What Is Joe Biden Net Worth in 2024?

Joe Biden Net Worth: Joe Biden, born on November 20, 1942, is a prominent Democrat politician with a net worth of $9 million. He served as a Senator from Delaware from 1973 to 2009 and as the 47th Vice President of the United States from 2009 to 2017.

In 2020, he secured the Democratic nomination and won the presidential election against Donald Trump, becoming the 46th President of the United States. Biden announced his intention to run for a second term in April 2023.

Presidential Salary and Benefits

As President, Joe Biden receives a base salary of $400,000, along with a $50,000 annual expense account, a $100,000 nontaxable travel account, and a $19,000 annual entertainment stipend. Additionally, before moving into the White House, the Bidens were granted $100,000 for redecorating.

Financial History

Before his vice presidency, Biden often referred to himself as “middle class Joe,” with a net worth below $500,000. Financial disclosures from 1998 showed an average annual income of around $215,000 until 2009 when it increased to about $390,000.

After leaving the White House, Biden’s last financial disclosure in 2016 reported a net worth of $1.5 million. Between 2016 and 2019, Joe and Jill earned nearly $17 million, mainly from speeches and book royalties.

Income Sources

Joe Biden’s income comes from various sources, including speeches and book deals. In 2017, he earned $11 million, mainly from book advances. His wife, Jill Biden, earns $100,000 per year as a college professor.

Real Estate Holdings

President Biden’s estimated net worth of $10 million includes two homes in Delaware worth a combined $7 million. His primary residence in Wilmington is valued at $2.5 million, and a summer home in Rehoboth Beach, purchased for $4.5 million in 2017, has seen an increase in value. The real estate holdings constitute about two-thirds of Biden’s personal fortune.

Debt and Financial Struggles

Financial disclosure forms reveal Biden’s struggle with debt, often borrowing against his homes. From 1983 to 2015, he borrowed against life insurance policies, and in 2013, he took out a mortgage on his home, owing between $500,000 to $1 million. Additionally, the Bidens earned rental income of $2,200 per month by renting out their guest house to Secret Service members.

Wealth Accumulation

Biden’s wealth accumulation is linked to his real estate investments, with rising property values contributing to his net worth. After leaving the White House, his net worth increased from an estimated $2.5 million to $8 million. The President collects a $400,000 annual salary and about $250,000 in pension payouts.

Investments and Liquidity

Biden holds less than $310,000 invested in the stock market, mainly in mutual funds, with a substantial amount in bank accounts. In 2023, he took out a home-equity line of credit against his Rehoboth property, providing liquidity. However, he jokingly states that selling his 1967 Corvette Stingray is off-limits, as it holds sentimental value related to his late son, Beau.