Joe Biden, the 46th President of the United States, has had a distinguished career in public service spanning over five decades. From becoming one of the youngest individuals ever elected to the U.S. Senate at age 29 to serving as the 47th Vice President under Barack Obama and later being elected as President in 2020, Biden’s journey reflects dedication and resilience. Today, his net worth is estimated at $10 million, a figure built on his presidential salary, real estate holdings, pensions, and book royalties.
2023 Earnings Overview
Presidential Salary and Teaching Income
In 2023, President Biden and First Lady Jill Biden earned approximately $620,000 before taxes, as reported in their 2024 tax return. This marks an increase from the $580,000 they earned in 2022. Biden’s annual presidential salary of $400,000 forms the bulk of this income. Meanwhile, Jill Biden contributes to the family’s earnings with her role as a full-time English professor at Northern Virginia Community College, earning an annual salary of $86,000.
Additional Income Streams
The Bidens’ 2023 income also included:
- $55,000 in taxable Social Security benefits.
- $35,000 in pensions and annuities.
- $39,000 in interest from investments.
- $4,100 from book royalties, collected through a limited liability company (LLC).
The couple’s effective tax rate for 2023 was 24%, with federal income taxes totaling approximately $147,000.
Net Worth Growth and Assets
Wealth Growth Since 2021
When Joe Biden assumed office in 2021, his estimated net worth stood at $8 million. By 2024, his wealth had grown by 25%, reaching $10 million. This growth can be attributed to:
- His presidential salary.
- Rising real estate values.
- A strong stock market boosting his investments.
Charitable Contributions
In 2023, the Bidens reported $20,477 in charitable donations to 17 different organizations. Notable beneficiaries included the Beau Biden Foundation, the Tragedy Assistance Program for Survivors, and the National Fraternal Order of Police Foundation.
Income from Books and Speaking Engagements
Post-Vice Presidency Earnings
Following his tenure as Vice President, Biden capitalized on book deals and speaking engagements, earning more than $15 million in the two years after the Obama administration. Notable income sources during this period included:
- Book royalties from his memoir and other publications.
- Speaking fees from high-profile engagements.
Academic Role
During this same time, Biden served as a Benjamin Franklin Presidential Professor of Practice at the University of Pennsylvania, earning more than $540,400 in this role. This position underscored his expertise and experience in public policy and diplomacy.
Real Estate Holdings
Properties in Delaware
Real estate is a significant component of Joe Biden’s wealth. The Bidens own two notable properties in Delaware:
- Summer Home in Rehoboth Beach:
- Nearly 5,000 square feet.
- Estimated value: $4.5 million.
- This luxurious home serves as a retreat for the President and his family.
- Primary Residence in Wilmington:
- Estimated value: $2.5 million.
- This property has been Biden’s long-time residence, symbolizing his deep connection to his home state.
Real Estate Investments
The appreciation of these properties has contributed significantly to the Bidens’ net worth. Their choice of prime locations and the rising demand for real estate in these areas have amplified their value over time.
Family Life and Legacy
The Biden Family
Joe Biden was born on November 20, 1942, making him 81 years old as of 2024. He and Jill Biden share a close-knit family that includes their children and grandchildren. Their family legacy is deeply tied to public service and community engagement, as reflected in their charitable endeavors.
The Beau Biden Foundation
Named after their late son, Beau Biden, the foundation focuses on protecting children from abuse and supporting families in need. The Bidens’ consistent support for the foundation underscores their commitment to honoring Beau’s legacy.
Conclusion
President Joe Biden’s net worth of $10 million reflects a life dedicated to public service, combined with strategic financial management. His income sources—ranging from his presidential salary to book royalties and real estate holdings—highlight his ability to balance leadership with financial stewardship. As the 46th President of the United States, Biden continues to lead with a focus on progress and equity, ensuring that his legacy extends beyond his financial accomplishments to impact the nation and its people positively.