As Kamala Harris continues her bid for the presidency, her financial portfolio is notably conservative, reflecting a careful and traditional approach to managing wealth. Despite her prominent role as Vice President and her public visibility, Harris and her husband, Doug Emhoff, maintain a financial strategy characterized by stability and risk aversion. Federal disclosure records provide a detailed look at their financial management, revealing a focus on low-risk investments and steady assets.
Income and Earnings Overview
In 2023, Kamala Harris and Doug Emhoff reported a combined income of $450,299. This income was sourced from various streams:
- Kamala Harris’s Earnings: Harris earned $218,784 in her role as Vice President. Additionally, she received approximately $6,000 in royalties from her books. Harris’s income from her books has decreased since her initial publications, reflecting the typical decline in earnings from book sales over time.
- Doug Emhoff’s Earnings: Emhoff, now a visiting professor at Georgetown University Law Center, earned $174,994 in 2023. Prior to Harris’s vice presidency, Emhoff was a partner at the corporate law firm DLA Piper, where he earned over $1.2 million in partnership income in 2020.
- Taxable Interest: The couple also earned $50,603 from taxable interest on their bank accounts and other investments, contributing to their overall income for the year.
Their income is lower compared to their earnings before Harris took office. Emhoff’s departure from DLA Piper and Harris’s shift to public service roles have significantly impacted their total income. Harris’s book royalties, which amounted to $749,484 since 2020, represent a substantial but reduced income compared to previous years.
In terms of charitable contributions, the couple donated $23,026 in 2023. Their largest gifts went to two California colleges and Howard University, with additional donations to six nonprofits and religious organizations.
Investment Portfolio and Asset Management
Harris and Emhoff’s financial assets are managed with a conservative strategy, focusing on stability and minimal risk:
- Retirement Accounts: The couple’s retirement savings are substantial, ranging between $1.79 million and $4.4 million. Emhoff holds two individual retirement accounts (IRAs) valued between $1.27 million and $3.19 million. Harris’s 401(k)-type accounts contain between $525,000 and $1.25 million. While these balances are considerable, they are not extraordinary when compared to the large retirement accounts disclosed by some high-profile individuals, such as Mitt Romney’s IRA, which was valued between $20.7 million and $101.6 million during his presidential campaign in 2012.
- Bank Accounts: They maintain between $850,000 and $1.7 million across several bank accounts. Their joint account holds between $50,001 and $100,000, indicating a preference for liquidity and easy access to cash.
The couple’s investment portfolio is conservative, with approximately half of their assets allocated to stocks, one-third in cash, and the remainder in bonds. Their investment strategy emphasizes low-cost index funds, which are known for their broad market exposure and low fees, aligning with a risk-averse approach.
Real Estate Holdings
Harris and Emhoff own a 3,500-square-foot home in Los Angeles, which Emhoff purchased in 2012 for about $2.7 million. The property was subsequently transferred to a family trust. The home’s value has appreciated significantly, with current estimates placing it around $5 million, according to Zillow. This appreciation is partly due to the broader real estate market trends and the couple’s advantageous mortgage terms.
The couple took advantage of historically low interest rates during the pandemic to refinance their mortgage. They hold a $2 million adjustable-rate mortgage (ARM) at a 2.625% interest rate, a favorable rate compared to typical 30-year fixed mortgages. The ARM, initially secured in 2016 and refinanced in 2020, offers a lower initial rate that adjusts periodically based on market conditions.
Retirement Benefits
In addition to their retirement savings and investments, Harris is eligible for several pension benefits:
- California State Pension: Upon turning 60 in October, Harris will be eligible to receive $3,981 per month from the State of California pension plan, which provides a stable income stream.
- San Francisco Employees’ Retirement System: Harris also has a pension estimated to be worth between $250,001 and $500,000.
These pension benefits, alongside any potential federal retirement benefits, provide additional financial security. However, specific details about her federal benefits are not publicly disclosed.
Summary
Kamala Harris’s financial management is characterized by a conservative approach, emphasizing stability and low-risk investments. Her portfolio, which includes index funds, substantial retirement accounts, and a well-valued real estate holding, reflects a careful and traditional approach to wealth management. Despite her high-profile role and public scrutiny, Harris and Emhoff’s financial strategy remains focused on conservative investment choices, aligning with a broader preference for stability and risk aversion.