What is Joe Biden’s Net Worth?
Joe Biden is an American politician (Democratic Party) and the 46th President of the United States. He has a long and distinguished career in politics spanning almost 50 years.
Joe Biden was elected to the U.S. Senate in 1973 and represented Delaware. He later served as the 47th Vice President under Barrack Obama from 2009 to 2017.
Joe Biden’s net worth is estimated to be around $9 million.
This figure is a calculation of his total portfolio of cash and assets. Joe and his wife Jill have two homes in Delaware that are valued at $4 million combined, cash and investment worth $4 million, and Joe also has a federal pension worth over $1 million.
Although he has made a substantial amount of money as a politician, most of his wealth has come from book deals and speaking fees.
Early Life
Joseph Robinette Biden Jr. was born on November 20, 1942, in Scranton, Pennsylvania, United States.
Born into a wealthy family, Joe Biden’s grandfather ran a Division of American Oil. But his father’s decision to venture into business failed, leaving the family impoverished, according to Joe Biden Jr’s 2007 memoir, Promises to Keep: on life and politics.
The family at one point moved in with his maternal grandparents. His father eventually got employed as a car salesman in Delaware and moved his family to Delaware, where they remain to date.
He married his first wife, Neilia in 1968 after his first year in law school. The couple bought three rental properties from their joint savings and with help from both their parents.
Joe Biden’s Wealth and Career
He was elected as a US senator in 1973 at the age of 29, making him the 6th youngest person ever to be elected to the U.S. senate. His first salary as a senator was $42,500 a year, an equivalent of $250,000 in the present times.
His celebration didn’t last long though. His family was involved in a car accident just weeks before he was sworn in, it claimed the life of his wife and young daughter Naomi. Joe’s two sons survived but with serious injuries.
He later married his current wife Jill (a divorced English professor at community colleges) in 1977.
According to their tax returns in 1988, The Biden’s income was mostly from their jobs. They further earned $71,000 in ‘royalties’ and ‘audiobook rights’ from his first memoir, Promises to Keep.
According to the Boston Globe, his subsequent book, Promise Me, Dad earned him $2.7 million through its speaking engagements. By the end of his tenure at the senate in 2009, his yearly salary was $169,300. As vice president, his salary shot up to $230,700, a 30% rise.
According to tax fillings, between 2017 and 2018, the Biden’s earned more than $15 million. His book tour events earned him $1.8 million and a further $2.4 million in speaking fees.
The University of Pennsylvania paid him a whopping $775 000 for his role as the “Benjamin Franklin Presidential Professor of Practice” at the Penn Biden Centre for Diplomacy and Global Engagement.
Their earnings afforded them a 4,800-square-foot vacation house by the water in Rehoboth Beach in Delaware. They run two charities, the Beau Biden Foundation which deals with child protection, and the Joseph Biden Foundation.
In 2017, they contributed a total of $250,000 to both foundations, with Beau Foundation scooping the most money at $150,000. In 2018, they increased their contribution to $1 million.
As stated above, Joe Biden’s net worth is $9 million. His annual salary as the American President is $400,000. He is also entitled to a $50,000 expense allowance related to the discharge of his official duties.
The first lady also continues to teach. ‘The poorest man in congress’ is not poor anymore. He will remain wealthy and increase his net worth even after leaving office if his investments and future projections are anything to go by.
You may also enjoy our Global Rich List feature.
