For someone leading the race to become New York City’s next mayor, Zohran Mamdani isn’t sitting on much wealth. According to Forbes, the 34-year-old state assembly member, known for his socialist politics, has an estimated net worth of around $200,000 ( ₹1.71 crore) as of 2025. That’s nowhere close to his opponent, Andrew Cuomo, whose fortune Forbes puts at about $10 million.
Zohran Mamdani’s net worth
Most of Mamdani’s declared assets come from Uganda. He was born in Kampala, the capital of Uganda, in 1991. In financial disclosures filed last year, he listed four acres of land in Jinja, an area on the banks of Lake Victoria, not far from the source of the Nile River. He valued the land between $150,000 and $250,000.
However, there’s still some confusion over when he actually acquired it. His 2023 assembly disclosure says 2012, while his mayoral filing this year lists 2016. It’s also unclear whether the land was bought, gifted, or inherited. His campaign hasn’t commented on the difference, Forbes reported.
Back in New York, Mamdani’s lifestyle is as modest as his net worth suggests. According to Forbes, he lives in a rent-stabilised apartment in Astoria and pays about $2,250 a month. He doesn’t even own a car and prefers taking the subway to work and campaign events, often seen carrying his own bag.
As a state assemblyman, he earns $142,000 a year, a comfortable income. In 2024, he also reported $1,000 in royalties from his brief rap career under the name Mr Cardamom. He married earlier this year to a Syrian-born artist, but since the financial disclosure deadline passed before their wedding, any joint assets will likely appear next year.
Zohran Mamdani’s family background
Mamdani’s father, Mahmood Mamdani, is a well-respected professor at Columbia University. The place offers a salary ranging between $200,000 and $300,000 a year for senior faculty. His mother, Mira Nair, is an award-winning filmmaker. She is known for her works, including Monsoon Wedding and Salaam Bombay! She previously owned a Chelsea condo, which she sold in 2019 for $1.45 million.
The family still lives in Columbia-owned housing on the Upper West Side, with similar apartments listed for about $6,000 a month. If Mamdani wins the mayoral race in the November NYC election, his salary would jump to $260,000 a year, and he’d move into Gracie Mansion.
