President Trump and his businesses may owe more than $1 billion in debt, which we discovered about last year. While Joe Biden was previously described as the “poorest man in Congress,” this contrasts starkly with the current president.
Biden’s net worth and how he got it are easier to track because he has filed his tax returns for more than a decade, including while he was vice president and, most recently, the president. Joe “Middle-Class Joe” Biden was born into a wealthy and impoverished family and lived most of his life in the middle class.
How Much is Joe Biden Worth Today?
President Biden’s net worth is currently estimated at $9 million, which is a big increase over his previous earnings. There are two properties in Delaware owned by President Biden and his wife First Lady Dr. Jill Biden, $4 million in cash or investments, and a federal pension worth more than $1 million, according to Forbes’ estimation in 2019.
For 2016 through 2018, the Bidens disclosed their tax forms, which indicated that the Bidens paid around a third of their income in taxes and that they contributed a considerable amount of money to charity in 2017 and 2018 ($1 million and $275,000, respectively), before President Biden took office.
They filed their tax returns on May 17, 2021, reporting a federal adjusted gross income of $607,336 and paying $157,414 in taxes for the year 2020. You can see their most recent tax returns by clicking here.
If you’re curious, Vice President Kamala Harris’ net worth is estimated to be roughly $6.3 million, according to the New York Times. On the same day, she released her and Doug Emhoff’s tax filings for 2020.
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How Did Joe Biden Make His Money?
Joe Biden Sr., who had a major impact on his son, came from wealth—his father controlled a section of American Oil. But Joe Sr. set out as an entrepreneur and had multiple business failures, leaving the family penniless, according to his son’s story (at one time the children even went to stay with their grandmother) (at one point the children even went to stay with their grandmother).
Joe Sr. eventually found work selling automobiles and the family settled in Delaware–where they stay to this day—and Joe Jr. finished a work-study program to attend the elite Archmere Academy in Claymont.
President Biden started working at a legal business after his marriage to his first wife Neilia and later became one of the youngest senators ever elected with a beginning salary of roughly $42,500 a year ($250,000 in today’s money, adjusted for inflation).
He started disclosing his tax returns in 1998. Dr. Biden’s work in community colleges also contributed to their overall income; she’s been an educator for more than three decades. In 2009, President Biden’s senator pay was $169,300, then his compensation as President Obama’s vice president was roughly $225,000 every year.
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How Much Did Joe Biden Make as Vice President?
President Biden filed a financial disclosure form stating that he had a net worth of between $897,000 and $489,000.” He made roughly $225,000 a year as a vice president.
He and Dr. Biden have reportedly earned more than $15 million in lecture fees and book tours since their divorce in 2011, as well as leadership roles at the Penn-Biden Center for Diplomacy & Global Engagement, the university’s school of international affairs. After making more donations and paying off one of their mortgages, as well as a line of credit for one of their kids, they were able to buy a new home near Rehoboth Beach.
What is Joe Biden’s Salary as President?
A salary is mandated by US law for the president of the United States. As of 2001, Congress increased the president’s yearly pay from $200k to $400k, in addition to providing a $50,000 expenditure reimbursement.
In addition, the president receives a non-taxable travel allowance of $100,000 and a personal amenity allowance of $19,000 every year. There is no tax on the president’s salary, but there is a tax on the additional expenses.
During her time as First Lady, Dr. Biden intends to carry on her work as an educator.
Last August, she told CBS Sunday Morning, “If we get to the White House, I’m going to continue to teach. As a teacher, it’s crucial to me that students recognize the worth of teachers’ work and appreciate their contributions to society. Thus, she is the first and only First Lady with a salaried job and a doctorate.