What is Joe Biden's Net Worth and Salary?
Joe Biden, an American politician, has a net worth of $9 million. He served as a U.S. Senator from Delaware from 1973 to 2009 and then as the 47th Vice President under President Barack Obama from 2009 to 2017. In 2020, he became the Democratic nominee for the presidential election, defeating Donald Trump in November to become the 46th President of the United States.
In April 2023, Biden announced his intention to run for a second term in the 2024 presidential election.
Presidential Salary
As President of the United States, Joe Biden earns a base salary of $400,000. Additionally, he receives a $50,000 annual expense account, a $100,000 nontaxable travel account, and a $19,000 annual entertainment stipend. Before moving into the White House, the Bidens were granted $100,000 for redecorating.
Joe Biden's Financial History
Prior to becoming Vice President, Biden often referred to himself as one of the "poorest" members of Congress, with a net worth of less than $500,000. Financial disclosures dating back to 1998 indicate that Joe and Jill Biden had an average annual income of approximately $215,000 until 2009, when they received an additional $55,000 from pensions and Social Security. By their final years as Vice President and Second Lady, their income had increased to around $390,000 per year.
When his term as Vice President ended, Biden's net worth was around $1.5 million. After leaving the White House, he earned substantial income from speeches and book royalties, with a peak income of $11 million in 2017. From 2016 to 2019, Joe and Jill earned nearly $17 million.
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Early Life
Joseph Robinette Biden Jr. was born on November 20, 1942, in Scranton, Pennsylvania. He was raised alongside three siblings in a Catholic family. When Joe was young, his family experienced financial hardships due to the economic decline in Scranton during the 1950s. The family eventually moved to Delaware, where Joe's father worked as a used car salesman.
In high school, Joe Biden joined the football team and was elected class president. He continued his football career in college at the University of Delaware, where he majored in history and political science, graduating in 1965. Joe then attended Syracuse University College of Law, earning his law degree in 1968. During his time at Syracuse, he was accused of plagiarism. As a student, Biden deferred his draft during the Vietnam era. Upon graduation, he received a medical deferment for asthma.
Political Career
After college, Biden worked as a law clerk, public defender, and started his own law firm. He entered politics in 1969, winning a seat on the New Castle County Council. In 1972, he won the U.S. Senate election in Delaware, becoming one of the youngest senators in U.S. history at age 30.
In 1987, Biden ran for the Democratic presidential nomination but withdrew due to plagiarism accusations. He attempted again in 2008 but faced challenges and ultimately joined Barack Obama's ticket as Vice President. He served as Vice President from 2009 to 2017 and became the Democratic nominee for President in 2020.
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Income From Speeches
After leaving the White House, Joe and Jill Biden earned at least $15 million from speaking engagements and book deals. Joe became a highly sought-after public speaker, often earning hundreds of thousands of dollars for a single speech. In 2018, he earned $190,000 for a speech at Drew University in New Jersey. Between 2017 and 2018, Biden gave 40 speeches, earning significant paychecks each time.
Income From Book Deals
Post-vice presidency, Joe and Jill Biden signed a $10-million, three-book deal. Joe's book, Promise Me, Dad, about his son's death, was promoted through a 40-stop tour. Basic tickets for the tour cost $25, while VIP tickets, including a photo with Biden, cost $450.
Salary
Joe Biden's earnings have fluctuated over the years, as revealed by his tax returns dating back to 1998, where he earned $215,432. His income remained around $200,000 until 2009. By 2016, his income as Vice President was about $400,000 per year. In 2017, that number soared to $11 million, and in 2018, he earned $4.6 million.
Jill Biden's Salary
Jill Biden earns $100,000 per year as a teacher at Northern Virginia Community College.
Tax Returns
According to their joint tax returns, the Bidens earned the following amounts in recent years:
- 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 2023, Joe and Jill earned $619,976 in adjusted gross income, paying $146,629 in federal income tax at a 23.7% effective federal tax rate. They also paid $30,908 in Delaware taxes and Jill paid $3,549 in Virginia taxes. Most of their income came from Joe's $400,000 Presidential salary, with $85,985 from Jill's teaching job. Another $134,000 came from social security payments. They donated $20,000 to 17 charities, including a $5,000 donation to the Beau Biden Foundation.
(Photo by Chip Somodevilla/Getty Images)
Debt
Financial disclosures reveal that Biden has struggled with debt over the years. His main financial asset has been his Delaware home, against which he has taken out multiple loans. From 1983 to 2015, he borrowed against life insurance policies valued at a maximum of $50,000. In 2013, he took out a mortgage on his home, owing between $500,000 to $1 million.
Rental Income
Joe and Jill earned $2,200 per month by renting their guest house to Secret Service members while Biden was Vice President, totaling about $170,000 in rental income.
Real Estate
The Bidens' primary residence is in Greenville, Wilmington, Delaware, overlooking a man-made lake built by the du Pont family. They purchased the home in 1997 for $350,000. Similar homes in the area have sold for over $2 million. In 2017, they bought a six-bedroom vacation home in Rehoboth Beach, Delaware, for $2.74 million. From 2018 to 2019, they rented a $4 million mansion in McLean, Virginia, for $20,000 per month.
Marriages and Children
Joe Biden married Neilia Hunter in 1966, and they had three children, including Hunter Biden and Beau Biden. In December 1972, Neilia and their daughter Naomi died in a car crash. In 1975, Joe met Jill Jacobs, and they married in 1977, having one daughter, Ashley. Biden has seven grandchildren in total. His son Beau died of cancer in May 2015.
