Joe Biden: Net worth of the President of the United States

Joe Biden is a U.S. politician currently serving as the 46th President of the United States. A longtime member of the Democratic Party, he previously held the position of 47th Vice President from 2009 to 2017 during Barack Obama’s presidency. Before ascending to the vice presidency, Biden had a lengthy tenure as a U.S. Senator representing the state of Delaware, serving in that capacity from 1973 until 2009. His political career has spanned over four decades, culminating in his election as the current commander-in-chief after having served both in the legislative and executive branches of the federal government.

As of 2024, U.S. President Joe Biden has amassed an estimated net worth of around $10 million. The primary source of Biden’s substantial wealth stems from his decades-long career in public service, encompassing his time as a U.S. Senator and his later role as Vice President. Additionally, Biden has garnered significant income through lucrative book deals and commanding fees for speaking engagements he has undertaken since leaving elected office. Biden’s net worth of $10 million places him among affluent public figures, accumulated primarily through his long tenure in government and subsequent private ventures after departing from his official capacities.

In his role as the President of the United States, Joe Biden receives an annual salary of $400,000. Financial disclosures released by the White House in May 2023 revealed that as of 2022, Biden’s assets ranged between $1 million and $2.65 million. This asset range showed minimal fluctuation compared to 2021, his first complete year serving in the White House.

Joe Biden’s Real Estate Holdings

As President, Biden owns two homes in Delaware with a combined current value of approximately $7 million. When he assumed the presidency, these properties were worth $1.8 million less, but have appreciated significantly due to the booming real estate market.

Real estate has long been an area of interest for Biden. At around 25 years old, he purchased three homes and 85 acres of land in Maryland to establish a large family compound. Before that ambition, he had converted those homes into rental properties.

Rather than residing in those Maryland homes, the Biden family opted to live rent-free in a nearby cottage as part of an arrangement where Biden maintained the local swimming pool. This living situation allowed them to have accommodations without paying rent.

Joe Biden’s Political Career

Joe Biden embarked on his political journey at a remarkably young age, becoming one of the youngest senators ever elected when he won a seat representing Delaware in the U.S. Senate at just 29 years old in 1972.

Over the ensuing decades, Biden dedicated himself to serving as a U.S. Senator, assuming influential leadership roles such as chairing the Senate Judiciary Committee and the Senate Foreign Relations Committee. He made two unsuccessful bids for the presidency in 1988 and 2008 before securing the vice presidency under President Obama from 2009 to 2017.

Finally, on January 20, 2021, Biden realized his long-held ambition by being sworn in as the President of the United States. Despite enduring profound personal tragedy early in his congressional tenure, Biden persevered, gaining extensive experience in the legislative branch before eventually attaining the nation’s highest office after a lengthy political career spanning multiple roles and campaigns.

Joe Biden’s Tax Returns

On April 18, 2023, President Joe Biden and First Lady Jill Biden publicly released their 2022 tax returns, providing transparency into the couple’s earnings for the year. Their income stemmed primarily from two main sources – the President’s $400,000 annual salary and Dr. Jill Biden’s $82,335 earnings as an educator at Northern Virginia Community College, where she took a position after her husband became Vice President.

When accounting for additional income from Social Security, pensions, annuities, taxable interest, and other smaller sources, Biden’s joint federal tax return showed an adjusted gross income of $579,514 for 2022. Out of this total income, the couple paid a combined $169,820 in federal, Delaware state, and Virginia state taxes. Their effective federal income tax rate was 23.8%, as stated by the White House. However, even after withholdings throughout the year, the Bidens still owed $4,632 to the federal government when filing their 2022 returns.

The public release of the President and First Lady’s tax documents offers citizens insight into the earnings and finances of the First Family, fostering transparency about their income sources, total taxable income, tax obligations fulfilled, and remaining balances owed to authorities.

Despite his substantial wealth accumulated over a lifetime of public service, the public disclosures provide transparency into the finances of the presidential family, detailing their income streams, multimillion-dollar real estate holdings, tax obligations and perseverance through profound adversity on Biden’s path to the presidency.