If Bernie Moreno wins Ohio Senate seat, he could be one of the richest members of Congress
Bernie Moreno is running against Democratic Sen. Sherrod Brown in one of the country's most competitive Senate races
There are more than a few rich members of Congress, but an Ohio Republican could join their ranks if he wins in November.
Bernie Moreno, a luxury car dealer turned blockchain executive, is running against Democratic Sen. Sherrod Brown in one of the country's most competitive Senate races. Whether or not Brown secures a fourth term could determine which party controls the chamber, which has been closely divided since 2020.
Moreno and his wife, Bridget, have a net worth of $17.6 million to $76 million, according to his 2023 financial disclosure, which reveals a complex web of real estate holdings, investments and business interests. The couple generated between $1 million and $6.1 million in income last year, with just $15,000 coming from Moreno's previous position as chairman of a company he founded.
Where exactly Moreno falls compared to other U.S. senators and representatives is unclear. Candidates are required only to report value ranges for their assets, as opposed to the exact amount.
But Moreno's finances would likely place him among the wealthiest politicians in Washington and pale in comparison to what Brown and his wife, Connie Schultz, disclosed in their latest report. Brown and Schultz have a combined net worth of $284,000 to $660,000 and made over $200,000 last year, including Brown's Senate salary.
Both candidates use their backgrounds − and by extension, their bank accounts − to shape a narrative on the campaign trail. Moreno presents himself as a self-made businessman and pans Brown for never working a private sector job. The senator, by contrast, paints his opponent as an out-of-touch millionaire who doesn't support workers.
Moreno also faced criticism after NBC News reported that he bought a $9.5 million parcel of land in Delaware County north of Columbus for a new Mercedes-Benz dealership. Moreno signed a $40 million mortgage agreement for the property, according to records reviewed by the Paste BN Network Ohio Bureau, but he says the dealership will be run by his son.
The purchase came after Moreno repeatedly said he sold off his businesses to focus on the Senate race and avoid potential conflicts of interest. Brown and his union allies accused Moreno of walking back his promise to voters, but Moreno has said he'll divest from the dealership − which isn't operating yet − if he wins in November.
"This is exactly what's wrong with Sherrod Brown," Moreno said in an interview. "He should be sending my son a note saying, 'Thank you so much for investing in Ohio, risking your capital and making a decision to live here and to start roots here.'"
Where does Bernie Moreno's money come from?
Moreno's dealership investment is just one piece of an extensive collection of assets.
He invested between $1 million and $5 million in Yellowstone Housing Opportunities Fund, a U.S. housing investment fund with ties to a Colombian construction company run by Moreno's brother, according to the Associated Press. He has a $1 million to $5 million stake in a fund affiliated with Narya Capital, the Ohio-based venture capital firm founded by Ohio Sen. JD Vance, the Republican nominee for vice president.
Bernie and Bridget Moreno also have several pieces of real estate to their names, some of which generate rent and other income. The couple reported a combined 2% stake in homes in Avon, Ohio; Westerville, Ohio; Westlake, Ohio; Eastchester, New York; and Dixon, California, along with condos in Washington, D.C., and Coconut Grove, Florida. Moreno by himself owns 43% of a home in Ocean Reef, Florida.
In addition to residential properties, the Morenos own all or part of commercial real estate in Hudson, Middleburg Heights, Ohio City and Sunbury − where their son's dealership is located.
The structure of Moreno's investments adds another layer of uncertainty to his net worth. For example, while the Ocean Reef home is valued between $5 million and $25 million, Moreno's 43% stake is somewhere between $2.15 million and $10.75 million. He disclosed stock in a travel company worth between $100,000 and $250,000 but said he owns less than 50% of it.
Moreno said he transferred his estate to his four children, meaning they each have a 24.5% stake in the other five homes. He and Bridget Moreno each invested 1% to maintain control over the assets while they're still alive.
"I could have just listed 1% of the total value of the asset, made my net worth look a lot lower, but I wanted to be as transparent as humanly possible," Moreno said. "We way went above and beyond the call of duty."
(This story has been updated to add additional information.)
Haley BeMiller is a reporter for the Paste BN Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio.