Joe Biden’s net worth is estimated at $9 million. This reflects decades of public service, lucrative book deals, and high-profile speaking engagements.
As the 46th President of the United States, Biden’s financial standing has evolved significantly from his early years in politics.
This article provides a detailed breakdown of his income, assets, and financial milestones, offering a comprehensive look at how he built his wealth over time.
Joe Biden Net Worth and Salary
As of 2024, Joe Biden’s net worth is estimated at $9 million. His wealth comes from a combination of government salaries, book deals, speaking engagements, and real estate investments.
Presidential Salary and Perks
As President of the United States, Biden earns a base salary of $400,000 per year. In addition, he receives:
- $50,000 for annual expenses.
- $100,000 in a nontaxable travel account.
- $19,000 for entertainment-related expenses.
Before moving into the White House, Biden also received $100,000 for redecorating purposes.
| Income Source | Amount (Annual) |
|---|---|
| Presidential Salary | $400,000 |
| Annual Expense Account | $50,000 |
| Travel Account (Nontaxable) | $100,000 |
| Entertainment Stipend | $19,000 |
Early Life and Career Beginnings
Early Struggles and Education
Joe Biden was born on November 20, 1942, in Scranton, Pennsylvania. His family faced financial struggles during his early years, prompting a move to Delaware. His father worked as a used car salesman to support the family.
Biden excelled in school, playing football and serving as class president. He attended the University of Delaware, earning degrees in history and political science, and later graduated from Syracuse University College of Law.
Entry into Politics
Biden entered politics in 1969, winning a seat on the New Castle County Council. He quickly set his sights on the U.S. Senate and, at age 30, became one of the youngest people elected to the Senate in 1972. His early political career set the stage for his future success.
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Joe Biden’s Financial Evolution
Modest Beginnings in the Senate
For much of his Senate career, Biden referred to himself as “Middle-Class Joe” due to his relatively modest income. His net worth during his time in the Senate hovered around $500,000. From 1998 to 2009, he and his wife, Jill, reported an average annual income of $215,000.
Vice Presidential Income
Biden’s financial situation improved significantly after becoming the 47th Vice President under President Barack Obama. His income rose to approximately $390,000 per year, thanks to his salary and additional benefits.
| Year | Income | Key Sources |
|---|---|---|
| 1998 | $215,000 | Senate Salary and Pensions |
| 2009 | $390,000 | Vice Presidential Salary and Benefits |
| 2016 | $1.5 million | Final VP Financial Disclosure |
Post-Vice Presidency Earnings
Income from Book Deals
After leaving office in 2017, Biden capitalized on his public profile with lucrative book deals. He and Jill signed a $10 million book deal to write three books. His memoir, Promise Me, Dad, was a commercial success.
Speaking Engagements
Biden also became a sought-after public speaker, earning between $100,000 and $200,000 per speech. In 2018, he made $190,000 for a single speech at Drew University. Over two years, he delivered over 40 speeches, generating substantial income.
| Source | Estimated Earnings |
|---|---|
| Book Deal | $10 million |
| Paid Speeches | $100,000–$200,000 each |
Real Estate Investments
Primary Residence
Biden’s primary home is in Greenville, Wilmington, Delaware, purchased in 1997 for $350,000. The property, overlooking a man-made lake, is now worth over $2 million.
Vacation Home
In 2017, the Bidens bought a $2.74 million vacation home in Rehoboth Beach, Delaware. This six-bedroom property is a significant part of their real estate portfolio.
Rental Income
Between 2018 and 2019, Biden rented a $4 million mansion in McLean, Virginia, for $20,000 per month. Additionally, he earned $2,200 per month by renting his guest house to Secret Service members.
Tax Returns and Charitable Donations
The Bidens have consistently made their tax returns public, demonstrating transparency in their finances. Recent returns reveal the following:
| Year | Adjusted Gross Income | Federal Tax Paid | Effective Tax Rate |
|---|---|---|---|
| 2016 | $400,000 | $91,000 | 22.7% |
| 2017 | $11 million | $3.1 million | 28.2% |
| 2023 | $619,976 | $146,629 | 23.7% |
In 2023, the Bidens donated $20,000 to 17 different charities, including a $5,000 contribution to the Beau Biden Foundation.
Debt and Financial Challenges
Biden has faced financial challenges, including significant debt. He took out multiple loans against his home in Delaware and borrowed against his life insurance policies. His financial disclosures from 2015 revealed a mortgage balance between $500,000 and $1 million.
| Debt Source | Estimated Amount |
|---|---|
| Mortgage (2013) | $500,000–$1 million |
| Life Insurance Loans | Up to $50,000 |
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Jill Biden’s Contributions
Jill Biden, a professor at Northern Virginia Community College, earns approximately $100,000 per year. Her income, combined with Joe’s, has contributed to their financial stability.
Conclusion
Joe Biden’s financial journey reflects a steady rise from modest beginnings to significant wealth.
His career in public service, combined with book deals and speaking engagements, has helped him accumulate a net worth of $9 million.
Despite past financial challenges, the Bidens have built a diverse portfolio that includes real estate, public speaking, and charitable contributions.
As Biden continues his presidency, his financial legacy will remain a point of public interest.
