In politics, curiosity often gets the better of us. From politics to personal lives, people want to know more. As we approach the 2024 presidential election in the United States, people are more curious about the net worth of Joe Biden, the 46th President of the United States, who has been a subject of scrutiny and admiration alike. Beyond his political prowess, questions about his financial standing often arise. Many false claims were issued in 2023, one of which had concerns with the net worth of President Joe Biden.
The famous actor Wood James, a vocal supporter of former President Donald Trump, reported a PolitiFact image on X (formerly Twitter) in December claiming that Biden’s net worth had increased exponentially from $9 million in 2019 to $41 million in 2022, including his value of income and assets subtracting debt and other liabilities. However, later on, Wood took his post down when about 30 million PolitiFact rated it as a false statement, and his claim turned out to be false.
It was shocking how he reportedly wrote on X. It could be an act of verbal fireworks and false claims about candidates that we often see during presidential elections in the United States.
Joe Biden’s Net Worth in 2024
We often heard Forbes referring to Biden as “Middle-Class Joe.” However, in August, Forbes reported that Biden’s net worth stood at $10 million, up from $8 million when he headed to the White House in 2022. According to PolitiFact, Biden was called the “least wealthy member” of Congress when he became vice president under President Barack Obama and then president himself. President Biden primarily earned through book deals and speaking fees, though he has earned a steady income in his political career as a politician and being elected president. His declared initial salary in 1973 was $42,500 a year. But he was making a lot more than that $169,300 per annum before he left the Senate in 2009. According to the Celebrity Net Worth, Biden has earned $230,700 as vice president and $400,000 as president.
Forbes reported the increase in Biden’s net worth has “nothing to do with family business dealings in far-flung countries,” as some of his political opponents have claimed. Instead, Forbes wrote, Biden is “getting richer by doing what a lot of 80-year-old Americans do: sitting on real estate.” The President owns assets (two homes) in Delaware worth an estimated $7 million combined. Those homes are now worth $1.8 million more than when he took office.
Forbes also mentioned that since his mid-20s, Biden has been interested in real estate. He made purchases in Maryland of 3 houses and 85 acres with the aim of turning the property into a family compound. Before turning them into rental properties and living there by himself, Biden and his family lived in a nearby cottage rent-free in exchange for managing a local pool.
According to Forbes, Biden was gifted a 1967 Corvette Stingray from his father on his wedding day, which is now worth an estimated $100,000.
Joe Biden’s Political Career
At the age of 29, Biden was elected to the Senate from Delaware State in 1972, and he was the youngest senator in the history of the United States. Biden, being a chairman of the Senate Judiciary Committee and the Senate Foreign Relations Committee, presided over several committees as a member of the Democratic Parties. He ran for the presidency twice, first in 1988 and again in 2008, and later became the vice president under President Obama from 2009 to 2017. He started serving as United States President on Inauguration Day 20, 2021.
Joe Biden’s Political Highlights
1990: Introduced the Violence Against Women Act (VAWA), a legislation addressing domestic abuse and violence.
2002: Voted to authorize military intervention in Iraq but afterward criticized the conflict.
2010: Contributed to the passing of the 2010 Affordable Care Act.
2020: Elected as the President of the United States.
2021: Signed a bipartisan infrastructure package worth $1.2 billion to improve roads, bridges, and public transportation.
2022: Signed Respect for Marriage Act, which guarantees the federal government will acknowledge and protect interracial and LGBTQ+ marriages.
2023: Signed the Fiscal Responsibility Act, which places 2 years limitation on federal spending and suspends the debt limit.
Joe Biden’s Real Estate Holdings
Joe Biden, the President of the United States, owns two homes in Delaware worth a combined $7 million. Those homes are now worth $1.8 million more than when he took office. According to Forbes, Biden purchased a summer home, his most valuable property spread over 4800-square-foot in Rehoboth Beach. The property’s estimated worth is $4.5 million, with a value increase of $1.7 million.
Biden’s also has another property located in Wilmington’s Greenville neighborhood. The property’s estimated worth is $2.5 million, with a value increase of $700,000 in the past two years. These assets combined make up about two-thirds of his wealth.
Joe Biden’s Tax Returns
On April 28, 2023, President Joe Biden made his 2022 Tax Returns public, disclosing the details of his and the First Lady’s earnings. They had income from two primary sources: Biden’s $400,000 salary as president of the United States and the First Lady’s $82,335 as an educator at Northern Virginia Community College, where she initially worked after her husband became vice president. When other sources such as Social Security, pensions, annuities, taxable interest, and other minor line items are included, their combined federal income tax return indicates an adjusted gross income of $579,514.
According to the White House, the Bidens paid $169,820 in federal taxes to Delaware and Virginia, with a federal income tax rate of 23.8%. The Bidens owed the federal government $4,632 even after withholdings. They owed $846 to Virginia and $10 to Delaware in reimbursements.
