In this article, we will explore the net worth of Greg Abbott, the Governor of Texas, and delve into the details of his financial success. Additionally, we will take a closer look at his personal life, including his marriage and the challenges he has overcome.
Early Life and Career Beginnings
Greg Abbott was born on November 13, 1957, in Wichita Falls, Texas. He grew up in Longview, Texas, and completed his high school education in Duncanville. Abbott’s father worked as a stockbroker and insurance agent, instilling in him a strong work ethic from a young age.
The Road to Success
Greg Abbott embarked on a successful legal and political career in the late eighties, which played a pivotal role in accumulating his net worth. After earning his Juris Doctor degree from Vanderbilt University Law School, he started his career as a lawyer at Butler and Binion, a private practice. Subsequently, he transitioned to a role as a judge in Houston, Texas, where he served in the 129th District Court for three years.
Abbott’s career continued to flourish when he was appointed to the Texas Supreme Court by then-president George Bush. He served in this capacity until 2001 before joining the private sector and working for Bracewell & Giuliani, a prominent law firm.
Greg Abbott’s Net Worth
As an American politician, former attorney, and jurist, Greg Abbott has built an impressive net worth throughout his career. In addition to his roles in private practice and as a judge, he served as the 50th Attorney General of Texas from 2002 to 2015, and he currently holds the position of Governor of Texas.
While serving as Attorney General, Abbott earned an annual salary estimated to be around $200,000 to $220,000. In 2015, he took office as the Governor of Texas, and as of 2018, his annual salary for this position was reported to be $153,750.
Apart from his governmental roles, Abbott received a significant sum of $7.8 million in compensation after an unfortunate incident in which he was paralyzed by a falling oak tree while jogging. He has utilized this compensation to cover his medical expenses over the past three decades.
Considering his earnings from his legal and political career, as well as the compensation received, Greg Abbott’s estimated net worth is an impressive $10 million.
Personal Life and Marriage
Greg Abbott is a practicing Roman Catholic and has been married to Cecilia Phalen Abbott since 1981. Cecilia Phalen Abbott became the first Latina to hold the title of First Lady of Texas. The couple has one adopted daughter together.
In July 1984, Abbott faced a life-altering event when an oak tree fell on him during a jog, resulting in paralysis below the waist. Despite this setback, he underwent extensive surgery and has persevered with the help of two steel rods implanted in his spine. Abbott successfully sued the homeowner and a tree service company, which provides him with an insurance payment every three years until 2022, as well as a monthly fee for life. The payments received are tax-free, and they have been instrumental in covering his medical expenses for nearly three decades.
Greg Abbott’s journey from his early days in Texas to becoming the Governor of the state is a testament to his hard work and dedication. With a net worth of $10 million, he has achieved financial success through his legal and political endeavors. Abbott’s unwavering determination, coupled with his personal resilience, has propelled him to the forefront of Texas politics.