TreasureX Researchnber.wpCongress Has Always Been an Elites' Club — and the Gap Is Widening
James J. Feigenbaum, Andrew B. Hall, Daniel M. Thompson, Jesse Yoder · August 10, 2026
A new study from the National Bureau of Economic Research digs into the family backgrounds of every member of Congress born between 1830 and 1950, using census records to compare them with the general population. The findings are stark: future lawmakers have always been economic outliers. Even in the 19th century, they held about three times the wealth of similar men. By 1940, nearly 60% of young congressmen had college degrees, versus under 5% of their peers. The study also shows that this isn't just about individual success — their fathers were richer and better educated, and their brothers also fared well, though not as well as the politicians themselves. Roughly half of a congressman's economic advantage is shared with his brother, and half is his own. What's more, the gap has widened over the past 150 years, despite major reforms like women's suffrage, the secret ballot, direct primaries, and the direct election of senators. None of these reforms changed who gets elected. The takeaway for investors: political power has consistently been tied to family wealth, and that connection is only getting stronger. This could have implications for policy predictability and the business environment, as lawmakers may be more responsive to the interests of the wealthy elite. But it's a long-term social trend, not a market-moving event.
Source: National Bureau of Economic Research, Fortunate Sons: Elite Political Selection in American History
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