Joe Biden, the current President of the United States, has been in politics for over 50 years. Throughout his career, he has held various positions, including Vice President under Barack Obama and Senator for Delaware. With such a long and successful political career, it’s no surprise that people are curious about his net worth.
According to Forbes, Joe Biden’s net worth is estimated to be around $8 million. This number may seem surprising given his high-profile career, but it’s important to note that much of his income comes from book deals and speaking engagements rather than investments or business ventures. In fact, during his time as Vice President, Biden and his wife Jill reported a combined income of $396,456 in 2016, with the majority of that coming from book deals and speaking fees.
While Biden’s net worth may not be as high as some other politicians or business leaders, it’s still a significant amount of money. As President, he now has access to a variety of financial benefits and resources, including a salary of $400,000 per year and a $50,000 expense account. With his wealth and political influence, Joe Biden remains a prominent figure in American politics and a subject of interest for many.
Net Worth Overview
Joe Biden is a well-known American politician who served as the 47th Vice President of the United States from 2009 to 2017. He was elected as the 46th President of the United States in November 2020 and took office in January 2021. As of August 2023, Joe Biden’s net worth is estimated to be roughly $9 million.
Biden’s net worth has increased since he took office as President. According to Forbes, he was worth $8 million when he took office, and his net worth has increased due to his federal pension and other sources of income. Biden has been in politics for more than four decades, and he has accumulated a significant amount of wealth during his career.
Biden’s net worth includes his assets, liabilities, and income. His assets include his homes, investments, and other properties. His liabilities include debts and other financial obligations. Biden’s income comes from various sources, including his federal pension, book royalties, and speaking fees.
It is important to note that Biden’s net worth is not solely based on his income as a politician. He has also earned a significant amount of money from his book deals, speaking engagements, and other sources of income. Additionally, Biden’s net worth is not solely based on his personal wealth. His net worth also includes his wife’s assets and income.
Overall, Joe Biden’s net worth is estimated to be around $9 million. His net worth has increased since he took office as President, but it is important to note that his wealth is not solely based on his income as a politician. Biden has accumulated a significant amount of wealth over his career, and his net worth includes his assets, liabilities, and income from various sources.
Sources of Wealth
Joe Biden’s net worth is estimated to be around $10 million, with the majority of his wealth coming from his political career, book deals, and speaking engagements.
Biden’s political career began in 1972 when he was elected to the United States Senate. He served as a senator for Delaware for 36 years, earning a salary of $174,000 per year. During his time in the Senate, he was also the Vice President of the United States from 2009 to 2017, earning a salary of $230,700 per year.
Biden has also earned a significant amount of money from book deals. In 2017, he released his memoir “Promise Me, Dad: A Year of Hope, Hardship, and Purpose,” which became a New York Times bestseller. He reportedly received an advance of $8 million for the book.
In 2020, he released another book, “Our Time is Now: Power, Purpose, and the Fight for a Fair America,” which also became a bestseller. The exact amount of his advance for this book is unknown.
Biden has also earned money from speaking engagements. According to Forbes, he earned $540,000 in speaking fees in 2019 alone. He has given speeches at various events, including the Global Education and Skills Forum in Dubai and the World Travel and Tourism Council’s Global Summit in Seville, Spain.
Overall, Joe Biden’s net worth is a result of his long and successful political career, lucrative book deals, and high-paying speaking engagements.
Real Estate Assets
Joe Biden’s real estate assets make up a significant portion of his wealth. According to Forbes, he owns two homes – one in Wilmington, Delaware, and the other in Rehoboth Beach, Delaware. The Wilmington home, which he purchased in 1996, is worth an estimated $4.5 million. This home has undergone significant renovations and is now worth $1.7 million more than its original cost.
The Rehoboth Beach property, which he purchased in 2017, is worth an estimated $2.7 million. The home is located in a beachfront community and features six bedrooms, six and a half bathrooms, and a rooftop deck with ocean views. Biden also owns a vacation home in Lake Charlevoix, Michigan, which he purchased in 2013 for $2.74 million.
Besides these properties, Biden also owns a rental property in Wilmington, Delaware, that generates rental income. According to his financial disclosure report, the property is worth between $100,001 and $250,000 and generates rental income between $5,001 and $15,000 per year.
Overall, Biden’s real estate assets are estimated to be worth around $10 million, making up a significant portion of his net worth.
Joe Biden has made a considerable amount of money from investments throughout his career. According to his financial disclosures, he has invested in a variety of stocks, bonds, and mutual funds.
One of his most significant investments is in the Blackstone Group, a private equity firm. Biden’s financial disclosure forms show that he has invested between $1.2 million and $2.5 million in Blackstone.
He has also invested in a number of other companies, including Apple, Amazon, and Microsoft. Biden’s financial disclosures show that he has between $1.1 million and $2.3 million invested in these three companies alone.
In addition to his stock investments, Biden has also invested in real estate. He owns two homes, one in Wilmington, Delaware, and another in Rehoboth Beach, Delaware. The Wilmington home is worth between $1 million and $5 million, while the Rehoboth Beach home is worth between $100,000 and $250,000.
Overall, Biden’s investments have contributed significantly to his net worth. While he has earned a substantial amount of money from speaking fees and book deals, his investments have helped him build a significant amount of wealth over the years.
Joe Biden has a long history of charitable giving, with available tax returns from 1998 to 2019 indicating that he and his wife, Jill Biden, have donated a total of $1.4 million to various charitable causes. This includes donations to organizations such as the United Negro College Fund, the Boys and Girls Clubs of America, and the Catholic Diocese of Wilmington.
It is worth noting that during the period of 1998 to 2008, when Joe Biden was serving as a senator and not earning millions, the Bidens donated a significant portion of their income to charity. However, in more recent years, their charitable giving has decreased. In 2017, for example, the Bidens reported giving just $5,400 to charity, which represents less than 1% of their income for that year.
Despite this decrease in charitable giving in recent years, Joe Biden has been able to attract significant donations from billionaires and other wealthy individuals during his 2020 presidential campaign. Forbes reported that on average, these donors gave approximately $170,000 to the Biden campaign and its joint-fundraising committees, which split their receipts with the Democratic Party.
It is important to note that while Joe Biden has received donations from wealthy individuals, he has also been critical of the influence of big money in politics. In a speech in 2019, he stated that “we need to reduce the corrosive impact of big money in our politics, whether it’s from super PACs, billionaires, or corporations.”
Overall, while Joe Biden has a history of charitable giving, his recent decrease in donations and acceptance of donations from wealthy individuals have raised some concerns and criticisms.
Controversies and Legal Issues
Joe Biden’s net worth has been a topic of interest since he first ran for office. While he has amassed a significant fortune over the years, he has also faced some controversies and legal issues.
One of the most significant controversies surrounding Biden’s wealth is his son Hunter Biden’s business dealings in Ukraine. In 2014, Hunter Biden joined the board of Burisma Holdings, a Ukrainian energy company, while his father was serving as Vice President. Some have accused Joe Biden of using his position to help his son and the company, while others argue that there is no evidence of wrongdoing.
In addition to the Ukraine controversy, Joe Biden has faced criticism for his speaking fees. In 2018, he reportedly earned over $15 million in speaking fees, which some have argued is problematic for a politician who claims to represent the working class. However, others have pointed out that many politicians, including former Presidents Barack Obama and Bill Clinton, have earned significant sums from speaking engagements.
Joe Biden has also faced legal issues related to his finances. In 2019, he was accused of improperly using campaign funds to pay for personal expenses, including private jet travel and hotel stays. While the allegations were never proven, they raised questions about Biden’s financial management and transparency.
Overall, while Joe Biden’s net worth is impressive, it is not without controversy and legal issues. As he continues to serve as President, it remains to be seen how these issues will impact his legacy and public perception.
Comparison with Other Politicians
When it comes to net worth, President Joe Biden is not the wealthiest politician. Here’s a comparison of his net worth with other notable politicians:
- Donald Trump: The former president’s net worth was estimated to be around $2.5 billion in 2021, according to Forbes.
- Barack Obama: The former president’s net worth is estimated to be around $70 million, according to Celebrity Net Worth.
- Hillary Clinton: The former Secretary of State’s net worth is estimated to be around $45 million, according to Celebrity Net Worth.
- Bernie Sanders: The Vermont senator’s net worth is estimated to be around $2 million, according to Forbes.
- Nancy Pelosi: The Speaker of the House’s net worth is estimated to be around $120 million, according to Celebrity Net Worth.
Compared to these politicians, President Biden’s net worth of $10 million is relatively modest. However, it’s worth noting that much of his wealth comes from book sales and speaking fees, rather than investments or inherited wealth. Additionally, his net worth has increased significantly since leaving the vice presidency in 2017, suggesting that his earning power has grown as his political stature has increased.