Phil Murphy Net Worth
When Goldman Sachs went public, Murphy’s job there increased his net worth to more than $50 million.
According to one estimate, which was published in Der Spiegel in 2009, his post-firm worth was in the neighborhood of several hundred million dollars.
In the late 1990s, Murphy relocated to Middletown Township, New Jersey. He pays six figures in property taxes every year for the riverside estate he shares with his family. Murphy also has residences in Italy and Germany.
Murphy made five years’ worth of federal tax records available in 2016. He made around $6 million in 2014, paid about $2 million in taxes for an effective tax rate of 34%, and gave away 24% of his income to charity directly or through other means.
The effective tax rates for the other years were between 32% and 39%, according to the filings. Throughout these five years, Murphy gave to charity on average $980,000 every year.
His federal tax returns have been known to be longer than 300 pages due to his wealth and the convoluted structure of his interests.
Phil Murphy Biography
Having assumed office as New Jersey’s 56th governor in January 2018, Philip Dunton Murphy (born August 16, 1957) is an American investor, politician, and diplomat.
He represented the Democratic Party while President Barack Obama appointed him to the position of American ambassador to Germany from 2009 to 2013.
Before retiring in 2006, Murphy had a 23-year career at Goldman Sachs, where he held various high-level positions and earned significant wealth. He takes part in a lot of charitable endeavors and civic groups.
In the middle to late 2000s, under the Howard Dean administration, he was the DNC’s finance chairman. From 2009 through 2013, Murphy handled the international repercussions of the leak of American diplomatic cables while serving as the US ambassador to Germany in the Obama administration.
In order to raise his political profile in the state while preparing to run for governor, Murphy and his wife Tammy Murphy founded New Start New Jersey, a progressive organization active from November 2014 until December 2017.
With 56% of the vote, he defeated former lieutenant governor Kim Guadagno for governor in 2017. Murphy was appointed the Democratic Governors Association’s chairperson in December 2019 and served in that capacity for one year.
He won reelection in 2021 with 51.2% of the vote, defeating Republican nominee Jack Ciattarelli, becoming the first Democrat to serve as governor of New Jersey since Brendan Byrne in 1977. Murphy was elected as the first New Jerseyan to chair the National Governors Association in July 2022.
Phil Murphy life and education
Murphy, the son of Dorothy Louise (Dunton) and Walter F. Murphy, was born in Needham, Massachusetts, and raised there as well as in neighboring Newton.
Phil was third generation Irish American in the family. Murphy described his family as “middle class on a good day;” from what he could recall, his mother, a secretary, and father, a high school dropout who took any job he could get (including liquor shop manager and for-pay pallbearer), lived paycheck to paycheck.
His parents volunteered for John F. Kennedy’s campaign in Massachusetts’ 1952 United States Senate race because they were both ardent admirers of the politician. When Murphy was younger, he participated in soccer, which piqued his curiosity.
His mother was adamant about the value of education, and Phil, along with his three older siblings, all graduated from college.
Charlie Baker, the former governor of Massachusetts, and Murphy both graduated from Needham High School in 1975. He earned an AB in economics from Harvard University in 1979.
He was voted president of the Hasty Pudding Theatricals, a theatrical student organization, at Harvard because he wanted to pursue a career as a musical theater performer.
Later, he rolled in the Wharton School of the University of Pennsylvania, where he earned an MBA in 1983.
Phil Murphy Career
In 1982, Murphy completed a summer associate internship at Goldman Sachs to launch his career. After graduating in 1983, he got hired.
He quickly advanced, subsequently attributing his success to his negotiation skills: “Two people might not get along and be unable to work together. Their issue is that they dislike each other. I refuse to make it my own.
I’ll play the mediator, and the three of us can come to an agreement that everyone will be delighted with. Murphy oversaw the firm’s Frankfurt headquarters from 1993 until 1997.
Later, his commercial responsibilities were broadened to include the post-Warsaw Pact economies in Central Europe as well as Germany, Switzerland, and Austria.
In this capacity, he participated in a number of business dealings with the Treuhandanstalt agency of the German government, whose mission it was to carry out the privatization of formerly state-owned businesses inside the borders of the no longer-existing East Germany.
Additionally involved in Atlantik-Brücke, Murphy co-founded the organization’s International Advisor Council. Murphy was the President of Goldman Sachs (Asia) from 1997 until 1999. He had a Hong Kong office in that role.
During this period, Yue Yuen Industrial Holdings, a shoe maker known for its harsh labor methods, brought Goldman Sachs profits from its investment.
It’s unknown how much Murphy knew about the company’s operational characteristics at the time of the $55 million investment, which was made the year before he accepted the Asia role.
Murphy remarked to the Wall Street Journal in 1998 that “We [at Goldman Sachs] are elite in the sense that the Marine Corps is elite”
Murphy was given a position on the company’s management committee in 1999. Hank Paulson and Gary Cohn, who eventually held the highest positions in the federal government, were among his coworkers there.
Glass-Steagall was repealed at the same time as this, allowing Murphy and his colleagues to employ leverage far more effectively and fundamentally altering how the corporation produced profits.
Murphy joined the company’s Investment Management Division as a global co-head in 2001. This division, which by 2003 had $373 billion in holdings, managed the investments of foundations, pension plans, hedge funds, and affluent individuals.
Large lines of credit were extended by Murphy’s company, particularly to hedge firms. The division of the corporation that conducted significant business in the EMEA region’s emerging markets was another company endeavor that Murphy assisted with.
In 2003, Murphy’s day-to-day duties at the company came to an end, and he was promoted to Senior Director. In the years 2005–2006, he took his retirement. Murphy worked at Goldman Sachs for a total of 23 years.
After leaving Goldman Sachs, Murphy served from 2006 to 2009 as the National Finance Chair of the Democratic National Committee (DNC), where he worked with DNC Chair Howard Dean.
Murphy liked both Dean’s vision for the party and the discipline Dean brought to the task, and the two became close friends. It was Murphy who financed Dean’s “50-state strategy”.
The strategy was opposed by powerful Democrats in Congress such as Charles Schumer and Rahm Emanuel, but Murphy refused to visibly engage in this dispute, saying, “I’m a sucker for the view that you have it out in the locker room, not in public.” Former Goldman Sachs colleague and U.S. Secretary of the Treasury Robert Rubin said of Murphy’s ability to handle the new position, “He has very substantial technical expertise from his corporate finance work, but he combines that with a wonderful facility for dealing with people.”
Dean later said that Murphy well learned the lesson not all such figures of commerce understand: that while in business you can command people to do things, in politics things are never so simple.
During his first year, Murphy focused on gaining donations from his contacts from his university years and Goldman Sachs; within that year he was able to substantially reduce the DNC’s gap with the Republican National Committee. In all, Murphy says he raised $300 million for the DNC.
Murphy was also a big donor to Democratic candidates, giving them almost $1.5 million by 2009. This included modest contributions to individual candidates and several six-figure sums to party committees.
During the hotly contested 2008 Democratic presidential primaries he was a superdelegate but remained uncommitted for most of the contest. Murphy has been appointed to the boards or committees of various civic or philanthropic groups.
Among these are the NAACP, the Local Initiatives Support Corporation, the Center for American Progress, 180 Turning Lives Around, and several programs of the University of Pennsylvania such as the Huntsman Program in International Studies and Business and the Wharton School Graduate Executive and Asian Program.
Other such entities include the Goldman Sachs Foundation, the Investment Company Institute, and Prosperity New Jersey. He has served as the grand marshal of the St. Patrick’s Day Parade in Rumson, New Jersey, several times.
Murphy has helped lead local charities to support troubled teens and domestic abuse survivors. He and his wife founded 2nd Floor, a teen helpline in New Jersey that had fielded 700,000 calls by 2015 and that has helped save lives.
In 2004-05 Murphy co-chaired a national task force on 21st-century public education for the Center for American Progress that featured fellow co-chairs Governor of Arizona Janet Napolitano and academic and civil rights figure Roger Wilkins.
The Renewing Our Schools, Securing Our Future task force issued a report called “Getting Smarter, Becoming Fairer: A Progressive Education Agenda For A Stronger Nation”. It called for a longer school day, a reorganized school year, and extending learning scenarios to the pre-kindergarten and post-high school domains.
The Murphy family’s time in Germany made them all soccer enthusiasts. Murphy has served on the boards of the U.S. Soccer Foundation and the U.S. Soccer Federation World Cup Bid Committee for 2018 and 2022.
He owns a stake in the professional New Jersey women’s soccer club NJ/NY Gotham FC; he has said that he knows the club is a money-losing venture but that he wanted to show his soccer-playing daughter that women’s professional soccer can exist in the United States.
New Jersey Benefits Task Force chair
Acting Governor Richard Codey appointed Murphy to lead the New Jersey Benefits Task Force on employee benefits for the public sector in May 2005 in response to the state-level pension problem in New Jersey, one of the nation’s longest-running examples.
In December 2005, the task force released a report of its findings. Murphy was regarded as having left Goldman Sachs at this point. The report criticized previous governmental policies, claiming that “gimmicks” had been created rather than actual fixes.
Murphy, the chair, suggested that assets controlled by the government be sold. Most of his other recommendations, such raising the retirement age and changing how pensions were based on salaries earned, were implemented, although not all of them.
As its leader Carla Katz stated, “We will fight vigorously and loudly against any cuts to our pensions or health benefits proposed by the task force.” Labor unions disagreed with the task committee’s proposals.
In the words of The New York Times, “no matter what happens, the report’s legacy may well be that it tried to tackle the issues head-on.”
U.S. Ambassador to Germany
Murphy served as United States Ambassador to Germany under President Barack Obama from 2009 to 2013. The possibility of his being named to the post was first reported by Spiegel Online International in May 2009.
The former U.S. Ambassador John Kornblum supported the choice, saying, “Murphy has been involved in German-American relations for many years. He’s a good choice.” An agrément was issued, and Obama formally nominated him to the position on July 9.
Murphy was confirmed by the United States Senate on August 7, and appeared with his family in Berlin on August 21. That they arrived in an expensive Gulfstream V executive jet irked Chancellor Merkel, who saw it as evidence of the long practice of presidents awarding wealthy donors with ambassadorships.
Murphy presented his credentials in Berlin to German President Horst Koehler on September 3, which the State Department considers his effective start date. He was sworn into the position on September 13.
During his tenure, Murphy promoted American trade and focused on engaging Germany’s youth through town hall meetings, exchange programs, and social media communication.
He said, “The legacy of our time together in Germany will be measured by how well we ‘set the table’ for tomorrow, by how deeply today’s youth understand the ongoing relevance of the transatlantic bridge.
They are tomorrow’s leaders and our investment in their future is our highest priority.” In doing so he paid particular attention to children who had immigrated to Germany, who rarely had the opportunity to meet Americans.
The United States diplomatic cables leak, published by WikiLeaks in 2010, contained negative statements Murphy signed about senior German politicians, including a remark by Murphy that Merkel was “insecure” and unfavorable comments by embassy staff about Guido Westerwelle, the German foreign minister.
Some German officials expressed desire that Murphy be recalled. In response, Murphy appeared on German television outlets such as ZDF in an attempt at damage control. In Spiegel Online, he said, “I’m a big boy.
At the end of the day, the buck stops with me,” and that he would not “apologize for one speck” of what his staff had done. On December 5, he apologized for the leak in Welt am Sonntag.
Murphy later said that the episode was “incredibly awkward and embarrassing” but that the two countries worked through it, and that in the end Germany-United States relations were stronger than ever.
Regarding the European debt crisis, Murphy said in 2013, “The big debate in Europe, which I think is a false debate, is either fiscal consolidation or growth. And the reality is that Europe needs both: it needs fiscal consolidation and growth.” Regarding economic differences between the nations, he said, “Germany believes strongly that the first order of business is to cut your debts and deficits and from that, good things will come.
We’re more likely to say a little bit of stimulus will jump-start things, even if it means incurring more debt. But you work your way through those issues.”
On May 29, 2013, it was announced that Murphy was stepping down from the post. He was still ambassador as of July 3; he returned to the United States at some point during July and formally stayed in the role until his mission terminated on August 26.
Entry into New Jersey politics
Murphy was suggested as a possible contender for governor of New Jersey in 2013, but he decided not to run. Instead, he went back to Murphy Endeavors LLC, a business management consultant company with offices in Red Bank, New Jersey, and of which he was the principal.
After leaving the DNC, he founded the company in 2009, but it was quickly placed on hold as a result of his ambassadorial nomination. Additionally, he delivered talks in which he discussed his time spent in Germany, particularly in light of the 25th anniversary of the fall of the Berlin Wall.
New Start New Jersey
A nonprofit progressive policy think tank called New Start New Jersey was founded by Murphy in 2014; it hosted several events throughout New Jersey. Co-founding with him, his wife served as chair and secretary.
Although the group said it couldn’t support or promote political candidates since it was prohibited, it did help to increase Murphy’s political profile.
Jon Bon Jovi, a singer, made an appearance at the events. Reintegrating displaced workers into the workforce was one of its objectives. (With regard to visibility, it was revealed in 2016 through leaked Podesta emails that Murphy was considering a run for governor at the time the organization was established, telling Podesta that his ambitions were “very serious but not yet committed” and that the new organization would increase his name recognition.
Criticism of Chris Christie
On March 2, 2016, Murphy’s organization New Way for New Jersey launched a petition that criticized Christie for neglecting his duties as governor due to his travel and support of Donald Trump’s presidential campaign.
The group implored Christie to “do your job or quit”. Murphy supported Hillary Clinton in the 2016 Democratic primary and fundraised for her.
After Murphy announced his candidacy for governor, New Way for New Jersey folded. New Start New Jersey continued, albeit without Murphy on its board.
Phil Murphy Tenure
On January 16, 2018, Murphy was sworn in as the 56th governor of New Jersey at the Trenton War Memorial, succeeding Chris Christie. In one of his first executive orders, Murphy signed to revive subsidies for wind power in the state.
The following month he signed legislation committing New Jersey to the Paris Agreement — an international treaty on climate change. Murphy also ensured that the state sued the U.S. Environmental Protection Agency for suspending the Clean Water Rule.
In March, he signed legislation which automatically registers all those who apply for a driver’s license or state ID to vote.
In April, a poll found that Murphy was popular with the majority of New Jersey residents, with 44 percent approving and 28 percent disapproving of his performance as governor; another 28 percent stated they did not have an opinion on Murphy.
By June, Murphy had signed legislation to permit sports betting in the state. In December, Murphy signed into law new legislation which would overhaul the way NJ Transit managed.
In February 2019, a Monmouth University survey found that Murphy’s approval rating had slumped to 43 percent, with his disapproval rating rising up to 40 percent.
In April, Murphy signed a law allowing terminally ill patients with less than six months to choose to have their lives ended with the assistance of a doctor.
In May, Murphy signed legislation which expanded the time period during which alleged sexual assault victims could sue their alleged attackers. In June, he signed a law restricting the use of solitary confinement in New Jersey prisons.
A Monmouth University survey conducted in September found that 41 percent of New Jersey residents approved of Murphy verses 38 percent who disapproved.
Another survey conducted showed that 31% stated that Murphy’s policies have hurt the middle class in the state, while only 17 percent said that they have benefited.
Murphy had opposed construction of a new power plant in New Jersey Meadowlands in North Bergen, stating this in October.
Murphy’s governorship in 2020 was dominated by the COVID-19 pandemic. The first case in the state was reported on March 5, and Murphy declared a state of emergency on March 9. He signed multiple executive orders in late March which ordered a lockdown of the entire state.
By April, most schools and businesses had completely shut down, with students being required to learn from home.
By the summer, Murphy had reopened most restaurants but imposed extensive mask mandates. By July, COVID-related deaths in the state neared 16,000 and over 100,000 residents had tested positive.
A Fairleigh Dickinson University poll conducted in July found that Murphy’s approval rating had increased to 67 percent, and it remained above 60 percent for the rest of the year.
In the 2020 United States presidential election, Murphy initially endorsed New Jersey senator Cory Booker for the Democratic nomination.
After Booker dropped out of the race in January 2020, Murphy announced he did not intend on endorsing any of the other candidates still in the race. After former vice president Joe Biden won the nomination, Murphy endorsed Biden.
Murphy began 2021 with approval ratings hovering in the high 50s. In February, Murphy signed multiple bills that liberalized the state’s cannabis laws.
The series of bills created a regulated cannabis industry in the state, permitted residents to carry up to six ounces of cannabis, and expunged 250,000 low-level cannabis arrests.
Under the new laws, the scent of alcohol or cannabis can no longer be used to justify a search by law enforcement. In June, Murphy signed an executive order ending the public health emergency for COVID, while retaining some executive privileges and restrictions.
After winning reelection in November, Murphy said he intended to have every child in school by winter. In July 2022, Murphy was elected chair of the National Governors Association, becoming the first person from New Jersey to hold the office.
In April 2023, Murphy intervened in the 2023 Rutgers University strike, inviting union representatives and the university administration to his office to negotiate. The strike ended after five days of negotiations led by Murphy.
Murphy signed an executive order that would require all state departments and agencies to protect patients and health care professionals against legal repercussions for providing, receiving, assisting in providing or receiving, seeking, and traveling to New Jersey for gender-affirming health care services.
Phil Murphy Awards and honors
Hamilton College awarded Murphy with an honorary degree in 2015. He was awarded an honorary degree by Rutgers University in 2019.
Knight Commander’s Cross of the Federal Republic of Germany’s Order of Merit in 2022.
Phil Murphy Personal life
When they both worked at Goldman Sachs in 1987, Murphy first met Tammy Snyder, the woman who would become his wife; nevertheless, he did not propose to her until six years later.
When he did, things moved quickly: they were engaged 18 days after he did, and got married in 1993, within six months.
Three sons and a daughter make up Murphy and his wife’s family of four. They are residents of New Jersey’s Monmouth County.
The kids attended Phillips Academy and Rumson Country Day School for their education. Tammy Snyder Murphy has worked as a homemaker and held a number of financial, civic, and political responsibilities.
NJ/NY Gotham FC (formerly Sky Blue FC), a professional women’s soccer team, is co-owned by Murphy and his wife.
According to media reports from 2018, the squad was “plagued by poor housing, subpar facilities, and mismanagement.”
Murphy underwent surgery to have malignant tumors removed from his kidneys in New York City on March 4, 2020. Shortly after, he fully recovered.