Unveiling Dean Phillips' Net Worth and Financial Landscape
Who is Dean Phillips?
Dean Phillips is an American politician and businessman serving as the US Representative for Minnesota's 3rd congressional district since 2019. A member of the Democratic Party, his district includes the western suburbs of the Twin Cities, such as Bloomington, Minnetonka, and Edina.
Phillips has a diverse business background, having owned and started several companies. He was the president and CEO of his family's liquor business, the Phillips Distilling Company, and co-owned Talenti Gelato and Penny's Coffee.
In politics, Phillips is known for his efforts to promote bipartisan collaboration. He was re-elected multiple times and played a significant role in various legislative initiatives. Despite his support for President Joe Biden's policies, Phillips challenged him for the Democratic Party nomination in the 2024 presidential election.
Dean Phillips' Net Worth
There are varying reports on Dean Phillips' net worth, with World Wire estimating his wealth to be between $20.5 million and $70 million and Celebrity Net Worth suggesting it’s $80 million. However, we have different figures, based on his 2023 financial disclosure report, where Phillips' net worth ranges between $13,513,049 and $75,145,998.
Disclaimer: Estimating a Congress Representative’s net worth is challenging because disclosure forms do not mandate exact values. Instead, they report the value of their assets and liabilities within specified ranges. While we strive to accurately estimate net worth from filings, disclosure rules have shortcomings.
How did Dean Phillips make his money?
Here's a brief overview of Dean Phillips' income sources over the years:
- Phillips Distilling Company: Dean Phillips served as the president and CEO of his family's liquor business, known for producing various spirits.
- Talenti Gelato: Phillips co-owned Talenti, a popular gelato brand that gained significant market share before being sold to Unilever.
- Penny's Coffee: Dean Phillips co-founded Penny's Coffee, a chain of coffee shops in Minnesota.
- Political career: As a US Representative, Dean Phillips earns $174,000 annually.
Dean Phillips' Assets
According to his 2023 financial disclosure report, Dean Phillips' assets range from $19,513,049 to $76,646,000, and his liabilities total between $1,500,002 and $6 million. The most valuable assets include:
- The Dean B. Phillips 1992 GST trust, valued between $5,000,001 and $25 million.
- The Phillips Qualified Blind Trust, valued between $5,000,001 and $25 million.
- The Dean B. Phillips 2001 GST Trust, valued between $1,000,001 and $5 million.
- Cash in JP Morgan checking accounts, valued between $1,000,001 and $5 million.
- CD&R Fund X Private Investors, Cayman LP, valued between $1,000,001 and $5 million.
Controversies Surrounding Dean Phillips
Dean Phillips faced criticism for various decisions, including removing references to Diversity, Equity, and Inclusion (DEI) from his campaign website, which some believed was influenced by financial backer Bill Ackman. He also received backlash for comments regarding Vice President Kamala Harris, for which he later apologized.
Personal Life of Dean Phillips
Dean Phillips is married to Annalise Glick, and they have two daughters together.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.