When thinking about politicians, many people think about money. A majority of politicians are associated with money because of taxes, the amount of money the politician spends and their net worths are some of the highest in the United States.
President Obama, who has been in politics for years has a surprising net worth and it is only expected to rise once he leaves the White House.
Obama’s net worth is estimated to be $6.9 million. However, some sources estimate that he is worth closer to $12 million. He is not considered the richest of presidents by any means. In fact, the richest president was actually George Washington. If his net worth was equated to 2016 funds, he would have been worth $525 million.
Much of Obama’s holdings are in retirement accounts. He also has college savings plans for his daughters that have a worth of anywhere between $200,000 and $400,000. The president owned between $2 million and $7 million in assets (mutual funds and U.S. savings bonds).
When Obama moved from his position as senator to president of the United States, his overall net worth saw a 400 percent increase. Prior to his time in office, Barack Obama made about $162,000 a year. Once he moved into the White House, his salary increased to $400,000 on top of book earnings.
Obama has also published books while in office and has another on the way. He earned approximately $5.7 million the year’s that the books were released and is still earning royalties.
He also had a senator salary as well as his salary from lecturing at a local university. He has retirement plans from both of those positions. Another asset that attributes to Obama’s net worth is the purchase of his Hawaii home. The home is estimated to be worth millions of dollars.
In addition, Michelle Obama’s net worth of $11.8 million adds to Barack’s overall net worth. Together, the couple is worth about $24 million. Although her overall net worth does not contribute to Barack Obama’s net worth, she has also proven to be a success in her own right. Currently, the majority of her net worth comes from being the First Lady of the United States. However, a large portion of her money came from being a successful writer and lawyer prior to her husband’s time in the White House.
The estimated net worth doesn’t include all of Obama’s assets though. It does not include equity in his Chicago home. He still owes approximately $1 million on his mortgage. His current net worth doesn’t show money that he will make after he leaves office either. President Obama is under contract with Crown Publishing to write a nonfiction book about his time in the White House. The $12 million of net worth also doesn’t include the $1.5 million he is putting towards his pension every year he spends in office.
Although Barack Obama doesn’t have the $525 million net worth that George Washington had, he still has a substantial net worth. How much do you think the president should be paid? Should he be able to capitalize on things like book deals while in office?
Photo: Flickr: Marc Nozell