Joe Biden, the 46th President of the United States, has an estimated net worth of approximately $10 million as of 2024. This figure includes income from public service, book deals, speaking engagements, and other sources. He is a career politician who has been an elected official for over five decades. While Joe Biden net worth is modest compared to that of his predecessors because it represents a significant accumulation from his long political career.
Joe Biden’s earnings in 2023
According to the tax returns released by the White House in April 2024, Biden and the First Lady took home $620,000 before taxes in 2023. They paid $147,000 in federal taxes, bringing their effective tax rate to about 24%. The Whitehouse also reported that the Bidens donated over $20,000 to various charities.
The main source of Joe Biden’s net worth is his salary as the president. He earns $400,000 annually in this role. The first lady, Jill Biden, has a full-time teaching job at the Northern Virginia Community College, teaching English. She has an annual salary of $86,000.
Besides their salaries, Bidens’ other income sources include Social Security benefits, interests, book loyalties, and annuities.
Joe Biden Net Worth: Current assets and liabilities
As of 2024, Joe Biden’s wealth is largely parked in real estate holdings, investments, and savings. He owns two homes in his home state of Delaware, with a combined value of about $6-7 million. These properties represent a significant part of Joe Biden net worth.
Besides real estate, Biden’s investment portfolio includes money invested in stocks and pensions, which have only grown over time. Public records indicate that the president holds anywhere between $1.5 to $4 million in retirement savings.
On the liabilities side, Biden has disclosed a mortgage on his Rehoboth Beach property and a home equity line of credit. These debts are modest compared to his net worth and are typical of someone of his financial standing.
The impact of the vice presidency on Joe Biden net worth
Joe Biden’s financial situation improved dramatically after his two-term tenure as vice president under Obama from 2009 to 2017. Apart from earning $230,700 per year in salaries, Biden capitalized on his high profile through lucrative book deals and speaking engagements.
In 2017, he signed a multi-book deal with Flatiron Books, reportedly worth $8 million. The deal included his memoir, Promise Me, Dad, which was a commercial success. Additionally, the President and the First Lady earned millions from speaking engagements. According to some reports, he charged around $100,000 to $200,000 per speech.
Evolution of Biden’s Wealth
Joe Biden net worth figure markedly improved after he left the White House in 2017. According to their financial disclosures, the couple had assets worth $3.6 million, which rose to $10 million in 2024.
While it might seem like a dramatic increase in his wealth, it is nothing unusual. Most former presidents and vice presidents leverage their public profiles after their stint in the office. Book deals and public appearances follow, adding significantly to their wealth. The same thing happened in Biden’s case as well.
President Biden’s journey from his middle-class roots to his current millionaire status is quite unique. He was first elected into the government office when he was 29 and has been active in the government ever since.
Controversies and public perception of Joe Biden net worth
A unique thing about Joe Biden is his transparency regarding his finances. He has been releasing his tax returns publicly for decades now. This transparency has helped him curate a clean-cut image, contrasting some of his contemporaries.
Despite this, the President has had his fair share of controversies and scrutiny. The income from his son Hunter Biden’s business dealings has been a sore subject. While the speculations of financial wrongdoings on Hunter’s part are rife, there has been little to no evidence suggesting any wrongdoing. That said, the issue has gained quite a lot of traction in the months leading to the 2025 presidential elections.
The public perception of his wealth is generally positive, with many believing that it is reflective of his dedicated public service. Many of his supporters believe that Joe Biden’s net worth does not overshadow his reputation as a man of the people. He has successfully created a consistent, clean-cut image as far as his wealth is concerned.
Joe Biden Net Worth: Conclusion
Joe Biden net worth figure of $10 million reflects a life spent in public service, balanced by opportunities in the private sector. He has been smart with his finances, investing well and grabbing opportunities that have allowed him to accumulate wealth.
As his presidency comes to an end after his current term, Joe Biden might be able to contribute even more to his wealth during his retirement. His wealth, while considerable, is grounded in a decades-long career spent in public service.
Sources
- https://www.whitehouse.gov/disclosures/tax-returns/
- https://www.forbes.com/sites/zacheverson/2023/08/17/heres-how-much-joe-biden-is-worth/
- https://www.townandcountrymag.com/society/politics/a31265187/joe-biden-net-worth/
- https://www.washingtonpost.com/politics/2024/05/18/how-jim-jordan-connected-dots-bidens-8-million-book-deal/
