What was Richard Nixon's Net Worth?
Richard Nixon was an American politician who had a net worth equal to $15 million at the time of his death (adjusting for inflation). Richard Nixon was the 37th president of the United States, a position he held from 1969 to 1974. Many significant events occurred during his time in the White House, including the end of the Vietnam War, the first manned landing on the moon, and the establishment of the Environmental Protection Agency. Famously, Nixon's second term ended early following the Watergate scandal, when he became the only US president to resign from office.
He was elected to the House of Representatives in 1946 and reelected in 1948. In 1950 he was elected to the Senate. Nixon was Dwight D. Eisenhower's running mate in the 1952 election. He served as vice president for eight years and narrowly lost to John F. Kennedy for President in 1960. During his Presidential term he ended the U.S. involvement in the Vietnam War in 1973. He visited the People's Republic of China in 1972 and opened up communications. Nixon also initiated the Anti-Ballistic Missile Treaty with the Soviet Union. He fought cancer and illegal drugs, enforced desegregation, implemented environmental reforms, and reformed healthcare and welfare. Nixon was re-elected by a large margin in 1972. His second term resulted in the Watergate scandal. In lieu of being impeached he resigned from office and was pardoned by his successor Gerald Ford. Nixon authored nine books and traveled the world during his retirement.
Early Life and Education
Richard Nixon was born on January 9, 1913 in Yorba Linda, California to Quaker parents Hannah and Francis. He had four brothers named Harold, Donald, Arthur, and Edward. Nixon grew up poor on his family ranch, which ultimately failed in 1922. Subsequently, the family moved to Whittier. There, Nixon attended East Whittier Elementary School. As a teen, he went to Fullerton Union High School, where he played junior varsity football and participated on the debate team. Nixon eventually graduated from Whittier High School. He went on to attend Whittier College, where he played basketball and continued his prowess as a great debater. Nixon graduated with a BA in history in 1934, and then went to the Duke University School of Law, from which he graduated in 1937.
Career Beginnings and Military Service
After being admitted to the California bar in 1937, Nixon started practicing with the Whittier law firm Wingert and Bewley. The next year, he opened his own branch in La Habra. Later, after moving to Washington, DC in 1942, Nixon landed a job at the Office of Price Administration. However, dissatisfied with his role, he decided to join the US Navy. Nixon was first assigned as an aide to the commander of the Naval Air Station Ottumwa, and then to Marine Aircraft Group 25 and the South Pacific Combat Air Transport Command. He was eventually promoted to lieutenant, and finally lieutenant commander. Nixon was relieved of active duty in 1946; seven years after that, he was promoted to commander in the US Naval Reserve.
Start of Political Career
In 1946, Nixon was elected to the House of Representatives. He first achieved national recognition two years later, when his work on the Alger Hiss spy case cemented his already solid reputation as a leading anti-Communist. With this newfound attention, Nixon was elected to the Senate in 1950. He went on to become the running mate of Republican presidential nominee Dwight D. Eisenhower, for whom he served eight years as vice president.
First Presidential and Gubernatorial Runs
Nixon launched his first campaign for US president in 1960. Due in large part to the debut of televised debates, which had the effect of highlighting his shabby appearance, he narrowly lost to John F. Kennedy. Two years later, Nixon ran for California governor, but lost to incumbent Pat Brown.
Presidential Election and First Term
In 1968, Nixon made another run for the presidency. During that turbulent period in the United States, he represented himself as a beacon of stability, appealing to socially conservative people who disliked the era's countercultural movement. Ultimately, Nixon won the presidency, beating Hubert Humphrey and George Wallace in a close race.
During his first term, Nixon made great efforts to establish diplomatic relations with China. He also visited South Vietnam, and began to withdraw American troops from the war. However, Nixon also authorized attacks on Laos and Cambodia. In 1973, American involvement in Vietnam officially ended, as did the military draft. Among his other achievements, Nixon ended the Anti-Ballistic Missile Treaty with the USSR; enforced desegregation of Southern schools; created the Environmental Protection Agency; and launched a concerted effort to find a cure for cancer.
Los Angeles, California: Nixon press conference at the Century Plaza Hotel. Via Getty
Second Term and Watergate
In 1972, Nixon beat George McGovern and was reelected as president in one of the largest landslide victories in the nation's history. In the beginning of his second term, he ordered an airlift to resupply losses incurred by Israel in the Yom Kippur War, which resulted in an oil crisis in the United States.
Nixon's second term was ultimately cut short by the Watergate scandal. Earlier in 1972, before his reelection, he had ordered five men to break into the Democratic Party headquarters at the Watergate complex to sabotage his opponents. Nixon had also used a clandestine taping system to record his conversations in the Oval Office. By late 1973, with more information coming out about the scandal thanks to reporters Carl Bernstein and Bob Woodward, Nixon had lost most of his political support. On August 9, 1974, facing the inevitability of an impeachment and removal from office, he resigned as president.
Later Years
Following Watergate and his resignation, Nixon was eventually issued a pardon by his successor, Gerald Ford. He went on to live for nearly 20 years in retirement, during which time he wrote ten books, including his memoirs, and went on a series of international trips to rehabilitate his image as an elder statesman.
Personal Life and Death
In 1940, Nixon wed high school teacher Pat Ryan; they had two daughters named Tricia and Julie. The two remained together until Pat's death from lung cancer in 1993. A year later, Nixon suffered a major stroke at his New Jersey home; after being taken to the hospital, he went into a deep coma. He passed away at the age 81. Nixon and his wife are interred on the grounds of the Nixon Library.
Real Estate
In 1969, Richard paid $1.4 million, the same as $11 million in today's dollars, for a 5.5-acre property in San Clemente, California. He sold the property in the 1980s for an undisclosed amount. In 2015, the buyer put the home on the market for $75 million. He did not ultimately sell the property even after reducing the price a number of times. Here's an aerial photo and video tour of the home:
Via Public Domain
