How Mikie Sherrill’s family made millions after she was elected to Congress

New Jersey’s gubernatorial candidate Mikie Sherrill has quickly risen to become one of the wealthiest lawmakers in Congress within just six years of her election to Washington. Her wealth is largely attributed to a collection of high-end properties, substantial stock holdings, and a husband who works in banking making over $2 million annually.

Republican challenger Jack Ciattarelli and his supporters have aggressively targeted Sherrill (D-NJ) regarding her financial dealings—accusing her of “flipping stocks and profiting” since taking office.

“In the seven years she has been in Congress, her net worth has tripled!” Ciattarelli claimed during a heated debate last week.

“While you served on the House Armed Services Committee, you traded defense stocks,” he continued.

“She incurred fines for breaking federal regulations on stock trades and disclosures.”

Sherrill has rebutted these accusations, asserting she doesn’t personally own any stocks. Nonetheless, her unclear response to a question about her net worth on “The Breakfast Club” has sparked further controversy.

A review of Sherrill’s financial disclosures reveals evidence that counters some of Ciattarelli’s claims, showing that her significant wealth increase comes from multiple sources.

“Mikie does not buy or trade individual stocks and has taken steps to be transparent by releasing detailed financial values,” said Sean Higgins, her campaign’s communications director, in a statement to The Post.

“New Jerseyans have no knowledge of Jack Ciattarelli’s financial situation, but they do know he has profited $15 million from misleading information related to opioids and has investments connected to the Chinese Communist Party,” he added.

The often-cited $7 million estimate comes from a Washington Free Beacon analysis that averaged a range of values from congressional financial disclosures.

In 2019, Sherrill’s net worth was estimated between $730,000 and $4.3 million, according to her House financial disclosure statements. By 2024, it reportedly surged to between $4.8 million and $14 million.

This analysis included all of her assets, not solely stocks. Notably, a significant factor in the rapid increase in her net worth was the addition of a townhouse in Washington, D.C., purchased in a desirable area for $1.5 million in 2021.

Ciattarelli pointed out that Sherrill had to pay a $400 penalty in 2021 for violations of the STOCK Act, after missing a 45-day deadline to report her husband’s stock transactions, a common issue among Congress members.

What is Mikie Sherrill’s net worth?

The Democrat from New Jersey has an estimated net worth ranging between $9.4 million and $14.61 million.

Quiver Quantitative, which tracks the finances of congressional members, values Sherrill’s wealth at $14.61 million, putting her second only to Rep. Josh Gottheimer (D-NJ), who has a net worth of $42.19 million.

A recent analysis by the New Jersey Globe assessed her and her husband’s joint net worth at around $9.4 million.

How did Mikie Sherrill accumulate her wealth?

The bulk of Sherrill’s wealth is due to her husband, Jason Hedberg, who works in banking.

Hedberg benefits from stock compensation from UBS, which they frequently divest, as noted in their financial disclosures.

Since 2021, he has earned over $2.6 million annually—peaking at $2.9 million last year—compared to Sherrill’s congressional salary of $174,000.

After assuming office, Sherrill began selling off individual stocks in lieu of exchange-traded funds to avoid potential conflicts of interest.

Her brokerage account had around $4.4 million, while her husband reportedly possessed $1.9 million in unvested stock. Furthermore, the couple held roughly $1.5 million in checking and retirement accounts, in addition to life insurance policies.

According to the insider trading watchdog Unusual Whales, Sherrill’s investment portfolio underperformed the S&P 500 by about 1.9%.

Luxury properties

Sherrill and Hedberg possess three residences: an impressive manor in affluent Montclair, a vacation property in Vermont, and the aforementioned D.C. townhouse.

Zillow estimates value for her Montclair home at approximately $3 million, the vacation home at around $780,000, and the D.C. residence, previously leased to former Rep. Abigail Spanberger (D-Va.), at $1.6 million.

Records indicate that at least two of these properties are mortgaged.

At least two of her children attended the prestigious Montclair Kimberly Academy, which charges tuition upwards of $53,340 per year.

Ciattarelli’s financial status

Under pressure from Sherrill’s campaign to disclose more tax information, Ciattarelli’s campaign allowed media access to 13 years of his tax returns.

While his precise net worth is somewhat obscured, tax documents reveal that he has earned nearly $14.9 million since 2012, paying over $4 million in taxes, a report by the New Jersey Monitor indicates.