Who is Tim Scott and what is his net worth?
SENATOR Tim Scott announced he was dropping out of the presidential race on November 12, 2023.
Had he been elected, the former South Carolina politician would've been the first single president since 1884 - here's everything we know about his net worth.
Who is Tim Scott?
Senator Timothy Eugene Scott was born in North Charleston, South Carolina, on September 19, 1965.
According to his , he grew up "in a poor, single-parent household" with his mother, Frances, working long hours as a nursing assistant.
He has an older brother - Ben Scott Jr - who serves as a sergeant major in the United States Army.
The 58-year-old got his start in politics in 1995 when he was elected to the Charleston City Council.
From there, the businessman went on to serve in the House of Representatives for his native South Carolina in 2011.
Scott has served as the junior senator for the state since he was appointed by the former governor - and now presidential rival - Nikki Haley in 2012.
He won a special election in 2014, allowing him to serve the final two terms of his predecessor, Jim DeMint.
Scott was re-elected in 2016 and 2022.
Senator Scott formally announced his presidential campaign on May 22, 2023.
What is Tim Scott's net worth?
In 2009, Senator Scott released his financial records, claiming a net worth of $3.88 million.
It appears that his fortune has since dropped significantly.
He is estimated to be worth around $200,000, according to .
He has a congressional salary of $174,000 and was paid $184,167 for his written memoir by publisher HarperCollins.
Apart from his political career, he also owns an insurance company, Tim Scott Allstate, and has worked as a financial adviser.
When did Tim Scott drop out of the presidential race?
On May 19, 2023, news broke that Scott filed to run for president in 2024.
He announced his first step toward a presidential bid in April 2023 by launching an exploratory committee.
He said in a video, titled Faith in America: “I know America is a land of opportunity, not a land of oppression. I know it because I lived it.
“I will never back down in defense of the conservative values that make America exceptional.”
During an interview with Fox & Friends detailing his announcement, he said: “I have found that people are starving for hope.
"They’re starving for an optimistic, positive message that is anchored in conservative values."
Roughly nine months after he announced his bid - on November 12, 2023 - the senator revealed that he was dropping out of the presidential race.
Scott revealed the news on the Fox News show, Sunday night in America with Trey Gowdy.
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“When I go back to Iowa, it will not be as a presidential candidate. I am suspending my campaign.
"I think the voters, who are the most remarkable people on the planet, have been really clear that they’re telling me: not now," Scott said.