Andrew Cuomo Salary: Ex-NY Governor Is Highest Paid In US History
KEY POINTS
- Andrew Cuomo has an estimated net worth of $5 million
- He is the highest-paid governor in U.S. history with a salary of $225,000 in 2020
- Cuomo is expected to earn more than $5 million for a book he released last year about leading his state during the COVID-19 pandemic
Andrew Cuomo announced Tuesday that he is resigning as governor of New York following multiple allegations of sexual harassment. During his time in office, he was the highest-paid governor in the country.
Cuomo, who was sworn in as governor of New York in 2011, earned an annual salary of $225,000 last year, making him the highest-paid governor in American history, according to Forbes. The governor with the second-highest salary was California Gov. Gavin Newsom, who received $210,000 in 2020.
If he had not announced his resignation, Cuomo would have received a $25,000 increase in his salary this year. The raise would have meant completing a three-year pay hike worth $71,000, which is a 40% increase from his original income, the outlet noted.
Cuomo was earning $179,000 per year as governor in 2018, while state lawmakers made $79,500. He received pay hikes from the New York State Commission on Legislative, Judicial & Executive Compensation starting from the year after.
In 2019, he earned $200,000, and his salary increased again by $25,000 to $225,000 the following year. While Cuomo’s salary for this year should have increased to $250,000, he deferred the pay raise in November 2020 amid the COVID-19 pandemic, USA Today reported.
His massive salary contributed to his net worth of $5 million, but the bulk of his fortune comes from the sales of his books, according to Celebrity Net Worth.
Cuomo was expected to earn more than $5 million for a book he released last year about leading his state during the COVID-19 pandemic, The New York Times reported, citing officials and tax records. He received $3.12 million from the book deal last year, and under the contract, he is set to get another $2 million in the coming years.
The book, titled “American Crisis: Leadership Lessons from the COVID-19 Pandemic,” was published in October 2020 and initially ranked no. 7 in the New York Times’ top 10 nonfiction best sellers list. It has since sold around 45,800 units, Bloomberg reported.
Cuomo faced widespread criticism in the past week after a report from the state’s attorney general alleged that he sexually harassed 11 women, nine of whom are current and former state employees. The combination of the allegations and pressure from other lawmakers forced Cuomo to resign from his post.
In his Tuesday address, Cuomo announced he would be stepping down as New York governor, saying he had learned lessons of “generational and cultural shifts.” While the politician continued to deny the accusations, he expressed his apologies to the women who accused him of sexual harassment, the New York Times reported.
Lt. Gov. Kathy Hochul will serve the rest of his term when the resignation becomes effective in two weeks. She will become the state's first female governor.
© Copyright IBTimes 2024. All rights reserved.