Joe Biden, an American politician with a net worth of $9 million, embarked on his political career as a Senator representing Delaware from 1973 to 2009. Following this, he assumed the role of the 47th Vice President of the United States under President Barack Obama, serving from 2009 to 2017.
In 2020, he secured the Democratic nomination for the U.S. presidential election, contending against Donald Trump. In a resounding victory in November 2020, he defeated Trump, becoming the 46th President of the United States. Subsequently, in April 2023, Biden declared his candidacy for a second presidential term in the upcoming 2024 election.
| Category | Richest Politicians › Democrats |
|---|---|
| Net Worth | $9 Million |
| Birthdate | Nov 20, 1942 (81 years old) |
| Birthplace | Scranton |
| Gender | Male |
| Height | 6 ft (1.83 m) |
| Profession | Lawyer, Politician |
| Nationality | United States of America |
Presidential Salary
According to Title 3 of US code, as President of the United States, Joe Biden earns a base salary of $400,000. He is also entitled to a $50,000 annual expense account, a $100,000 nontaxable travel account, and a $19,000 annual entertainment stipend. Before moving into the White House, the Bidens were granted $100,000 to be used for redecorating.
Joe Biden Financial History
For many years before becoming VP, he would frequently refer to himself as one of the “poorest” members of Congress, or “middle-class Joe,” with a net worth of less than $500,000. Financial disclosures going back to 1998 show Joe and his wife Jill had an average annual income in the neighborhood of $215,000 a year until 2009, when they got a $55,000 boost from pensions and Social Security payments. By the time the Bidens reached their final years as VP and Second Lady, their total income had risen to about $390,000 per year.
When his term as Vice President ended, Joe Biden’s last financial disclosure pegged his net worth at $1.5 million.
In the years after leaving the White House, he earned significant income, mainly from speeches and book royalties, peaking in 2017 with an income of $11 million. Between 2016 and 2019 alone, Joe and Jill earned a shade under $17 million.
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Early Life
Joseph Robinette Biden Jr. entered the world on November 20th, 1942, in Scranton, Pennsylvania. Growing up in a Catholic household alongside three siblings, Joe faced adversity early on when his family encountered financial hardship during the 1950s economic downturn in Scranton. Eventually, they relocated to Delaware, where Joe’s father found work as a used car salesman.
During his high school tenure, Biden was an active member of the football team and was elected class president. His collegiate years at the University of Delaware saw him continue his football pursuits while pursuing dual majors in history and political science, culminating in a bachelor’s degree in 1965.
Progressing to Syracuse University College of Law, Biden obtained a law degree in 1968, though not without controversy, as he faced accusations of plagiarism during his time there. Despite being an athlete throughout his life, he was granted a medical deferment for asthma when his draft eligibility was reinstated during the Vietnam era.
Political Career
Following college, Biden commenced his career as a law clerk, subsequently venturing into public defense and establishing his own legal practice. His foray into politics commenced in 1969 with a successful bid for a seat on the New Castle County Council, swiftly igniting his ambition for the US Senate.
Despite being the clear underdog, Biden clinched the 1972 US Senate election in Delaware, making history as one of the youngest senators at age thirty. Following a substantial tenure in the Senate, he aspired to the presidency. In 1987, his quest for the Democratic nomination was marred by accusations of speech plagiarism, leading to his withdrawal from the race amidst further controversy.
In 2008, Biden sought the Democratic nomination once more. Despite notable moments in his campaign, his remarks concerning Barack Obama and Indian individuals proved detrimental. Additionally, fundraising hurdles and the formidable competition posed by Hillary Clinton and Obama hindered his viability as a contender. Nevertheless, he ascended to the vice presidency under Obama’s administration after relinquishing his Senate position in 2008. His political journey culminated in 2020 when he secured the Democratic nomination for US president.
Income From Speeches
After leaving the White House, Joe and Jill have earned at least $15 million from speaking engagements and book deals. Biden has become an in-demand public speaker, often earning hundreds of thousands of dollars for a single speech. For example, he earned $190,000 in 2018 for one speech at Drew University in New Jersey. In total, he gave 40 speeches from 2017 to 2018, receiving 5-figure or 6-figure paydays each time.
Income From Book Deals
Following his departure from the Vice Presidency, Biden and his wife inked a lucrative $10 million contract for a trilogy of books. Among these, “Promise Me, Dad,” delving into the grief of losing his son, garnered considerable attention. Biden embarked on a promotional tour, making more than 40 appearances. Attendees could opt for basic tickets priced at $25 or VIP tickets, offering the chance for a photo with Biden, at a premium cost of $450.
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Salary
Joe’s income has shown variation throughout the years, as indicated by his tax returns, which have been made publicly available. The earliest records, dating back to 1998, reveal that he earned $215,432 that year. His earnings remained relatively stable around $200,000 annually until 2009, when they experienced a significant boost of $55,000 annually due to additional income from social security and pensions.
As of 2016, when Joe Biden was concluding his tenure as vice president, his yearly income was approximately $400,000. However, in 2017, this figure skyrocketed to $11 million. The following year, in 2018, his earnings tapered slightly, totaling $4.6 million.
Jill Biden Salary
Jill Biden earns $100,000 per year as a teacher at Northern Virginia Community College.
Tax Returns
According to their joint tax filings, the Bidens reported the following earnings over recent years:
- 2016: $400,000
- 2017: $11 million
- 2018: $4.6 million
- 2019: $944,737
- 2020: $607,336
- 2021: $610,702
- 2022: $579,514
- 2023: $619,976
In a more detailed tax disclosure released in April 2024, Joe and Jill Biden reported an adjusted gross income of $619,976 for 2023. Their federal income tax payment amounted to $146,629, equating to an effective federal tax rate of 23.7%. Additionally, they paid $30,908 in Delaware income tax, while Jill contributed $3,549 in Virginia income tax.
The bulk of their income stemmed from Joe’s $400,000 Presidential salary, complemented by $85,985 from Jill’s teaching position at a Northern Virginia Community College. The remainder, approximately $134,000, originated from social security payments. Throughout the year, they donated $20,000 to 17 different charitable organizations, including a $5,000 contribution to the Beau Biden Foundation.
Debt
Biden’s financial challenges have been brought to light through financial disclosure forms, showcasing his long-standing debt issues. Throughout this period, his primary asset remained his Delaware home, against which he took out numerous loans. Between 1983 and 2015, Biden utilized the cash value of his life insurance policies, with a maximum value of $50,000, as collateral for borrowing. In 2013, disclosure forms unveiled a mortgage on his residence, indicating a debt ranging from $500,000 to $1 million on the property.
Rental Income
Federal financial disclosures also show that Joe and Jill earned $2,200 per month by renting out their guest house to members of the Secret Service while Biden was vice president. In total, they earned about $170,000 in rental income during this period.
Real Estate
Joe Biden’s main residence is situated in the Greenville neighborhood of Wilmington, Delaware. The property boasts scenic views of a man-made lake, originally commissioned by affluent members of the du Pont family. Joe and Jill acquired the home in 1997 at a price of $350,000. Recent sales in the vicinity indicate comparable homes fetching upwards of $2 million. Additionally, in 2017, the Bidens purchased a six-bedroom vacation retreat in Rehoboth Beach, Delaware, for $2.74 million. During 2018 and 2019, they opted to lease a mansion in McLean, Virginia, valued at $4 million, with monthly payments totaling $20,000.
Marriages and Children
In 1966, Joe Biden tied the knot with Neilia Hunter, with whom he shared three children, including Hunter Biden and Beau Biden. Unfortunately, tragedy struck in December 1972 when Neilia and their one-year-old daughter Naomi lost their lives in a car accident.
In 1975, Joe was introduced to Jill Jacobs on a blind date, and they exchanged vows in June 1977. They welcomed a daughter named Ashley. Altogether, Biden is blessed with seven grandchildren.
Regrettably, Joe faced another heart-wrenching loss when his son Beau Biden passed away in May 2015 after battling cancer.
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