Joe Biden had a very lucrative period between White House stints, making a reported $ 17.3 million in the four years between leaving the Obama administration and becoming president in 2020.
But despite the high earnings during that period, Biden had a surprisingly low net worth as he returned to the White House, less than half of the money he made during that period. Read on to learn just how Biden made his money, and what happened to the rest of his net worth.
Biden Makes Millions
As Forbes reported, Joe and Jill Biden had been gradually building their net worth over the last several years, starting with $ 2.5 million when the Obama administration left the White House and earning more than $ 11 million over the next year. It is not uncommon for presidents and vice presidents to see a significant increase to their net worth shortly after taking office, as they are now free to pursue opportunities not available to them during their time in the White House. Bill Clinton and Barack Obama both scored book deals and gave lucrative speeches, making six figures for a day of work.
As Forbes noted, the Bidens continued to build their net worth during Donald Trump’s time in office.
"They raked in $ 4.6 million the next year, followed by $ 1 million in 2019 and $ 630,000 in 2020," the report noted.
Bidens Give Back
Despite making a hefty sum during that time, the Bidens re-entered the White House with less than half of that in net worth. As Forbes explained, more than $ 8 million of the $ 17.3 million was gone rather quickly
"Well, $ 7 million of it covered taxes, another $ 1.3 million went to charity, $ 180,000 paid for household staff and an estimated $ 80,000 went toward interest on mortgages," the report noted, adding that it was not entirely clear what happened to the remaining millions of dollars that he’s short.
Biden Nowhere Near His Predecessor
While the Bidens are still doing quite well at a seven-figure net worth, they are not anywhere close to the wealth of their predecessor in the White House. Donald Trump had the largest net worth of any American president, with Forbes putting his net worth at roughly $ 2.4 billion. While the Bidens had just a few sources of revenue, Trump has taken in millions from a variety of different avenues, though most of it came through his Manhattan-based real estate company.
Time To Make More
Joe Biden’s net worth will likely grow again when he is out of office. As Vox noted, Barack and Michelle Obama earned a $ 65 million book advance after leaving the White House. Bill Clinton earned $ 15 million for his own book deal.
While it’s not clear what plans Biden may have after leaving office — and he may not spend much time thinking about it given his busy slate in the White House — it’s certain that he will have plenty of opportunities to grow his net worth even further.
