When we think about Joe Biden net worth, many might associate it with his long political career, which has included roles as U.S. Senator, Vice President, and now President.
But how did Joe Biden accumulate his wealth over the years? From his early political career to his income after leaving the Vice Presidency, Biden’s financial journey is a fascinating one.
In this article, we’ll explore Biden’s income sources, wealth accumulation, salary, and more. As we dive into these details, let’s also look at how he compares to other famous politicians and what factors have contributed to his current net worth.
Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Joseph Robinette Biden Jr. |
| Popular Name | Joe Biden |
| Gender | Male |
| Birth Date | November 20, 1942 |
| Age | 82 years old (as of 2024) |
| Parents | Catherine Eugenia Finnegan Biden, Joseph R. Biden Sr. |
| Siblings | 3 (including Valerie Biden Owens) |
| Birthplace | Scranton, Pennsylvania |
| Nationality | American |
| Ethnicity | Irish descent |
| Education | Bachelor’s degree from University of Delaware, Law degree from Syracuse University |
| Marital Status | Married |
| Spouse | Jill Biden (m. 1977), Neilia Hunter Biden (m. 1966–1972) |
| Children | 4 (Beau Biden, Hunter Biden, Ashley Biden, Naomi Biden) |
| Dating | N/A (Currently married to Jill Biden) |
| Net Worth | $10 million |
| Source of Wealth | Political career, book deals, speaking engagements, pensions |
| Height | 6 ft (183 cm) |
What is the Net Worth Of Joe Biden in 2024?
Joe Biden’s net worth in 2024 is estimated to be around $10 million. This is a significant increase from his earlier years, when he was known as one of the poorest members of Congress. Most of Biden’s wealth comes from speaking engagements, book deals, and his pension from his long political career.
To put Biden’s wealth into perspective, here are a few of his colleagues and contemporaries in politics whose net worth is worth comparing:
- Barack Obama
- Donald Trump
- Hillary Clinton
- Bill Clinton
- George W. Bush
- Kamala Harris
- Nancy Pelosi
- Bernie Sanders
- Mitch McConnell
- John Kerry
For more on the wealth of prominent politicians, check out our page on the richest politicians.
Joe Biden Wealth, Salary, and Finance Overview
His Early Political Career Earnings
Joe Biden started his political career at just 29 years old, when he was elected to the New Castle County Council. Soon after, he became one of the youngest members of the U.S. Senate in 1973.
As a Senator, Biden’s salary was modest, especially compared to later years. He often referred to himself as middle-class Joe, highlighting his financial struggles early on.
By the time he left the Senate in 2009, Biden’s annual income had increased to about $215,000, which included his salary, along with pensions and Social Security. Despite his relatively modest earnings compared to some of his wealthier peers, Biden lived frugally for many years.
His Salary and Income as Vice President
Biden’s financial situation improved dramatically when he became Vice President under Barack Obama.
As Vice President, Joe Biden earned a $400,000 salary, along with various allowances, including $50,000 for expenses, $100,000 for travel, and $19,000 for entertainment annually. These benefits significantly increased Biden’s annual income.
During his time as Vice President, Biden’s finances were further bolstered by his wife Jill Biden’s salary as a college professor, which brought in an additional $100,000 annually.
With these combined incomes, the Biden family’s financial situation was far more stable than it had been earlier in his career.
His Post-Vice Presidency Income
After leaving the Vice Presidency, Biden began making substantial income through speaking engagements and book deals. For example, in 2017, he signed a $10 million book deal, which included multiple books.
His memoir, Promise Me, Dad, about the loss of his son, was highly successful. Biden also made over $4 million in speaking fees in 2017 alone. Each speaking engagement earned him between $100,000 and $200,000, making this a significant source of his wealth.
His Real Estate Holdings and Wealth
Biden has also invested in real estate, which has contributed to his wealth. He and his wife Jill own a $2 million home in Wilmington, Delaware, which was purchased in 1997.
In addition to this, the Bidens purchased a $2.74 million beach house in Rehoboth Beach, Delaware, in 2017. These properties, particularly their long-term residence in Wilmington, have appreciated in value over time, adding to Biden’s net worth.
While serving as Vice President, Joe Biden also made extra income from renting out a guest house to the Secret Service agents, generating $170,000 from the rental over several years. This passive income from real estate is just one of the many ways Biden has capitalized on his assets.
His Financial Achievements
After leaving office, Biden’s financial fortunes soared. His book deals and public speaking engagements helped him earn millions.
For instance, between 2016 and 2019, Biden earned nearly $17 million, mostly from book sales and speeches. This financial boost was important, as it transformed Biden into a millionaire after years of relatively modest earnings in public office.
Additionally, Joe Biden’s tax returns reveal that in 2023, his family earned $619,976, with an effective tax rate of 23.7%. His charitable contributions of $20,000 in 2023 also reflect his commitment to giving back, including donations to the Beau Biden Foundation.
FAQs About Joe Biden
What is Joe Biden’s salary as President?
As President of the United States, Joe Biden earns a $400,000 annual salary, in addition to various allowances such as $50,000 for expenses, $100,000 for travel, and $19,000 for entertainment.
How did Joe Biden earn most of his wealth?
His wealth mainly comes from book deals, public speaking engagements, and his pension as a former Vice President. His income from these sources significantly increased after leaving public office.
What are Joe Biden’s sources of income?
His income sources include his salary as President, speaking fees, book royalties, and his wife Jill Biden’s salary as a teacher. Additionally, he earns income from his real estate properties.
How much did Joe Biden earn from his book deals?
He signed a $10 million book deal after leaving the Vice Presidency. He earned millions from his memoir Promise Me, Dad and the subsequent book tour.
Does he have any investments?
His investments are mainly in real estate, including his Delaware residence and a vacation home in Rehoboth Beach, which have both appreciated in value over time.
How much did he earn from speaking engagements?
He earned between $100,000 and $200,000 for each speaking engagement after leaving the Vice Presidency. In 2017, he made over $4 million in speaking fees.
How does he manage his wealth?
He manages his wealth through real estate investments, book deals, and public speaking engagements. He also benefits from his pension and Social Security payments.
What charitable contributions has he made?
He has made significant charitable contributions, including $20,000 in 2023 to organizations such as the Beau Biden Foundation.
What financial challenges has he faced?
He has faced financial challenges, including taking out several loans against his real estate and life insurance policies. However, these financial struggles have not hindered his wealth accumulation.
Conclusion
Joe Biden’s financial journey is a testament to his long career in public service and the post-office opportunities that came with it. If you’re interested in learning more about prominent figures like Joe Biden, pennbookcenter.com has a wealth of information on the finances of famous individuals.
