As we delve into Joe Biden’s financial journey, his net worth in 2024 is estimated at $10 million. Born on November 20, 1942, in Scranton, Pennsylvania, Biden’s path to the presidency has been marked by decades of public service.
After studying at the University of Delaware and Syracuse University College of Law, he began his political career on the New Castle County Council in 1970. By 29, he had become one of the youngest U.S. Senators, representing Delaware from 1973 to 2009.
During his Senate years, President Biden achieved significant criminal justice, foreign policy, and civil rights achievements, including the Violence Against Women Act of 1994. As curiosity about his finances grows, we aim to provide a detailed look at the income streams and investments that shape his net worth.
Joe Biden, the 46th President of the United States, boasts an estimated net worth of $10 million. His long career in public service began as a Senator from Delaware, serving from 1973 to 2009, before he became the 47th Vice President under President Barack Obama from 2009 to 2017.
After securing the Democratic nomination in 2020, he defeated Donald Trump to win the presidency. Biden’s wealth has seen significant growth over the years. As vice president, his net worth was around $2.5 million, which increased to approximately $8 million after leaving office.
By August 2023, Forbes reported that his net worth had risen to $10 million. This increase can be attributed mainly to lucrative book deals and speaking fees, which supplement his steady political income.
During his tenure in the Senate, Biden’s salary grew from $42,500 annually in 1973 to $169,300 before he left in 2009. As vice president, he earned $230,700 annually, and his presidential salary is $400,000 annually. His financial journey reflects both his enduring dedication to public service and his successful ventures outside of politics.
As the President of the United States, Joe Biden earns an annual salary of $400,000. This figure is complemented by additional financial benefits, including an annual expense account of $50,000, a nontaxable travel account of $100,000, and an entertainment allowance of $19,000. These funds support the various duties and responsibilities that come with the presidency.
Despite these allowances, the President is required to pay income taxes on his earnings during his term. Furthermore, after leaving office, presidents receive a pension that matches the salary of an Executive Level I official, ensuring financial stability post-presidency. This comprehensive compensation package reflects the high demands and significant responsibilities of the nation’s highest office.
Joe Biden’s first memoir, “Promises to Keep,” brought in $71,000 in royalties and an additional $9,500 from audiobook rights. However, his financial gains extended far beyond this initial literary success. After his vice presidency, Biden and his wife, Jill, capitalized on their public profiles and expertise.
According to Forbes, the Bidens earned over $15 million from 2017 to 2019. This impressive income was bolstered by an $8 million deal for Biden’s second book, lucrative book tour events worth $1.8 million, and significant speaking fees totaling $2.4 million.
Among these engagements was the Benjamin Franklin presidential professorship at the University of Pennsylvania, showcasing Biden’s continued influence and demand in various arenas.
President Joe Biden owns two impressive homes in Delaware, collectively valued at approximately $7 million. His most valuable property is a 4,800-square-foot summer home in Rehoboth Beach, purchased in 2017 for $2.74 million.
Today, this beautiful beachfront property is estimated to be worth $4.5 million, reflecting a significant increase of $1.7 million since his purchase.
Biden’s primary residence is located in the upscale Greenville neighborhood of Wilmington, Delaware. This home, which overlooks a man-made lake originally built by the du Pont family, was bought by Joe and Jill Biden in 1997 for $350,000.
The property’s value has risen substantially, with similar homes recently selling for over $2 million in the area. Currently, the home is estimated to be worth $2.5 million, showing an increase of $700,000 in recent years. These two properties account for a substantial portion of President Biden’s wealth, about two-thirds of his net worth.
Over the years, financial disclosure forms have shed light on Joe Biden’s challenges with debt. For a significant portion of his career, his primary financial asset was his home in Delaware, against which he took out multiple loans.
From 1983 to 2015, Biden borrowed against the cash value of his life insurance policies, which were valued at up to $50,000. In 2013, he took out a mortgage on his home, and by 2015, he owed between $500,000 and $1 million on the property.
Despite these debts, Biden found a way to generate additional income. While serving as vice president, he and Jill rented out their guest house to members of the Secret Service, earning $2,200 per month.
This arrangement brought in about $170,000 in rental income during that period, providing a helpful financial boost. These disclosures paint a picture of a man who faced financial struggles despite his high-profile career and worked creatively to manage them.
After leaving the White House, Joe and Jill Biden have earned a substantial income from speaking engagements and book deals, totaling at least $15 million.
Joe Biden, in particular, has become a sought-after public speaker, often commanding fees in the hundreds of thousands for a single appearance. In one notable instance, he earned $190,000 for a speech at Drew University in New Jersey in 2018.
Between 2017 and 2018, Biden delivered 40 speeches, each bringing in five-figure or six-figure sums. This lucrative period highlights how the former Vice President leveraged his extensive experience and public profile to generate significant post-office income, contributing greatly to his overall wealth.
On April 18, the Bidens made their 2023 tax returns public, offering a transparent look into their earnings. For 2023, they reported an adjusted gross income of $619,976. This income primarily came from President Biden’s $400,000 salary and the First Lady’s earnings of $85,985 as an educator at Northern Virginia Community College.
Additionally, they received approximately $134,000 from Social Security payments. The Bidens paid $146,629 in federal income tax, resulting in an effective tax rate of 23.7%.
They also paid $30,908 in Delaware income tax and $3,549 in Virginia income tax. The detailed tax return revealed that they owed $4,632 to the federal government but were due refunds of $846 from Virginia and $10 from Delaware.
Demonstrating their commitment to giving back, the Bidens donated $20,000 to 17 different charities in 2023, including a notable $5,000 donation to the Beau Biden Foundation.
Their tax returns reflect a blend of public service earnings, responsible tax payments, and charitable contributions, painting a comprehensive picture of their financial activities.
During his tenure as vice president under the Obama Administration, Joe Biden once referred to himself as “the poorest man in Congress” during a speech on ABC. This remark sparked controversy and criticism. Despite this claim, Biden’s financial standing has seen significant changes over the years.
At one point, Biden’s wealth surged, reaching $17.3 million, largely accumulated during the four years he was out of public office. This period saw substantial income from book deals, speaking engagements, and other ventures.
Biden’s net worth is estimated to be around $10 million, with a significant portion tied up in real estate assets, including his homes in Delaware. The Democratic president’s financial journey reflects a series of fluctuations influenced by his career transitions and personal financial decisions.
A more detailed picture of his current net worth will emerge with the release of the Biden family’s 2023 tax returns, providing additional insights ahead of the next election day.
Joseph Robinette Biden Jr. was born in Scranton, Pennsylvania, on November 20, 1942. Raised in a Catholic family with three siblings, young Joe experienced economic hardships when his father’s work prospects dwindled during the 1950s.
The Biden family eventually relocated to Delaware, where his father found employment as a used car salesman. In high school, Joe Biden became a standout on the football team and was elected class president, showcasing his leadership skills early on.
He continued his football career at the University of Delaware, where he double-majored in history and political science and graduated in 1965 with a bachelor’s degree. Biden then attended Syracuse University College of Law, earning his law degree in 1968 despite a notable plagiarism accusation.
During his college years, Biden deferred his military draft during the Vietnam War and later received a medical deferment for asthma upon graduation, even though he had been an athlete throughout his youth.
After college, Joe Biden began his career as a law clerk before transitioning to work as a public defender and eventually starting his own law firm. His political journey kicked off in 1969 when he successfully ran for the New Castle County Council seat.
This victory spurred his ambitions, leading him to run for the US Senate. In 1972, despite being an underdog, Biden won the US Senate election in Delaware at the young age of 30, making him one of the youngest senators in US history.
His Senate career was marked by significant roles, including chairing the Senate Judiciary Committee and the Senate Foreign Relations Committee, where he played a pivotal role in shaping key legislation and foreign policy.
Biden’s first bid for the Democratic presidential nomination in 1987 was marred by controversy, including accusations of plagiarism, which led to his withdrawal from the race. Undeterred, he tried again in 2008 but faced challenges in fundraising and campaign blunders.
However, this campaign led to his selection as Barack Obama’s running mate. Biden served as Vice President from 2009 to 2017, focusing on critical issues such as economic recovery and foreign policy.
In 2020, Biden emerged as the Democratic nominee for president after a hard-fought primary and a challenging general election against incumbent President Donald Trump.
He was inaugurated as the 46th President of the United States on January 20, 2021. Looking ahead, Biden has announced his intention to run for re-election in 2024, continuing his efforts to tackle the nation’s pressing issues.
In 1966, Joe Biden married Neilia Hunter, and together they had three children: Hunter, Beau, and Naomi. Sadly, in December 1972, Neilia and one-year-old Naomi died in a car crash, a tragedy that profoundly affected Biden and his family.
In 1975, Joe was introduced to Jill Jacobs on a blind date, and they married in June 1977. They have one daughter together, Ashley. Over the years, the Biden family has grown to include seven grandchildren, bringing joy and continuity amidst their trials.
Tragedy struck again in May 2015 when Biden’s son, Beau, passed away from cancer, marking another heartbreaking chapter in Joe Biden’s personal life. Despite these losses, Biden’s family remains a central pillar of his life and career.
Joe Biden’s net worth of $10 million reflects a life dedicated to public service, complemented by strategic financial decisions and lucrative opportunities post-office. From his early days as a senator to his tenure as Vice President and now President, Biden’s financial journey mirrors his professional one, marked by resilience and growth.
He’s maintained a stable and respectable financial standing despite personal tragedies and financial challenges. As he continues his presidency, his financial disclosures offer a transparent look at the balance between his public service and personal wealth.
Joe Biden’s story isn’t just one of political ambition but also of navigating the complex interplay between service and personal prosperity.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
