How much is Barack Obama worth?
|Net Worth:||$70 Million
|Profession:||44th U.S. President|
|Date of Birth:||August 4, 1961|
|Country:||United States of America|
Who Is Barack Obama
Barack Obama’s net worth is somewhere between $50 million and $70 million dollars. According to his most recent personal financial disclosures and business activities. The figures for Obama’s net worth include assets held by his wife, First Lady Michelle Obama, as well.
Where Obama’s Net Worth Comes From
The president’s salary was $400,000 a year, but much of Obama’s net worth comes from the royalties he’s earned from the sale of two books, Dreams From My Father and The Audacity of Hope, as well as from his speaking engagements.
Obama is among a handful of presidents who wrote books that helped propel him into the White House.
Revenue From Books
Obama has earned at least $7.5 million from the sale of Dreams From My Father and The Audacity of Hope, according to published reports. The president’s income from sales of his popular books fell to $116,180 in 2013 from $273,739 a year earlier, however.
Barack and Michelle Obama together received an advance of $60 million dollars for the combined rights to their autobiographies, in 2017.
Other Obama Assets
The Obamas’ filings show the couple held $1 million worth to $5 million worth in Treasury notes. They also reported holding several bank accounts and index funds. Their assets ranged in value from $1.95 million to $7.15 million.
In liabilities, the Obama have only the debt on their Chicago home, whose outstanding mortgage is valued at between $500,000 and $1 million. The Obamas bought the home in 2005 and are paying 5.625 percent in interest on the mortgage, according to their disclosures.
Fluctuations in Net Worth
The Obamas’ net worth, like everyone’s, has fluctuated through the years, based on the sale of his books and other investments.
For example, Obama’s net worth was between $2.8 million and $11.8 million at the time he ran for his second term in the White House in the 2012 presidential election. At the time, his net worth made him one of the wealthiest presidential candidate in modern history.
Comparison With Congress
Obama’s net worth is well above the median personal wealth of the freshman class of the 113th Congress, which was about $1 million, give or take a few dollars. It was well below that of the wealthiest members of Congress at the time, some of whom were worth as much as half a billion dollars, however.
Today the current residing president, Donald Trump, is the richest president in history, with a net worth into the billions of dollars.
How We Know Obama’s Net Worth
The president was required to disclose his net worth every year under the federal Ethics in Government Act. The law mandates reporting of such information by top-level officials in all branches of the government, including judges and members of Congress.
“The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests,” then-White House Press Secretary Jay Carney said in May 2014. “The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials.”
The filings, however, do not provide a specific net worth but a range of values of assets held by the president.
Since then we have kept track of his book deals and appearances and calculated his fortune based on these activities.
No, Obama’s Wealth Doesn’t Come From Campaign Contributions or Super PACs
Despite what you may have heard, politicians and political candidates including the president of the United States are not allowed to accept campaign contributions from individuals or super PACs for their own personal use.
Under federal election laws that money many be used only by the political campaign for purposes of campaigning for office.