Joe Biden’s net worth and income have been subjects of interest, particularly given his long tenure in various political roles. As the 47th Vice President of the United States from 2009 to 2017 and a U.S. Senator from Delaware from 1973 to 2009, Biden’s financial journey reflects a mix of modest beginnings, steady earnings, and significant growth post-office.
Initial Financial Standing
- Early Career: Starting as one of the least wealthy members of the Senate in 1973, Biden’s financial situation was modest.
- Assets and Liabilities: By the end of his vice-presidential term, he and his wife Jill reported assets between $303,000 and $1 million and liabilities ranging from $560,000 to $1.2 million.
Income Sources
- Senate and Vice Presidency: As a Senator and later Vice President, Biden had a significant salary (over $150,000 as a Senator and $230,700 as Vice President).
- Jill Biden’s Earnings: His wife, a professor, contributed to their income, with an average salary around $80,882 plus additional pay.
Tax Information
- 2015 Tax Return: Their joint tax return showed an adjusted gross income of $392,233, taxed at 23.3%, totaling about $91,546 in federal tax.
Post-Office Financial Growth
- Book Deal: In early 2017, the Bidens signed a lucrative book deal with Flatiron Books, reportedly in the “high seven figures.”
- Real Estate Investments: They purchased a vacation home in Rehoboth Beach, Del., for $2.7 million and owned another property in Wilmington, Del., valued at nearly $1.9 million.
Net Worth Estimation
- Total Net Worth: Considering real estate holdings and the book deal, Joe and Jill Biden’s net worth is estimated between $7 – 9 million.
- Additional Earnings: They earned approximately $15 million from 2017 to 2019, and after taxes, this amounts to around $8 million.
- Pension Benefits: Biden receives a lifetime pension of about $161,490 annually, based on 70% of his Vice Presidential salary.
Implications and Personal Finance
- Financial Management Criticism: Despite their high earnings, the Bidens faced criticism for not managing their finances more effectively, particularly earlier in their careers.
- Potential Presidential Salary: As President, Biden would earn a salary of $400,000, plus additional allowances and pension credits.
The Bidens’ financial journey illustrates a significant turnaround in wealth, especially post their White House tenure, reflecting both their career earnings and strategic decisions like book deals and real estate investments.