Joe Biden Net Worth, how rich is the U.S president?

Birth nameJoseph Robinette Biden Jr.
BirthdayNovember 20, 1942
Age79
Net worth$8 million
Source of wealthBooks, speeches
Marital statusMarried (Jill Jacobs)
EducationSyracuse University College of Law
NicknameMiddle-Class Joe

Joe Biden is the 46th and the current president of America with a net worth of about $8 million. He also served as the 47th vice president of the United States from 2009 to 2017 under Barack Obama. In 1972, at the age of 29, he became the sixth-youngest senator in American history. He served as the senator for Delaware from 1973 to 2008. He’s one of the longest-serving senators in the history of the country.

Joe Biden made most of his fortune after leaving office in 2016. According to Forbes, the former vice president together with his wife earned about $17 million from book royalties and paid speaking engagements in a period of four years between 2016 and 2020. So, how did Biden start, and how does he spend his fortune?

Early life and education

Joe Biden was born on November 20, 1942, in Pennsylvania to Joseph Robinette Biden Sr. and Catherine Biden. He was the oldest of three siblings. His father was a prosperous used-car salesman. Joe Biden grew up in Claymont before his family moved to Mayfield, Delaware.

He attended Archmere Academy in Claymont and later joined the University of Delaware in Newark in 1961 where he graduated with a Bachelor of Arts degree in 1965. The president was active in sports while in high school where he played baseball and football. In 1968 Biden earned a law degree from Syracuse University College of Law and was admitted to the Delaware bar in 1969.

Political career

Senate

In 1972, while aged 29, Joe Biden became the junior United States senator from Delaware after defeating the Republican incumbent J. Caleb Boggs with 50.5% of the vote. This was despite Joe Trailing Boggs by almost 30 points just a few months before the election and having inadequate campaign funds. Biden was reelected to the U.S. Senate in 1978, 1984, 1990, 1996, 2002, and in 2008.

joe-biden-while-serving-as-senator-for-delaware
Joe Biden while serving as the senator for Delaware. He represented the state in the Senate for 36 years from 1972 to 2008
Presidential campaigns

On June 9, 1987, Joe Biden officially declared that he would run for the 1988 Democratic presidential nomination. In September of that year, he withdrew his candidacy stating that it had been overwhelmed by “the exaggerated shadow” of his past mistakes. Biden had been accused of plagiarizing a speech by British Labour Party Leader Neil Kinnock as well as using passages from a speech by Robert F. Kennedy.

In 2007 Joe declared his candidacy for the 2008 Democratic presidential nomination. He struggled to raise funds for his campaign and had difficulty drawing people to his rallies, unlike other candidates like Hillary Clinton and Barack Obama. Biden never went beyond single digits in national polls of the Democratic candidates. He withdrew his candidacy on January 3, 2008.

After Joe Biden withdrew from the 2008 presidential race, Obama informed him that he [Obama] was keen on working with Biden in his administration. The two later met privately and on August 22, 2008, Obama announced Joe Biden as his running mate. On November 4, 2008, Obama and Biden were elected with 365 electoral votes and 53% of the popular vote. He was also reelected to the Senate but resigned on January 15, 2009 after being elected vice president. In 2012 Biden was nominated for a second term as vice president. On November 6 Obama and Biden were elected for a second term with 332 electoral votes.

Winning the 2020 election

On October 21, 2015, Joe Biden announced that he would not be running for president in 2016 and endorsed Hillary Clinton. In April 2019, Biden formally launched his campaign for the 2020 presidency. On August 18, 2020, Biden was formally nominated as the Democratic candidate for the 2020 election. In November 2020 he was elected president after defeating Donald Trump. He became the first candidate since 1992 to defeat an incumbent president when Bill Clinton defeated George Bush.

Related: Donald Trump net worth

How Joe Biden made his fortune

Joe Biden has a net worth of $8 million. Real estate accounts for most of his fortune. He owns two homes, both worth over $4 million. He also keeps at least $950,000 in cash accounts.

After completing his second term as vice president in 2016, Joe Biden had a net worth of about $2.5 million. This included real estate and a guaranteed yearly income of $160,000 in federal pension. Biden went on to make $17.3 million between 2016 and 2020 mainly from publishing books and giving paid speeches.

According to Forbes, the president together with his wife Jill earned about $11 million in 2017, $4.6 million in 2018, $1 million in 2019, and about $630,000 in 2020. Celebrity Net Worth reports that Biden pocketed $190,000 in 2018 for delivering a speech at Drew University in New Jersey and gave about 40 such speeches between 2017 and 2018. He reportedly charges anywhere from $100,000 per appearance. In 2017 Joe together with his wife secured an $8 million contract with Flatiron Books for a set of three books.

Today the president earns about $400,000 annually as presidential salary. He was taking home $42,500 ($275,000 today) every year when he was first elected to the senate in 1972. In 2009, after becoming vice president, Joe earned about $230,000 every year.

How does Joe Biden spend his millions?

Joe Biden has a net worth of $8 million. How does he spend his fortune? In 1972 Middle-Class Joe acquired a 10,000-square-foot mansion in Wilmington for $185,000 which he later sold in 1996 for $1.2 million. He bought a nearby land for $350,000 and set up a new home.

In 2017 Biden spent $2.7 million to buy a 6-bedroom 4,800 square-foot holiday home in Rehoboth Beach, Delaware. The president also installed a new pool on the home for about $75,000. In 2019 Biden and his family were renting a mansion in McLean, Virginia for about $19,000 every month. The mansion featured five bedrooms, nine bathrooms, and a fully equipped gym.

Joe Biden donated about $1.3 million to charity between 2016 and 2020. He also paid $7 million in taxes during this period. According to Forbes, Biden and his wife also used $180,000 to pay their household staff and paid about $80,000 in interests on mortgages. The Beau Biden Foundation for the Protection of Children and the United Jewish Federation of Chicago are some of the organizations that received donations from the Bidens. They also gave about $25,000 to a British nonprofit with ties to Prince Harry.

The president owns a 1967 Corvette Stingray, a 1952 Plymouth convertible, a 1956 Chevy, and a Mercedes 190SL. He also owns two Omega Seamaster watches worth about $23,200 each, a $3,600 Speedmaster Moonwatch as well as a Seiko Chronograph.

Personal life

While studying law at Syracuse University, Biden fell in love with fellow student Neilia Hunter. They got married on August 27, 1966, in Skaneateles, New York. The couple had three children Joseph R. “Beau” Biden III who was born in 1969, Robert Hunter Biden (born 1970), and Christina “Amy” Biden (born 1971).

On December 18, 1972, a few weeks after Biden’s election to the senate his wife and daughter Christina who was one year old at the time died in a road accident in Hockessin, Delaware. His sons survived the accident with fair injuries.

Biden was so frustrated by the incident that he thought of resigning from the Senate so that he could take care of them but did not do so after being persuaded by Mike Mansfield who was the Senate Majority Leader. Joe always took the train from Washington to his home in Delaware to see his sons, something that he did throughout his 36-year tenure in the Senate.

In 1975, while still serving as a senator for Delaware, the president met Jill Tracy Jacobs on a blind date. The couple got married on June 17, 1977, in New York and spent their honeymoon in Hungary. They have a daughter Ashley Biden (born 1981) who’s a social worker.

joe-biden-with-wife-jill-jacobs
Joe Biden with wife Jill Jacobs, a community college professor

In 2015 the president lost his oldest son, Beau to brain cancer. He was Delaware Attorney General before his death. His other son Hunter is an attorney, a venture capitalist, and a hedge fund investor. In 1988, the president underwent surgery due to continuous serious neck pain and was away from the Senate for seven months. Jill is a teacher at Northern Virginia Community College.

Finally, here are a few quotes by Joe Biden

  • “Failure at some point in your life is inevitable, but giving up is unforgivable.”
  • “The greatest gift is the ability to forget – to forget the bad things and focus on the good.”
  • “My dad always said, ‘Champ, the measure of a man is not how often he is knocked down, but how quickly he gets up.’”            
  • “Life is a matter of really tough choices.”
  • “My dad used to have an expression – ‘It is the lucky person who gets up in the morning, puts both feet on the floor, knows what they are about to do, and thinks it still matters.’”

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