Joe Biden’s Shocking Net Worth and Earnings Revealed in 2024!.
What is Joe Biden’s Net Worth and Salary?
Joe Biden is a U.S. politician with a net worth of around $9 million. He was a Senator for Delaware from 1973 until 2009. After that, he took on the role of the 47th Vice President under Barack Obama from 2009 to 2017. In 2020, he was the Democratic candidate for the presidential election, going up against Donald Trump. He won decisively in November 2020, both in the Electoral College and the popular vote, making him the 46th President of the United States.
In April 2023, Biden shared that he plans to run for a second term in the 2024 election.
Presidential Salary
Joe Biden, as the President of the United States, has a base salary of $400,000 according to Title 3 of the US code. On top of that, he gets a $50,000 yearly expense account, a $100,000 travel account that isn’t taxed, and a $19,000 entertainment allowance each year. Before they settled into the White House, the Bidens received $100,000 for redecorating.
The History of Joe Biden’s Finances
For a long time before he became Vice President, he often called himself one of the “poorest” members of Congress or “middle-class Joe,” claiming a net worth of under $500,000. Financial records dating back to 1998 reveal that Joe and his wife Jill had an average yearly income of around $215,000 until 2009, when they saw a $55,000 increase from pensions and Social Security. By the time they wrapped up their roles as VP and Second Lady, their annual income had climbed to about $390,000.
When Joe’s term as Vice President wrapped up, his final financial disclosure listed his net worth at $1.5 million.
After leaving the White House, he made a good amount of money, primarily from speaking engagements and book royalties, hitting a high of $11 million in 2017. From 2016 to 2019, Joe and Jill brought in just under $17 million.
Key Facts
He was one of the poorest senators.
When he exited the White House in 2016, his net worth was reported at $1.5 million.
In 2017, he made $11 million, mostly from book deals.
That same year, he earned $4.6 million.
Jill Biden brings in $100,000 annually as a college professor.
Joe makes between $100,000 and $200,000 for each paid speech.
LATEST: Joe Biden Grants ‘Full and Unconditional’ Pardon to Son Hunter.
Early Life
Joseph Robinette Biden Jr. was born on November 20, 1942, in Scranton, Pennsylvania. Growing up in a Catholic household with three siblings, Joe’s family faced tough times during his childhood. In the 1950s, his dad struggled to find work due to the economic downturn in Scranton, which eventually led the family to relocate to Delaware, where his father took a job as a used car salesman.
In high school, Joe got involved in sports by joining the football team and was elected as class president. He continued his athletic pursuits at the University of Delaware, where he played college football while majoring in history and political science. He graduated in 1965 with a bachelor’s degree.
After that, Joe attended Syracuse University College of Law, earning his law degree in 1968. During his time there, he faced allegations of plagiarism. As a student, he managed to defer his draft during the Vietnam War era, but when he graduated and became eligible again, he received a medical deferment for asthma, even though he had been an athlete throughout his life.
Political Career
After finishing college, Biden kicked off his career as a law clerk, then moved on to work as a public defender before launching his own law firm. His political journey began in 1969 when he ran for a spot on the New Castle County Council, winning the election and quickly eyeing a seat in the US Senate.
In 1972, he pulled off an upset by winning the US Senate election in Delaware, making him one of the youngest senators ever at just thirty years old. After spending a significant amount of time in the Senate, Joe aimed for the big leagues: the Presidency.
He made his first bid for the Democratic nomination in 1987 but faced setbacks when he was accused of plagiarizing a speech, which ultimately led him to drop out of the race.
Fast forward to 2008, Biden sought the Democratic nomination again. His campaign had its highlights, but he stumbled with some comments about Barack Obama and Indian people, which were major missteps.
Fundraising was also a challenge, and he never really posed a serious threat to Hillary Clinton or Obama. However, in a twist of fate, Barack Obama chose him as his vice president. Biden stepped down from the Senate in 2008 to join Obama’s administration, and in 2020, he became the Democratic nominee for president.
Income From Speeches
After leaving his role as Vice President, 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
After Biden wrapped up his time as Vice President, he and his wife landed a sweet $10 million deal for three books. He kicked things off with “Promise Me, Dad,” which reflects on his son’s passing, and then hit the road for a promotional tour.
He made more than 40 stops along the way. Regular tickets went for $25, but if you wanted a VIP experience that included a photo with Biden, it set you back $450.
RELATED: Hunter Biden’s Net Worth and Controversial Financial Journey.
Salary
Joe’s tax returns show that his income has varied quite a bit over the years. He’s shared his tax documents, with the oldest ones going back to 1998, when he made $215,432. After that, his earnings hovered around $200,000 until 2009, when they jumped by $55,000 each year thanks to social security and pension income.
Fast forward to 2016, just before Joe Biden wrapped up his time as vice president, he was pulling in about $400,000 annually. Then in 2017, his income skyrocketed to a whopping $11 million. However, in 2018, there was a bit of a dip, and he ended up earning $4.6 million.
Jill Biden Salary
Jill Biden earns $100,000 per year as a teacher at Northern Virginia Community College.
Tax Returns
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 detailed tax report released in April 2024, Joe and Jill reported an adjusted gross income of $619,976 for 2023. They forked over $146,629 in federal income tax, which works out to an effective tax rate of 23.7%. On top of that, they paid $30,908 in Delaware income tax, and Jill contributed $3,549 in Virginia income tax.
A big chunk of their earnings came from Joe’s $400,000 salary as President, while Jill brought in another $85,985 from her teaching position at a community college in Northern Virginia. The rest, about $134,000, was from social security benefits. They also made a generous $20,000 in charitable donations to 17 different organizations, including a $5,000 gift to the Beau Biden Foundation.
Debt
Biden’s financial disclosure forms show that he’s had a tough time with debt over the years. His main asset during that time was his house in Delaware, and he’s taken out several loans against it. Between 1983 and 2015, he borrowed against the cash value of his life insurance policies, which max out at around $50,000.
The forms released in 2015 also indicated that he got a mortgage on his home in 2013, with debts ranging from $500,000 to $1 million on the property.
Rental Income
Joe and Jill made around $2,200 a month by renting out their guest house to Secret Service agents while Biden was serving as vice president. Over that time, they raked in about $170,000 from the rental.
Real Estate
Joe Biden lives in a house located in the Greenville neighborhood of Wilmington, Delaware. It has a nice view of a lake that was created by the wealthy du Pont family. Joe and Jill purchased their home back in 1997 for $350,000, but similar houses in the area are now going for over $2 million.
In 2017, they also bought a six-bedroom vacation spot in Rehoboth Beach for $2.74 million. From 2018 to 2019, they rented a fancy $4 million mansion in McLean, Virginia, shelling out $20,000 each month.
Marriages and Children
In 1966, Joe Biden tied the knot with Neilia Hunter. They welcomed three kids into the world, including Hunter and Beau. Sadly, in December 1972, Neilia and their little girl Naomi, who was just one, lost their lives in a car accident.
Fast forward to 1975, Joe was introduced to Jill Jacobs on a blind date. They got married in June 1977 and had a daughter named Ashley. Overall, Biden is a proud grandparent to seven grandchildren.
Unfortunately, Joe’s son Beau passed away from cancer in May 2015.
Joe Biden’s life and career exemplify dedication, resilience, and service to the American people. From his humble beginnings in Scranton, Pennsylvania, to his rise as the 46th President of the United States, Biden has continually worked to represent the middle class. His leadership as Vice President under Barack Obama, followed by his historic presidential win in 2020, reflects his deep commitment to public service.
Beyond politics, Biden’s personal journey, including overcoming family tragedy and advocating for justice, showcases his strength and empathy. With a focus on unity, economic recovery, and global leadership, Biden’s legacy continues to grow.
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