Key Takeaways
- Joe Biden Net Worth: President Joe Biden and First Lady Jill Biden have an estimated net worth of $10 million, as reported by Forbes.
- 2023 Earnings: The Bidens earned approximately $620,000 before taxes in 2023, according to their tax return released in April 2024 by the White House.
- Annual Salaries: President Biden earns $400,000 per year for his role as president, while Jill Biden earns around $86,000 annually from her full-time teaching position at Northern Virginia Community College.
- Career: Biden has been an elected official since age 29, serving as a U.S. Senator for 36 years, then as the 47th Vice President under Obama, and currently as the 46th President of the United States.
The Biden Net Worth and Wealth Sources
President Joe Biden and First Lady Jill Biden are estimated to have a net worth of about $10 million, according to Forbes. This wealth comes from various sources, including Biden’s presidential salary, real estate holdings, pensions, annuities, book royalties, and other income streams. Below is a detailed look at their 2023 earnings and how their net worth has been accumulated.
Biden’s 2023 Earnings
In 2023, the Bidens reported earnings of about $620,000 before taxes, as per their tax return released by the White House in April 2024. This figure shows an increase from the $580,000 they earned in 2022. Of this income, the Bidens paid approximately $147,000 in federal taxes, resulting in an effective tax rate of 24%, which is the percentage of their taxable income paid in taxes.
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Annual Salaries
As President, Joe Biden earns an annual salary of $400,000. First Lady Jill Biden, who is a full-time English professor at Northern Virginia Community College, brings in an annual salary of about $86,000. In addition to their salaries, the Bidens also earned around $55,000 in taxable Social Security benefits, $35,000 in pensions and annuities, and $39,000 in interest income. They also received approximately $4,100 from book royalties through an LLC they own.
Growing Net Worth
When Biden assumed office in 2021, his net worth was estimated at $8 million. This figure has grown by 25%, reaching $10 million, driven by his presidential salary, rising real estate values, and a strong stock market that has boosted the value of his investments.
Charitable Contributions
In 2023, the Bidens reported making $20,477 in charitable donations to 17 different charities, including the Beau Biden Foundation, the Tragedy Assistance Program for Survivors, and the National Fraternal Order of Police Foundation.
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Income from Books and Speaking Engagements
Joe Biden has earned millions from book royalties and speaking engagements, particularly after his tenure as Vice President. In the two years following the Obama administration, the Bidens made more than $15 million, largely from book deals and speaking events. Biden also earned over $540,400 from his role at the University of Pennsylvania as a “Benjamin Franklin Presidential Professor of Practice.”
Real Estate Holdings
A significant portion of the Bidens’ wealth is tied to real estate. They own two properties in Delaware: a nearly 5,000-square-foot summer home valued at approximately $4.5 million and another property in Wilmington worth an estimated $2.5 million.
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Conclusion
President Joe Biden and First Lady Jill Biden have accumulated considerable wealth through a combination of public service salaries, real estate investments, book royalties, and speaking engagements. Their net worth, estimated at $10 million, reflects decades of dedication to public service, strategic financial planning, and successful ventures outside of politics.