Mitt Romney would be one of richest-ever presidents with $250 million fortune

He shed holdings in Walmart De Mexico, which has been at the centre of a
corruption scandal in recent months, and Freddie Mac and Fannie Mae, the
much-criticised, US government-sponsored mortgage associations.

Experts suggested he was seeking to divest himself of links to companies which
could be frowned on by American voters and to avoid muddling his political
position, having repeatedly called for a tougher stance on Chinese economic
expansionism and Iran’s nuclear ambitions.

Mr Romney also sold stock in Procter Gamble, Aflac, American Express,
Apple, ExxonMobil, Google and JPMorgan Chase, which had been managed for him
by Goldman Sachs and Thornburg Investment Management.

The return shows that in addition, the former Governor derived substantial
income from holdings in investments linked to his former company, Bain
Capital, as part of his retirement package from the firm.

Andrea Saul, a spokesman for the Romney campaign, said: “Governor and Mrs
Romney’s assets are managed on a blind basis.

“They do not control the investment of these assets, which are under the
control and overall management of a trustee.”

In 2007, ahead of his first run at the presidency, Mr Romney promised that he
would instruct his trustee to ensure that his investments did not clash with
his ideals or the policies of the Republican Party.

However, it now appears that the trust retained shares in Chinese and other
overseas’ companies for several more years.

Although an enormously wealthy man by any standards, Mr Romney will not be the
richest person to hold the presidency if he wins the election in November.

According to a presidential rich list compiled by Forbes, that title is held
by George Washington, American’s first president. He owned vast land
holdings in what is now West Virginia, much of which was farmed by slaves,
making him worth an estimated $500 million (£325 million) in today’s money.

Mining mogul Herbert Hoover, who came to the presidency in 1929, is estimated
to have built up a vast fortune, making around $2.5 million (£1.6 million) a
year – about $27 million (£18 million) in today’s money – in the decades
before he entered the White House.

Thomas Jefferson, 1801 to 1809, had inherited wealth, putting him third place
in the Forbes list, although he is known to have frittered much of it away
during his presidency.

Mr Romney could be in fourth place in the rich list if he is successful at the
polls, Forbes said.

In his formal declaration to the Federation Election Commission, the Romney
campaign provided a broad estimate of his wealth, putting it at between $83
million (£54 million) and $255 million (£166 million), but his spokesman
issued a statement narrowing those figure to between $180 and $250 million.

In contrast, President Barack Obama and his wife are estimated to be worth
between $2.6 million (£1.7 million) and $8.3 million (£5.4 million).

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