Joe Biden, the 46th president of the United States, was voted into office on November 7, 2020, bringing decades of political experience to the position. Take a gander at this article to find out how he rose through the ranks from state senator to vice president, and finally, and how he accrued his fortune along the way.
Joe Biden Net Worth 2021
Former Vice President Joe Biden has a net worth of $8 million, which is a substantial increase from his early years in the political arena. It is estimated by Forbes and assessed in 2019 based on an overall portfolio of $4 million in real estate, $4 million in cash/investments, and a governmental pension valued over $1 million.
Preceding the inauguration of Vice President Biden, his family’s 2016-2018 tax returns were made public. These revealed that the Bidens had paid about a third of their income from 2017 & 2018 (a total of $3.7 million and $1.5 million) as well as donated a hefty sum to charity each year ($1 million and $275,000).
On May 17, 2021, Dr. Jill Biden and President Biden disclosed in their tax filings for last year and reported a total income of $607,336, whilst also paying $157,414 in taxes. Vice President Kamala Harris is valued at about 6.3 million dollars. She also publically revealed her 2020 Gentleman Doug Emhoff’s tax returns.
- Net worth: $8 million
- Sources of income: Currently drawing $400,000 annually as the President of the USA. Earlier through book deals and speaking engagements.
- Highlights of his career: USA President (2021-present), Vice president (2009-17), and Delaware Senator (1973-2009)
How Did Joe Biden Make Its Million?
Joe Biden Sr. originated from a well-to-do family; his dad owned a division of American Oil. Joe Biden Sr. tried his hand as an entrepreneur but failed miserably, leaving the family penniless. His son’s memoir revealed that at one time the kids stayed with their grandmother. His story did have a happy ending and he got a job selling automobiles and the family moved to Delaware, where they’ve stayed ever since.
Following a divorce from his first wife, Neilia, President Joe Biden began working as an attorney at a local firm before being elected as one of the youngest senators in the history of the United States Senate, earning a starting salary of $42,500 per year.
In 1998, he began revealing his tax returns. President Biden’s senator salary in 2009 was $169,300, and as Obama’s vice president, his salary has been around $225,000 annually on average.
Biden’s Book Deals And Speaking Engagements Have Netted Him a Tidy Sum
According to CBS in November 2009, Biden’s net worth was recorded a little less than $300,000. However, his post-vice presidential life has proven to be very lucrative. During his July 2019 financial disclosures, Biden revealed that he and his wife Jill had a combined income of more than $15 million in the years before that.
The Bidens made roughly $11 million in 2017 and $4.6 million in 2018. Publishers Weekly estimates the multi-book deal with Flatiron Books to be worth $8 million. However, the Bidens also made a good deal of money from speaking engagements and other sources. By some accounts, Biden’s speaking fees ranged from $40,000 to $190,000, with a base fee of $100,000. Other non-disclosure engagements that Biden took on during this time, including those for his campaign, according to the New York Times.
Bidens And Real-Estate
According to Forbes, the combined value of the Bidens’ two Delaware homes stands at $4 million. Bidens also have another $4 million in ”cash & investments” as well as a $1 million in federal pension.
How Much Joe Biden Earn As The President Of United States?
According to U.S. law, the president of the United States is entitled to a salary while serving in the office. A $50,000 yearly expense allowance was added to the president’s salary in 2001 when it was raised by Congress from $200,000 to $400,000.
In addition, the president receives a non-taxable travel allowance of $100,000 and an entertainment allowance of $19,000 per year. Other expenses, such as the presidential salary, are not subject to taxation.
Bidens are rich and they continue to blow their budget they won’t run out of money anytime soon. They could spend around $2k a day and still end up with more than $2 million at the end of a potential second term. Once again, the Bidens will be delivering speeches and authoring best-selling books ready to make another fortune.