Mikie Sherrill’s Wealth Becomes Focal Point in New Jersey Governor’s Race
In the heated New Jersey gubernatorial race, Democratic candidate Mikie Sherrill’s personal finances have become a lightning rod for criticism from her Republican opponent Jack Ciattarelli. Over six years since her election to Congress, Sherrill has joined the ranks of New Jersey’s wealthiest lawmakers – a fact that Ciattarelli has seized upon in campaign rhetoric and during their recent debate confrontation. “In the seven years that she’s been in Congress, she’s tripled her net worth!” Ciattarelli declared, further accusing her of trading defense stocks while serving on the House Armed Services Committee. This financial spotlight has intensified following Sherrill’s somewhat ambiguous response to questions about her wealth during a media appearance with “The Breakfast Club” host Charlamagne tha God.
A closer examination of Sherrill’s financial disclosures reveals a more nuanced picture than what campaign attacks suggest. Her campaign communications director Sean Higgins maintains that “Mikie does not own or trade individual stocks, and has gone ‘above and beyond’ releasing the exact values of her finances to the dollar,” while countering that New Jersey voters “have zero insight into Jack Ciattarelli’s net worth.” The much-cited figure of $7 million in wealth comes from an analysis that averaged ranges provided in congressional financial disclosures. These records show her net worth ranged between $730,000 and $4.3 million in 2019, growing to between $4.8 million and $14 million by 2024. This substantial increase partially reflects her 2021 purchase of a Washington, DC townhouse for $1.5 million in an upscale neighborhood. It’s worth noting that Sherrill did pay a $400 fee in 2021 for STOCK Act violations after missing a deadline to disclose her husband’s stock trades – a not uncommon occurrence among members of Congress.
Current estimates place Sherrill’s net worth between $9.4 million and $14.61 million, potentially making her the second-wealthiest New Jersey politician in Washington behind Rep. Josh Gottheimer. The primary source of this wealth is her husband, Jason Hedberg, a banker whose annual income has exceeded $2.6 million since 2021, reaching $2.9 million last year – a stark contrast to Sherrill’s congressional salary of $174,000. Financial records indicate that shortly after taking office, Sherrill shifted away from individual stocks toward exchange-traded funds to address potential conflicts of interest. Her brokerage account holds approximately $4.4 million, while her husband reportedly has $1.9 million in unvested stocks. The couple also maintains about $1.5 million spread across checking accounts, retirement funds, and life insurance policies. According to the insider trading watchdog Unusual Whales, Sherrill’s investment portfolio has performed slightly below the S&P 500, by about 1.9%.
The Sherrill family’s real estate holdings form another significant portion of their wealth. They own three properties: a mansion in affluent Montclair, New Jersey valued at approximately $3 million; a vacation home in Vermont worth about $780,000; and the Washington, DC townhouse now valued at $1.6 million (which Sherrill once rented to former Representative Abigail Spanberger). Records show all three properties carry mortgages. Adding to their high-end lifestyle, at least two of Sherrill’s children have attended the prestigious Montclair Kimberly Academy, where annual tuition can reach $53,340 per student. These tangible assets and educational choices have provided Ciattarelli’s campaign with additional material to contrast Sherrill’s personal prosperity with her time in public office.
In response to scrutiny on Sherrill’s finances, her campaign has pushed for greater transparency from Ciattarelli regarding his own wealth. Under this pressure, Ciattarelli’s campaign allowed media organizations to review 13 years of his tax returns. While these documents don’t provide a complete picture of his net worth, they reveal that he has earned approximately $14.9 million since 2012 and paid at least $4 million in taxes. Ciattarelli, who previously served as a state assemblyman, built his fortune through two medical publication businesses, one of which he sold in 2017 – the same year his total income peaked at $7.1 million. His annual earnings have fluctuated considerably over the years, from $600,946 in 2014 to $854,966 in 2018, before dropping to $168,433 in 2022.
The financial battle between these candidates reflects a broader tension in American politics about wealth, public service, and transparency. Sherrill’s campaign has attempted to redirect attention to Ciattarelli’s business history, claiming he “made $15 million in profits off opioid misinformation and investments linked to the Chinese Communist Party.” Meanwhile, Ciattarelli continues to frame Sherrill as someone who has substantially profited during her time in office. As the race continues, New Jersey voters are left to evaluate not just policy positions but also the personal financial narratives of both candidates – weighing questions about whether wealth accumulation during public service represents smart financial management or potential conflicts of interest. The focus on personal finances adds another dimension to an already contentious gubernatorial contest in one of America’s wealthiest states.
