Cranston Part of Millionaire Third of Senate

Roughly a third of the nation’s senators are millionaires, including California Democrat Alan Cranston, whose net worth has nearly doubled in the last dozen years, new financial disclosure statements showed Monday.

The documents indicate that at least 30 of the Senate’s 100 members are millionaires and that perhaps eight more are worth that much. It is difficult to tell for sure because the Ethics in Government Act requires that the lawmakers report their individual assets and liabilities only in broad categories--such as in the range of $15,001 to $50,000.

The wealthiest senators are those who have inherited vast fortunes: John D. (Jay) Rockefeller IV (D-W.Va.), John Heinz (R-Pa.), Edward M. Kennedy (D-Mass.), John C. Danforth (R-Mo.) and Claiborne Pell (D-R.I.).

But the vague disclosure statements, which place no upper reporting limits on items totaling more than $250,000, give only a hint of the senators’ real wealth. Rockefeller, for example, reported minimum assets of $3.3 million and liabilities above $500,000. However, Forbes magazine has estimated his oil-based worth at about $150 million.

Cranston’s Reported Wealth

Cranston, who is seeking reelection this year to a fourth six-year term, reported that his net worth was between $766,900 and $1,241,900. The exact figure, according to an aide who supplied it at The Times’ request, is $1,029,197--well above the net worth of $547,800 reported only 12 years ago.

Cranston, who went into politics from his family real estate business, has seen his holdings in commercial and residential properties--now worth an estimated $700,000--appreciate substantially over the years.

Moreover, the value of his savings accounts and blind trusts also has swollen considerably. For example, a blind trust in 1980 was worth between $50,000 and $100,000. Now two blind trusts are worth between $115,000 and $300,000.

Outside Income

Cranston supplemented his $75,100 Senate salary last year with substantial outside income. He received $244,000 in dividends, interest, rents and capital gains. And he drew $43,196 from a state pension (based on his service as California state controller from 1958 to 1966), $21,350 in speaking and writing honorariums, and $12,042 in Social Security benefits. A Social Security recipient is entitled to full benefits after age 70. Cranston is 71.

California’s junior senator, Republican Pete Wilson, reported net worth between $385,000 and $1,180,000, but an aide said that Wilson is “not close” to being a millionaire. Wilson added to his Senate salary with $20,200 in honorariums and more than $145,000 in dividends, interest, rent and capital gains.