(CNN) - The old adage of the Senate being a millionaires club still holds true among freshmen lawmakers in both chambers of Congress, according to a new study.
A Center for Responsive Politics analysis found 60 percent of Senate freshmen and more than 40 percent of House freshmen are millionaires. For newly elected members of the Senate, the median estimated wealth is $3.96 million. For House freshmen, it's $570,418.
Democratic Sen. Richard Blumenthal of Connecticut tops the list with an average estimated wealth of $94.87 million. Republican Tennessee Rep. Diane Lynn Black came in second with $49.4 million followed by Republican North Dakota Rep. Rick Berg with $39.2 million and Republican Texas Rep. Blake Farenthold with $35.8 million.
But the annual personal financial disclosure reports federal lawmakers are required to file with the federal government reveal not all legislators are wealthy.
Republican Rep. Joe Walsh of Illinois is the only member of the freshman class with an estimated worth in negative territory, with an average estimate of -$317,498. Republican Florida Sen. Marco Rubio has a minimum net worth of -$210,989 and a maximum net worth of $135,999. Freshman Republican Sen. Mike Lee of Utah reported assets with a range from a minimum of -$32,995 to $193,998.
By law, members of Congress are only required to report their assets in broad figures, which accounts for the ranges in the study, according to the Center.
"Some are Democrats, some are Republicans, many are Tea Party conservatives while others are unabashedly liberal," said Dan Auble, who manages the Center's personal financial disclosure database said in a statement. "What unites these freshmen is that, on balance, they're rich."