How Joe Biden’s Net Worth Has Changed Since 2020

As we approach the 2024 presidential election, people are curious about the net worth of President Joe Biden, given his lifelong dedication to being an activist and serving the American people. With Forbes estimating his net worth at $10 million—up from $8 million when he became president in 2021—his finances have become part of the national conversation.

In this deep dive, we will provide you with comprehensive insights into the financial details of President Biden’s political career and his annual income. Our coverage will give you an informative look into the intricate economic specifics of his life.

Joe Biden’s Net Worth

Daenin // Shutterstock.

President Biden had a net worth of $2.5 million as vice president, which increased to $8 million after leaving office. In August, Forbes reported that President Biden’s net worth stood at $10 million, up from around $8 million when he headed to the White House in 2020. 

President Biden’s wealth comes primarily from book deals and speaking fees, though he has earned a steady income as a politician and being elected president. While his starting salary in 1973 was $42,500 a year, he made $169,300 annually before leaving the Senate in 2009. He earned $230,700 as vice president and earns $400,000 per year as president, according to Celebrity Net Worth.

Joe Biden’s Political Career

Paul Froggatt // Shutterstock.

President Biden was only 29 when he was elected as one of Delaware’s senators in 1972. As chairman of both the Senate Judiciary Committee and the Senate Foreign Relations Committee, he presided over several committees as a member of the Democratic Party. Later, Biden was vice president under President Barack Obama, the first African American elected to the highest executive office, from 2009 to 2017. 

After securing the nomination in a difficult Democratic primary and a contentious election season running and campaigning against former President Donald Trump, President Biden won the election and was sworn in on January 20, 2021. 

Now, the 46th President of the United States has officially announced his candidacy for re-election to a second term in 2024.

Joe Biden’s Salary

Andrey_Popov // Shutterstock.

As president of the United States, President Biden’s salary is $400,000. In addition to this figure, there is an annual expense account of $50,000, a nontaxable traveling account of $100,000, and an entertainment account of $19,000. 

America’s commander-in-chief is required to pay income taxes during his presidency. As of 2020, presidents receive a pension equivalent to the pay of the head of an executive department (Executive Level I). 

Earnings From Biden’s First Memoir

Matt Smith Photographer // Shutterstock.

Promises to Keep, President Biden’s first memoir, earned him $71,000 in royalties and $9,500 for audiobook rights. However, his first stint in the White House earned him much more than that. 

According to AP News, the Bidens then earned more than $15 million from 2017 to 2019. The second book deal was worth $8 million, book tour events were worth $1.8 million, and finally, fees for speeches he gave were worth $2.4 million. He also held a Benjamin Franklin presidential professorship at the University of Pennsylvania between his separate terms in the White House. 

Biden’s Real Estate Holdings

Studio Romantic // Shutterstock.

The president of the United States owns two homes in Delaware, worth a combined $7 million, representing a value increase of $1.8 million since taking office. According to Forbes, the most valuable property is a 4,800-square-foot summer home in Rehoboth Beach, purchased in 2017. The property now has an estimated worth of $4.5 million, with a value increase of $1.7 million. 

The president’s second property, located in Wilmington, Delaware’s Greenville neighborhood, is estimated to be worth $2.5 million, representing an increase of $700,000 since two years ago. The two homes make up about two-thirds of his fortune.

Biden’s Tax Returns

Pro.Sto // Shutterstock.

On April 18, 2023, the Bidens made their tax returns for 2022 public, revealing details of their earnings. They earned from two primary sources—President Biden’s salary of $400,000 and the First Lady’s earnings of $82,335 as an educator at Northern Virginia Community College. 

They paid $169,820 in taxes, with a federal income tax rate of 23.8%. They owed the federal government $4,632 but were due refunds of $846 from Virginia and $10 from Delaware.

Fluctuations in Joe Biden’s Wealth Over the Years

Gints Ivuskans // Shutterstock.

During his time as vice president in the Obama Administration, President Biden once referred to himself as “the poorest man in Congress” in a speech on ABC, which brought him critics and considerable controversy. However, it bears mentioning that despite his net worth of $9 million, the former vice president remains the poorest living US president. 

Over the years, the Democratic president’s wealth has fluctuated, and there was a period where he earned $17.3 million, mostly accumulated during the four years he was out of office. 

His net worth is currently estimated to be $8 million, composed mostly of real estate assets. We’ll have a clearer picture of his net worth once the Biden family releases their 2023 tax returns later this year, well ahead of the next election day.

This article was originally produced and syndicated by Financially Well Off.

Author: Luana Cantuarias

Title: Contributing Writer

Expertise: Blockchain, B2B, and SaaS

Bio:

Luana Cantuarias is a seasoned finance writer with over a decade of experience in the realms of Blockchain, B2B, and SaaS.