Edward Michael Burke, a.k.a, Ed Burke, a former Chicago alderman, has been found guilty of 13 out of 14 corruption-related charges. Burke, who is now 80, had served on the City Council for more than 50 years. After his recent conviction, people were stunned to hear about his approximate net worth, which was calculated in the courtroom. People have been flocking to the internet to confirm what they have heard and to discover what sources of income Burke had.
Here is everything you need to know about Ed Burke’s net worth.
What is Ed Burke ‘s net worth in 2024?
Ed Burke has an estimated net worth of $30 million in 2024.
From 1969 to 2023, Edward Michael Burke served as the alderman for Chicago’s 14th ward. He was the Chair of the Council’s Committee on Finance and had a lot of influence in Chicago politics. Burke held this position for over 50 years, making him the longest-serving alderman in Chicago’s history.
Ed Burke ‘s earnings explained — how does he make money?
Edward Michael Burke has multiple sources of income besides his salary as an alderman. But his main revenue streams were from his law firm where he worked as a property tax attorney and from the proceeds of political fundraisers.
Political fundraiser
Ed Burke’s political fundraisers consist of nearly $8 million. Burke can transfer this money from his campaign fund to his personal account, pay taxes on the income, and use it to pay his fines. Campaign finance expert Kent Redfield confirmed this to the Chicago Tribune on Monday. He said, “It just becomes personal income, and he can spend that money any way he chooses.”
Property tax attorney
Ed Burke’s journey in the property tax attorney business has been quite lucrative, thanks to his law firm Klafter & Burke. Over the years, the firm managed thousands of property tax appeals, primarily serving commercial property owners. Their clientele included those owning apartment buildings, high-rise towers, factories, and restaurants. This niche business significantly supported Burke’s wealth.
