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Key Takeaways
- President Joe Biden and first lady Jill Biden have an estimated net worth of $10 million, according to Forbes.
- President Biden and the first lady earned about $620,000 before taxes in 2023, according to their tax return, which was released in April 2024 by the White House.
- Biden earns $400,000 annually for being president, and first lady Jill Biden earns an annual salary of about $86,000 for her full-time teaching job at Northern Virginia Community College.
President Joe Biden, the 46th president and current U.S. president, has been an elected government official since the age of 29, when he became one of the youngest people elected to the U.S. Senate. Biden was a senator from Delaware for 36 years before becoming the 47th Vice President of the U.S. in the Obama administration, and was elected to the White House in 2020.
President Biden and first lady Jill Biden have a net worth of about $10 million, according to an estimate by Forbes.
The Bidens’ wealth comes from his presidential salary, real estate, pensions and annuities, book royalties, and more. Here are President Biden’s 2023 earnings and net worth.
Investopedia / Ellen Lindner
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Investopedia / Ellen Lindner
Biden 2023 Earnings
President Biden and the First Lady earned about $620,000 before taxes in 2023, according to their tax return which was released in April 2024 by the White House. That number is up from the reported $580,000 the Bidens earned in 2022. The president and first lady paid about $147,000 in federal income taxes last year, with an effective tax rate of 24%—the effective tax rate is the percentage of someone’s taxable income that they pay in taxes.
Biden earns $400,000 annually for being the president, and first lady Jill Biden earns an annual salary of about $86,000 for her full-time teaching job at Northern Virginia Community College, where she teaches English. In 2023, the Bidens also earned approximately $55,000 in taxable Social Security benefits, $35,000 in pensions and annuities, and $39,000 in interest. The Bidens also earned about $4,100 from book royalties, which were collected by a limited liability company (LLC) the couple has.
Biden Net Worth
When Biden took office in 2021, he had an estimated net worth of $8 million, which has since grown by 25% due to his salary as president, increasing real estate values, and a strong stock market that's raised the value of his investments, according to Forbes.
The Bidens also reported $20,477 in charitable contributions to 17 different charities, including the Beau Biden Foundation, the Tragedy Assistance Program for Survivors, and the National Fraternal Order of Police Foundation.
Royalties From Bidens' Books and Speaking Engagements
Biden has made millions in the past from book royalties and speaking engagements. The Bidens earned more than $15 million in the two years after the Obama administration, according to Forbes, mainly from book deals and speaking engagements. During the same time, Biden also earned more than $540,400 for a role at the University of Pennsylvania as a “Benjamin Franklin Presidential Professor of Practice.”
Real Estate
Besides his presidential salary and other additional income, much of Biden’s wealth comes from real estate as well. Biden owns two properties in Delaware, one of which is a nearly 5,000-square-foot summer home valued at an estimated $4.5 million, according to Forbes. The other is a property in Wilmington, Delaware, worth an estimated $2.5 million.
Read the original article on Investopedia.