culminating in his current role as House Democrats' leader. Despite the financial

00:51sacrifice compared to a corporate lawyer career, Jeffries is comfortable with a net worth Forbes

00:56estimates at about $2 million. This puts him above House Speaker Mike Johnson at $350,000,

01:04but below Senate leaders John Thune at $3 million and Chuck Schumer at $7 million.

01:11In 1988, Jeffries left his home in Brooklyn for Binghamton University, graduating in 1992 with

01:17a degree in political science. He then earned a master's in public policy from Georgetown in 1994

01:23and a law degree from NYU in 1997. He married Kenesandra Arsenegas the same year and they soon

01:32had two sons. After clerking for a federal judge, Jeffries joined the prestigious New York law firm

01:38Paul, Weiss, Rifkind, Wharton, and Garrison that has recently made headlines for agreeing to provide

01:44$40 million in pro bono legal services to the Trump administration. He first ran for a Brooklyn state

01:51assembly seat in 2000, but lost the Democratic primary by 18 points to two-decade incumbent Roger

01:57Green. When Jeffries considered running again in 2002, his apartment had been redistricted out of

02:04Green's district by just a few blocks. Jeffries then moved to litigation at Viacom and CVS.

02:11In December of 2005, he sold his 57th district apartment for $506,000 and apparently moved a few

02:20blocks away, allowing him to run again and win the open primary for the seat in 2006.

02:26In 2007, Jeffries bought a three-bedroom Prospect Heights apartment for $559,000,

02:34borrowing about $425,000. He and his wife still live there and have repeatedly tapped their home

02:41equity. Forbes estimates the apartment, despite any current debt, has significantly increased in

02:47value to $1.6 million. The politician supplemented his income working for the personal injury firm

02:54Gdowski & Gentile, earning $116,000 in 2011 and $60,000 in 2012. His 2012 election to the House of

03:05Representatives more than doubled his salary to $174,000. When he entered Congress, most of his

03:13and his wife's savings were in retirement accounts and life insurance, though his wife held a credit

03:18union account worth $15,000 to $50,000. After leaving Gdowski & Gentile for Washington,

03:26Jeffries received a $1.6 million payout from the firm for prior cases. He invested between $100,000

03:33and $200,000 in two 529 college savings accounts, bought exchange-traded funds, and capped significant

03:41cash. In 2017, he purchased a D.C. Navy Yard apartment for $325,000, which is now worth about $500,000,

03:51with an estimated $350,000 in debt. Jeffries' political rise continued. He became the Democrats'

03:59caucus chair in 2019 and served as a manager in Donald Trump's first impeachment in 2020,

04:05helping argue the House Majority's case in front of the Senate, which ultimately acquitted the

04:10President. In 2023, Jeffries replaced Nancy Pelosi as Democratic leader, becoming minority leader in

04:17the GOP-controlled House and receiving a salary increase to $193,400. Since 2019, Jeffries has reported

04:27selling off holdings in 529 accounts, which were nearly drained by the end of 2024. Their liquid

04:34assets have decreased, now totaling $280,000 to $880,000, down from $440,000 to $1.2 million in 2018.

04:46They increased a home equity line of credit on their New York apartment from a $15,000 to $50,000

04:53range in 2022-23 to $100,000 to $250,000 in 2024. Additionally, Jeffries took out a $15,000 to $50,000

05:05student loan in August of 2024. His office did not immediately comment on Forbes' valuation or his

05:12recent financial actions. Although Jeffries won't receive more massive legal payouts in office,

05:18the 55-year-old's financial future is bright. If Democrats reclaimed the House in 2026,

05:25Jeffries would likely become the Speaker, raising his pay to $223,500. More years in the safe seat

05:33would boost his pension, accessible as early as age 62. Additionally, former Speakers often thrive

05:40post office. For full coverage, check out Kyle Kahn-Mullen's piece on Forbes.com.

05:46This is John Palmer from Forbes. Thanks for tuning in.

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