Were America's Founders As Modest As Uruguay's President?

Hundreds of our Facebook readers liked this story about Uruguay’s President José Mujica, who is known as the “poorest president in the world.” Mujica was recently offered $1 million for his baby blue 1987 Volkswagen Beetle, his only asset.

Comments beneath the article praised Mujica’s humility and expressed a desire for more politicians of similar financial and personal modesty. Two of our commenters exchanged thoughts on the America's Founding Fathers, with one saying that they are a starting point for seeking out politicians with Mujica’s spirit. The other commenter agreed that our Founding Fathers were “broke,” unlike today’s politicians. Which got us wondering, how much money did the Founding Fathers actually have?

In 2010, 24/7 Wall St. asked the net worth of each of the American presidents, the first five of whom are considered Founding Fathers, due to their participation in creating the U.S. Constitution. The website converted a combination of land, lifetime savings, inheritance, property and income into a modern dollar amount.

George Washington was by far the wealthiest of these early presidents, with approximately $525 million to his name. In fact, the man who turned down the title of “king” is the wealthiest president on the list, barring John F. Kennedy, who, had he lived, would have inherited the equivalent of $1 billion. Washington’s wealth was largely owed to his extensive plantation.

Below are the other Founding Father presidents, ranked in order of assets:

• Thomas Jefferson, $212 million
• James Madison, $101 million
• James Monroe, $27 million
• John Adams, $19 million

But there are other names we associate with America’s founding such as Alexander Hamilton, who, despite never being wealthy, is featured on $10 bills in wallets everywhere. The Hamilton Grange National Memorial says that Hamilton made in the ballpark of $200,000 a year (based on value of dollar in 2013) as a lawyer and more like $60,000 in public office.

According to the New England Historic Genealogical Society, John Hancock had around $4 million at the time of his death (so that big signature wasn't compensating after all). Perhaps the most modest founder we inquired about was Paul Revere. His estate, according to staff at his preserved house in Boston, would be worth around $300,000 today.

Then there's Benjamin Franklin. Renowned for his business acumen based on frugality, he has been called one of the wealthiest Americans of all time. Franklin bequeathed today’s equivalent of $100,000 to the cities of Boston and Philadelphia upon his death.

Despite his financial aspirations, Franklin’s writings privilege humility. In his early 20s, Franklin listed “humility” as one of 13 virtues he would strive to emulate. His plan was to “imitate” Jesus and Socrates. (Fake it until you make it, right?)

But back to Mujica, about whom one of our commenters asked an important question: “Is he happy? If he is, he's one of the richest people on planet Earth.”

Jefferson would likely say so. He wrote that pride is more costly than even “hunger, thirst and cold.”