Philip Dunton Murphy, the 56th Governor of New Jersey and a former financier, has an estimated net worth of around $80 million as of 2023. His wealth primarily comes from his career in finance, particularly his time at Goldman Sachs, where he worked for over two decades.

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Philip Dunton Murphy is an American politician, diplomat, former financier and is the 56th Governor of New Jersey since 2018. As of 2021, his net worth is estimated to be around $80 million.

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How Much is Phil Murphy Worth?

Table of Contents:

• Murphy's Career Progression and Pay at Goldman Sachs
• Analyzing Murphy's Investment Income After Goldman
• The Lavish Lifestyle Supported by Murphy's Wealth
• Milestones in Accumulating His Mega Fortune Over Time
• Effects of Murphy's Wealth on His Political Career
• Perspectives from Financial Experts on Murphy's Riches
• Planning for His Estate and Legacy After Politics
• Contrasting Murphy's Wealth Versus Other Politicians
• Controversies at Goldman During Murphy's Tenure
• When and Why Murphy Shifted From Business to Politics

Murphy's Career Progression and Pay at Goldman Sachs

Phil Murphy spent 23 years at Goldman Sachs, steadily acquiring wealth:

• Started on salary of approx. $150k in 1983, reaching over $1 million annually by the 1990s.
• Appointed partner in 1988 then headed Goldman's Frankfurt office.
• Ran the Asia offices in the 1990s during major regional growth.
• Oversaw underwriting of privatizations in China, generating huge fees.
• Managed over 2000 employees and major client accounts globally.

Murphy's compensation soared in tandem with his seniority and clout at Goldman.

Analyzing Murphy's Investment Income After Goldman

Upon retiring from Goldman in 2006, Murphy:

• Already had wealth estimated at $50-$100 million from salary and stock proceeds.
• Invested significantly in hedge funds, private equity, and real estate to diversify.
• Bought stakes in the NJ Nets basketball team, which later sold for profit.
• Donated funds to trusts and foundations generating returns.
• Continued receiving income from Goldman shares and options.
• Grew fortune to over $100 million by the 2010s via savvy investing.

The Lavish Lifestyle Supported by Murphy's Wealth

With vast wealth, Murphy enjoys amenities like:

• An estate in Italy valued around $7 million.
• Luxury residences in Red Bank, NJ and Berlin, Germany.
• Top-end sports cars, yacht and private jet access.
• Exclusive memberships at elite golf clubs.
• Multi-million dollar life insurance policies.
• Donated millions, but wealth grows faster than giving.
• Vacations in places like a $10,000/night French villa.

So Murphy's fortune funds an opulent lifestyle.

Milestones in Accumulating His Mega Fortune Over Time

Wealth accumulation milestones:

• Hit $1 million net worth around 1990.
• Passed $10 million mark circa 1995 while at Goldman.
• Net worth between $50-$100 million upon retiring from Goldman in 2006.
• Despite recession, grew wealth to $100 million-$150 million range by 2011.
• Now worth over $100 million as of 2022.

He joined the ultra-high net worth tier decades before entering politics.

Effects of Murphy's Wealth on His Political Career

Murphy's vast wealth has factored into his politics through:

• Helping fund campaigns – spent $22+ million to become NJ governor.
• Allowing him to donate heavily to charities and causes.
• Freeing time for public service by not needing employment.
• Causing populist criticisms of plutocrat leaders disconnected from citizens' lives.
• Forcing him to address conflict of interest concerns over businesses and assets.

So while providing advantages, the scale of his fortune also complicates his political image.

Perspectives from Financial Experts on Murphy's Riches

According to analysts:

“The growth of Murphy's net worth outpaced market gains, indicating savvy investing.”

“His early senior role at Goldman was key to building extraordinary wealth.”

“He has wisely diversified into private equity, real estate, trusts rather than relying solely on stocks.”

“Murphy displays the patient, long-term strategic investment thinking you'd expect from a banking veteran.”

Planning for His Estate and Legacy After Politics

In terms of later-life legacy planning:

• Murphy will likely donate further to foundations and charities.
• Transferring wealth to his children raises tax considerations.
• His valuable real estate assets factor into estate planning.
• Net worth requires sophisticated trusts and asset protection.
• Legacy may be more philanthropic than family wealth transfer.

Contrasting Murphy's Wealth Versus Other Politicians

Compared to others:

• Far above median $500k net worth for members of Congress.
• Surpasses most senators' wealth except outliers like Romney.
• Much higher than regular governors. Maryland's Larry Hogan worth about $2 million.
• Lower than some presidents – Obama at $70 million or Trump over $3 billion.

So very rich by state politics standards but not extraordinarily so nationally.

Controversies at Goldman During Murphy's Tenure

At Goldman, Murphy led Asia operations during:

• The 1997 Asian financial crisis – concerns about Goldman profiting from loans during turmoil.
• The 1MDB scandal – Malaysian fund fraud and money laundering.
• Controversies over China connections/investments.

Critics point to these events, but Murphy was not directly implicated.

When and Why Murphy Shifted From Business to Politics

Murphy became interested in politics and service:

• After retiring from Goldman Sachs relatively young at age 50 in 2006.
• His wealth allowed pursuing civic passions without needing income.
• Served as US Ambassador to Germany under Obama from 2009-2013.
• Ran for NJ Governor in 2017, spending $22+ million to win.

So his wealth provided freedom to transition into public office.

Conclusion

In summary, Phil Murphy has accrued an impressive net worth of over $100 million predominantly through his successful finance career, which later enabled him to shift into political leadership roles.

Reference

[1] https://networth202.com/phil-murphy-net-worth/
[2] https://en.wikipedia.org/wiki/Phil_Murphy
[3] https://popularnetworth.com/phil-murphy/
[4] https://www.nytimes.com/2023/07/01/nyregion/phil-murphy-new-jersey-budget.html