She Flipped GA Blue, Now She’s Worth Millions
When Stacey Abrams first ran for Georgia governor in 2018, she was worth slightly more than $100,000.
Today, as the Democrat makes a second bid for the office, her bottom line has improved substantially.
In state disclosures filed last month, Abrams said she is worth $3.17 million, a far cry from the $109,000 in her bank account when she ran four years ago, the Associated Press reported on Tuesday.
In the years since her loss to Republican Brain Kemp, Abrams has become a major national figure in the Democratic Party, playing a crucial role in get-out-the vote operations in 2020 that helped President Biden become the first Democratic presidential candidate to win Georgia in 28 years.
Weeks later, the Peach State elected two Democratic senators Raphael Warnock and Jon Ossoff, a result for which Abrams also received credit.
Abrams also earned $6 million during those years, primarily through the $5 million she got in payments for books and speeches.
The gubernatorial candidate, who was slammed in 2018 for her paltry bank account and lack of business acumen, is now being called an out-of-touch elitist by her critics.
Garrison Douglas, a spokesman for the Georgia Republican Party, accused her of using her campaign “as a platform for her own financial gain,” and former President Donald Trump ripped her for living in one of those “gorgeous multi-multi-million-dollar houses.”
In response Abrams has pointed out that her Republican rivals have an even higher net worth than she does.
Kemp reported $5.2 million in assets on a disclosure last month, while David Perdue, the former senator and onetime Dollar General CEO who is challenging Kemp in the GOP primary, has said he is worth $50 million.
“It is remarkable to me that success is now being demonized by the Republicans,” Abrams told AP.
“I believe in success. I believe that every person should have the opportunity to thrive. And because I had three years where I was in the private sector, I leveraged all three years, and in that time, I’ve done my best to not only be successful personally, but to do what I can to help Georgians,” she said.
Abrams, who before running for governor in 2018 spent six-and-a-half years as the minority leader of the Georgia House of Representatives, became a sought-after speaker following her defeat to Kemp.
She gave 37 paid speeches in 2021 and has written or co-written or reissued six books since 2019 — with another being reissued later this year, according to Seth Bringman, an Abrams campaign spokesman.
Abrams was also paid more than $700,000 over three years as executive director of the Southern Economic Advancement Project, the report said.
Over those years, Abrams has paid off her student loan, credit card and IRS debt, and went from having $5,000 in her retirement account to a portfolio of $725,000 in stocks and bonds.
She also bought a $1.2 million home just outside Atlanta, as well as a house for her parents costing $370,000, on which she owes $280,000 on a mortgage.
It’s not clear how much Abrams is paying in taxes or how much money she has donated, but the report said she set aside $560,000 in a “tax account.”
Bringman said the candidate would release her tax returns after she files her 2021 forms.
Tate Mitchell, a spokesman for Kemp, said he will provide further documentation “if necessary,” but added that the disclosure forms should be sufficient.
Perdue spokeswoman Jenni Sweat said he has filled out state and federal disclosure forms, and noted he has been “transparent about his finances.”