"I could have stayed in Detroit like him and gotten pulled up in a car company," Romney said at the debate. "I went off on my own. I didn't inherit money from my parents. What I have, I earned. I worked hard, the American way."
We were curious. Did Romney, the last of George and Lenore's four children, receive no inheritance on his path to wealth?
Romney's words
We asked Romney's campaign about his claim.
"Mitt Romney's success is based on his 25-year career in business and the fact that he founded and led one of the most successful private equity companies in the world," spokesman Ryan Williams said.
That wasn't as helpful as, say, a copy of his father's will.
Nor was there any information about George Romney's financial legacy in the many obituaries for the Michigan luminary, who died in 1995 at age 88.
But Mitt Romney has addressed the question himself, it turns out, in an interview with C-SPAN in 2006. Host Brian Lamb asked him why his father hadn't given him an inheritance.
Q & A
Romney answered, "Well, he didnÂ’t have as much as I think some people anticipated. And I did get a check from my dad when he passed away. I shouldnÂ’t say a check, but I did inherit some funds from my dad. But I turned and gave that away to charity. In this case I gave it to a school which Brigham Young University established in his honor. ... And thatÂ’s where his inheritance ended up."
According to a short history of the George W. Romney Institute of Public Management at BYU, the family provided an endowment in 1998, within a few years of George Romney's death.
So, in Romney's own words, he did "inherit some funds" from his dad. But he gave them away.
Why?
"I figured we had enough of our own," he said.
He probably did. By 1995, Romney had already led Bain Capital for more than a decade, where shrewd investments made him millions. He stepped down in 1999.
He now says he's worth somewhere between $190 million and $250 million.
How Romney got rich
"I went off on my own," Romney said at the debate. "... What I have I earned. I worked hard, the American way."
So while he didn't ultimately benefit from an inheritance, we wondered: Had Romney's parents' wealth helped build his own fortune?
There's no evidence we saw that Romney's parents helped buy him a business career. But there were certain advantages to Romney's comfortable upbringing.