Joe Biden, the 46th president of the United States, is a prominent figure not just in American politics but also globally. As of September 2024, questions surrounding his net worth have become a popular topic of discussion, given his extensive career in public service, book deals, and investments. In this article, we will take a deep dive into Joe Biden’s net worth, examining his financial journey, major income sources, real estate holdings, and how his wealth compares to other U.S. presidents.
Early Life and Career
Joe Biden was born on November 20, 1942, in Scranton, Pennsylvania, into a middle-class family. His early life was marked by financial struggles, a factor he often mentions in his speeches. Biden’s modest beginnings had little to do with wealth, and his financial journey reflects a significant transformation over the decades.
Biden attended the University of Delaware and later Syracuse University Law School, which set the foundation for his future in politics. In 1972, Biden was elected to the U.S. Senate, where he served for 36 years. At this stage in his life, his net worth was modest, driven largely by his salary as a senator.
Sources of Income
Biden’s primary sources of income have changed dramatically over the years. Below is a breakdown of the key income sources that have contributed to Joe Biden’s net worth in 2024:
1. Senate Salary
Biden served as a U.S. Senator from Delaware from 1973 to 2009. Senators’ salaries are well-documented, and during his tenure, his income ranged from approximately $42,500 in 1973 to over $174,000 by the time he became Vice President. While his Senate salary provided a steady income, it was not the major contributor to his overall wealth.
2. Vice Presidential Salary
When Biden became the 47th Vice President of the United States under President Barack Obama from 2009 to 2017, his salary increased significantly. As vice president, Biden earned a salary of $230,700 annually, which added considerably to his wealth during those eight years. However, compared to his income in the years that followed, this amount was still moderate.
3. Book Deals
One of the most substantial boosts to Joe Biden’s net worth came from his book deals. In 2017, shortly after his term as vice president ended, Biden and his wife Jill signed a multi-book deal reportedly worth $8 to $10 million with Flatiron Books, a division of Macmillan. His memoir, “Promise Me, Dad: A Year of Hope, Hardship, and Purpose,” became a New York Times bestseller and earned him significant royalties.
Additionally, Jill Biden authored her own book, “Where the Light Enters,” further adding to their household income. These book deals and subsequent sales have played a crucial role in increasing Biden’s post-vice-presidency wealth.
4. Speaking Engagements
Post-2017, Biden became a high-demand public speaker. According to financial disclosures, Biden earned $200,000 to $500,000 per speaking engagement after leaving the vice presidency. Over the years, these lucrative speaking engagements have allowed Biden to accumulate substantial wealth.
Speaking fees are a common revenue stream for politicians after they leave office, and Biden’s time on the circuit mirrored that of previous leaders like Bill Clinton and Barack Obama, both of whom capitalized on their post-presidency fame through similar means.
5. Pension and Social Security
After decades in public service, Biden has qualified for a substantial federal pension, which provides a steady income stream. Additionally, Biden collects Social Security payments, though this represents a minor portion of his overall wealth. His federal pension is estimated to be worth more than $200,000 annually, a figure aligned with the pension system for long-serving federal officials.
Real Estate Holdings
Real estate plays a significant role in Joe Biden’s net worth. Over the years, Biden has made notable investments in real estate, which have appreciated significantly in value. The Biden family owns two primary properties:
1. Greenville, Delaware Mansion
Biden owns a stately mansion in Greenville, Delaware, purchased in 1996 for $350,000. This property has seen a massive increase in value due to the overall appreciation of real estate prices in the area. As of 2024, estimates put the value of this mansion at approximately $2.5 million.
2. Rehoboth Beach, Delaware Home
In 2017, the Bidens purchased a vacation home in Rehoboth Beach, Delaware for $2.7 million. This property, located near the ocean, is a luxurious retreat that has only increased in value since its purchase. The Bidens are known to spend their summers at this home, which adds both personal and financial value to their overall portfolio.
The value of both properties combined contributes a significant portion to Biden’s overall net worth, with the two homes totaling more than $5 million in assets.
Joe Biden’s Financial Disclosures
Since Biden has held public office for decades, his financial disclosures are a matter of public record. His most recent financial disclosure in 2023 revealed that the Bidens earned between $1.5 million and $2 million annually from their various ventures, including book sales, speaking engagements, and Jill Biden’s salary as a professor at Northern Virginia Community College.
As part of his candidacy for the presidency, Biden released his tax returns, which provided insight into the source of his income. In 2020, Biden reported an adjusted gross income (AGI) of $607,336, much of which came from book royalties and speaking fees.
Charitable Contributions
Biden and his wife, Jill, have also made significant charitable donations over the years. According to their tax filings, the Bidens donated $17,394 to charitable causes in 2020 alone, representing roughly 3% of their total income. They have supported a variety of causes, including cancer research, education, and veteran services.
How Joe Biden’s Wealth Compares to Other Presidents
While Joe Biden’s net worth has grown significantly over the past two decades, it still pales in comparison to some of his predecessors. Presidents like Donald Trump and George Washington were among the wealthiest to ever hold office, with net worths estimated in the billions (in the case of Trump) and hundreds of millions (in the case of Washington, adjusted for inflation).
By contrast, Biden’s net worth as of September 2024 is estimated to be between $9 million and $10 million. While this places him far below the wealthiest former presidents, it still makes him one of the more financially successful public servants in recent history.
It’s worth noting that Biden’s wealth has grown primarily after leaving the vice presidency, as his public salary was relatively modest compared to private-sector executives and entrepreneurs. Nevertheless, his financial success has allowed him to enjoy a comfortable lifestyle while maintaining a focus on public service and charity.
Potential Future Income Sources
Looking ahead, Joe Biden’s net worth may continue to grow even after his presidency. Upon leaving office, Biden is likely to continue engaging in speaking engagements and writing further memoirs, both of which could prove lucrative. Additionally, given his history of real estate investments, Biden may choose to expand his portfolio, particularly in the growing market for luxury vacation homes.
Jill Biden’s career as an educator also ensures a steady income stream, though it’s expected that their post-presidential income will largely stem from book sales and public appearances.
Conclusion
In conclusion, Joe Biden’s net worth is a testament to his long-standing career in public service, his lucrative post-vice presidency ventures, and his wise investments in real estate. As of September 2024, Biden’s net worth is estimated at $9 million to $10 million, a significant rise from his early years in politics.
Though Biden’s wealth doesn’t compare to the wealthiest U.S. presidents, his financial success demonstrates the potential for growth even after decades of public service. Moving forward, it’s likely that Biden’s income will continue to rise due to ongoing book deals and speaking engagements, securing his financial future for years to come.
