Joe Biden has called himself “Middle-Class Joe” for decades, but the former vice president and currently elected president is actually a millionaire, many times over. At the beginning of his presidential of 2020, Biden disclosed his financial information which was the disclosures as well as state and federal tax returns for 2016, 2017, and 2018 and based on those forms, According to the Forbes estimation he has a net worth of $9 million.
according to Decision Desk HQ, Biden overstepped the 270 electoral votes essential t,o win the White House by flipping the battleground state of Pennsylvania on the morning of November 9.
Biden dominated Trump in national polling for months. His victory came after two full days of vote counting, largely because of the surge of mail-in voting amid the coronavirus pandemic
Biden has famously acclaimed himself as the poorest member of the Senate and referred to himself as “Middle-Class Joe.”
Before Biden served as a Vice President, he was a Senator from 1973 to 2009.
Over the time of his tenure, his salary rose from $42,500 per year to $174,000 per year, according to the historical records of the Senate. When he was appointed as a Vice President, he got another raise, earning approximately $230,000 a year.
As of November 2009, Joe Biden’s net worth was less than $30,000, according to CBS, but life post-vice presidency has been relatively lucrative for President Obama’s former number two. When Biden published his financial disclosures in July of 2019, they revealed that he and his wife Jill had earned more than $15 million in 2017 and 2018.
More precisely, the Biden’s recorded an adjusted gross income of approximately $11 million in 2017 and $4.6 million in 2018. The majority of that amount comes from a multi-book deal with Flatiron Books valued at $8 million per Publishers Weekly, but the Biden’s also received an ample income from speaking engagements.
The AP reports that Biden’s basic speaking fee was $100,000, but it varied from $40,000 to $190,000. The New York Times also notes that Biden earned additional unpaid speaking engagements during this time which are not documented on the disclosure, citing his campaign.
The majority of the Biden’s income is in real estate, but they have a portfolio of investments too.
According to the Forbes, the Biden has two homes in Delaware which are worth a combined $4 million. The Forbes also notes that they have “cash and investments worth another $4 million or so” as well as a $1 million federal pension.
According to the Washington Post, Biden also rented a luxurious mansion recently in McLean, Virginia. Democratic 2020 U.S. presidential candidate and former U.S. Vice President Joe Biden speak during a town hall meeting at Iowa State University in Ames, Iowa. Reuters
They started renting Manson in 2017 after resigning the vice presidency. The rental price for the sprawling 12,000-square-foot residence with marble finishes, a gym, sauna, and enough parking for 20 cars was referred to as “substantial” by Biden’s campaign in June 2019.
The Washington Post concluded that the monthly rent for the home hovered around $20,000, according to Zillow.Biden's presidential salary will be $400,000 per year. Click To Tweet
The United States also affords its Commander in Chief a $50,000 expense allowance “to assist in defraying expenses relating to or resulting from the discharge of his official duties”.
Besides, the disclosures disclose that the former VP earned $540,000 as a professor at the University of Pennsylvania’s Penn Biden Center for Diplomacy and Global Engagement.
His wife, Dr. Jill Biden also recently said that “she will continue to teach at community college when her husband is in the White House. “It’s important,” she told, “and I want people to value teachers and know their contributions, and lift the profession.”
Biden’s earnings in 2009, his last year in the Senate, was $169,000. The vice presidency came with a 30% raise; he received an average of $225,000 per year and served as vice president from 2009 to 2017. Forbes also noted that the pair earned approximately half a million dollars in pensions and social security benefits over the time of those eight years.
But most of the Bidens’ property was made after he left office. All in all, the couple noted earning $11 million directly after leaving the White House in 2017, $4.5 million in 2018, and roughly $1 million in 2019 before Biden officially announced his candidacy, according to Forbes.
Even with his multimillionaire reputation, Biden was not the wealthiest Democratic presidential candidate at the beginning of the race.