Wednesday, June 12, 2024

What is Joe Biden’s Net Worth? How did Joe Biden Makes his Money?


What is Joe Biden’s Net Worth? Who is Joe Biden? The President-elect of the United States of America, Joseph Robinette Biden Jr. was born on 20 November 1942.

What is Joe Biden’s net worth? Joe is allegedly worth $9 million, which is substantially more than before in his career. This figure, from Forbes and estimated in 2019, is based on a total real estate portfolio of $4 million (Joe and his wife Jill Biden own two homes in Delaware), $4 million in cash/investments, and more than $1 million in federal pension.

From 2016 to 2018, the Bidens released their tax returns, which revealed that in 2017 and 2018 they spent almost a third of their tax earnings ($3.7 million and $1.5 million, respectively) and that in 2017 and 2018 they contributed a large sum to charities ($1 million and $275,000, respectively).

In the 2020 presidential race, Biden beat incumbent President Donald Trump. A member of the Democratic Party, Biden served under the Obama presidency from 2009 to 2017 as the 47th vice president. He was a delegate of Delaware in the U.S. Senate from 1973 to 2009.

what is joe biden’s net worth “Barack Obama and Joe Biden on Election Day – November 6th” by Barack Obama is licensed under CC BY-NC-SA 2.0

Joe Biden’s Net Worth: The Beginning

Raised in Scranton, Pennsylvania, and New Castle County, Delaware, before receiving his law degree from Syracuse University in 1968, Biden graduated from the University of Delaware. In 1970, he was elected a counselor for New Castle County and became the sixth-youngest senator in American history when he was elected to the United States Delaware senate in 1972, at the age of 29.

Biden was a long-time member of the Committee on International Affairs of the Senate and ultimately became its president. In 1991, he opposed the Gulf War and supported the NATO alliance’s expansion into Eastern Europe and its involvement in the 1990s Yugoslav Wars. In 2002, he sponsored the bill approving the Iraq War and then criticized the U.S. troops’ surge in 2007.

#what is Joe Biden’s net worth: politics

From 1987 to 1995, he also headed the Senate Judiciary Committee, debating drug reform, crime prevention, and questions of civil liberties; led the campaign to pass the Violent Crime Regulation and Law Enforcement Act and the Discrimination Against Women Act; and supervised six U.S.

Confirmation hearings by the Supreme Court, including the notorious hearings for Robert Bork and Clarence Thomas. In 1988 and again in 2008, he ran unsuccessfully for the Democratic presidential nomination.

Biden was re-elected six times to the Senate and was the fourth-most senior senator until, after winning the 2008 presidential election, he resigned to serve as Barack Obama’s vice president; Obama and Biden were re-elected in 2012.

what is joe biden's net worth
what is joe biden’s net worth Obama and Biden

As vice president, to combat the Great Recession, Biden oversaw infrastructure investment in 2009. His meetings with Congressional Republicans helped pass bills, including the 2010 Tax Relief Act, which settled a tax impasse; the 2011 Budget Restraint Act, which resolved a debt ceiling crisis; and the 2012 American Taxpayer Relief Act, which tackled the imminent “fiscal cliff”.

The US–Russia New START Treaty was also passed and the US strategy against Iraq was established by withdrawing US troops in 2011. He chaired the Gun Abuse Task Force after the Sandy Hook Elementary School massacre. In January 2017, Obama awarded Biden with distinction the Presidential Medal of Freedom.

Biden declared his candidacy in the 2020 presidential election in April 2019, and he surpassed the delegate threshold required in June 2020 to win the Democratic nomination. He declared his nomination of Senator Kamala Harris of California as his running mate in August. On January 20, 2021, Biden is expected to be inaugurated as the 46th President of the United States.

Joe Biden Net Worth 2020

In the early 1960s, when Joe Biden was a student at Delaware University, he spent a lot of time in his dorm talking with peers. He posed a question one day:

“You guys could be guaranteed a job at the DuPont company after graduation, with a nice starting salary and a job for life, but you would never make more than $40,000 a year (currently some $340,000).”

Or you could take a job with half the pay, no promises, but the money you could earn wouldn’t be reduced. Which would you take?”

For Biden, the response was obvious. He told his buddies he would rather take the gamble. Biden is finally realizing the advantages of unlimited receiving more than 50 years after those dorm lounge conversations.

#Joe Biden net worth 2020 Forbes…

Forbes predicts that Biden, 76, and his companion, Jill, are worth 9 million dollars currently. Their wealth includes a combined $4 million worth of two Delaware properties, cash and savings of another $4 million or so, and a government pension of more than $1 million.

Joe Sr., Biden’s father, was raised in a life of luxury, complete with polo matches and Adirondacks hunting trips, thanks to the lucrative career of his father, Joseph, who ran an American Oil division.

But, according to Joe Biden’s 2007 book, Vows to Keep: On Life and Politics, Biden’s dad struggled in his early business endeavors, which included a Boston real estate deal and a crop-dusting effort, leaving the family “broke.” When Joe Biden was 10, the family moved to an apartment in Wilmington, Delaware. Eventually, his father found jobs selling vehicles.

The future vice president also managed to attend a local private high school, finishing a work-study program to help offset the tuition of $300 per year. Biden later received a bachelor’s degree from Delaware University, followed by a law degree from Syracuse University. He got married after his first year of law school and came back to Wilmington with his wife, Neil, after graduating in 1968.

what is joe biden’s net worth…“Joe Biden” by Gage Skidmore is licensed under CC BY-SA 2.0

He became one of the youngest candidates ever elected to the Senate in 1972 when he was 29. It didn’t last long for the celebration. Biden’s wife and infant daughter died in a traffic crash just a few weeks after the election.

Beau and Hunter’s sons suffered substantial injuries. To better provide for the family, Biden’s sister moved in, when Biden continued his tenure in the Senate for over three decades. He began out with $42,500 a year in compensation (equal to around $250,000 today).

#what is Joe Biden’s net worth: wife

Biden got married to his new partner, Jill, again in 1977. Much of the Bidens’ revenue has derived from his Senate salary and Jill’s salary as an English professor at community colleges since at least 1998, the earliest year Biden issued his tax returns.

They received $71,000 in sales and another $9,500 for “audiobook rights,” soon after his first memoir, Promises to Hold, was released by Random House. In 2009, when Biden resigned his Senate seat, his salary was $169,300 a year. With a 30 percent rise, his latest gig as vice president landed.

#what is Joe Biden’s net worth 2019: salary

Biden appeared at a White House forum in 2014 that focused on topics affecting working families. He acknowledged that he was classified as the “poorest man in Congress.” He said simply, wearing what he considered a “mildly expensive suit,” “Don’t hold it against me that I don’t own a single stock or bond.” I don’t have a deposit for savings. Yet I have a wonderful pension, and I have a decent wage.

what is joe biden’s net worth…“Joe Biden in Cleveland – November 6th” by Barack Obama is licensed under CC BY-NC-SA 2.0

That wasn’t real. The financial statement of Biden that year revealed that he owned at least $1,000 in a savings account, and Jill had two bank account certificates of at least $50,000 each, as well as some stock and bond funds that were part of her retirement accounts.

And then, the personal finances of Biden were not in outstanding condition. Liabilities of at least $780,000 were also reported in the same disclosure. Since 1998, when Biden designed his Wilmington home, he has refinanced the property periodically over the years.

The vice president said he was concerned that his son would have to withdraw from his position as Delaware’s attorney general because he was ill before Biden’s son Beau died of brain cancer in 2015, and he considered selling his Wilmington house to help his son out.

He was stopped by President Barack Obama from selling the place and stepped in to say that if he wanted it, he would personally lend him the money.

He filed another financial statement report, listing assets, and liabilities worth anywhere between negative $897,000 and positive $489,000, when Biden finished his tenure as vice president in January 2017.

#what is Joe Biden’s net worth: asset

Yet for the next 23 months, according to tax filings, the Bidens received more than $15 million. According to his most recent tax statement, Joe Biden got $1.8 million from book tour activities and $2.4 million in speaking fees.

He also received $775,000 from the University of Pennsylvania, as the Benjamin Franklin presidential professor of practice, to head the Penn Biden Centre for Diplomacy and Global Engagement. Jill added $700,000 in fees for speaking.

what is joe biden's net worth
what is joe biden’s net worth…“Joe Biden – Caricature” by DonkeyHotey is licensed under CC BY 2.0

Those gains allowed the couple in 2017 to buy a 4,800-square-foot house by the water in Rehoboth Beach, Delaware, and pay off at least one mortgage on their Wilmington house. They have donated over $1 million, including two managed by their own families, to charities. They provided the Beau Biden Foundation for the Safety of Children with $150,000 and the Joseph Biden Foundation with $100,000.

Any debt also persists with the Bidens. County documents reveal that a $540,000 mortgage has yet to be paid off on the Wilmington property, reported in 2013. Two other liabilities are also mentioned in his disclosure. One of them is a line of credit that Biden co-signed with one of his sons for $15,000 to $50,000.

#what is joe biden’s net worth: debt?

He may still have a position at Penn, even though Biden doesn’t make it back to the White House. His financial statement identifies his resignation as a “leave of absence.” In May, the book by Jill Biden, Where the Light Enters: Establishing a Family, Finding Myself, came out. It seems obvious, taking all that into account, that “Middle-Class Joe” is set to be a part of the upper class for certain.

Middle-Class Joe to a Millionaire, How Joe Biden did it?

Some may know Joe Biden by the nickname Middle-Class Joe, but a millionaire is currently the former vice president and new president-elect, several times over. Biden released his financial information-disclosures as well as state and federal tax returns for 2016, 2017, and 2018-at the outset of his 2020 presidential bid, and Forbes reports that he has a net worth of $9 million based on those forms.

biden net worth 2020
what is joe biden’s net worth

How did Joe Biden earn his fortune?

  • He served as a Senator from 1973 to 2009 until Biden became Vice President. (what is Joe Biden’s net worth senator)

Throughout his career, his pay rose from $42,500 a year to $174,000 a year, according to the Senate’s historical documents. When he was elected Vice President, he earned another boost, making about $230,000 a year.

  • In 2017, the Bidens made nearly twice as much as the previous 19 years combined. (what is Joe Biden’s net worth forbes)

In the private sector, Joe Biden’s first year proved to be his most successful in at least two decades. According to a Forbes study of tax returns, he and his partner, Jill, earned around $11.1 million in 2017, almost twice their cumulative earnings from 1998 to 2016, which amounted to $5.8 million. This year, the pair pulled in another $4.6 million.

#what is joe biden’s net worth: family

The rest of the Bidens’ major payoff came from a book deal and speaking engagements. Joe Biden routed his book and speech fees into a corporation called CelticCapri Corp., which brought in $9.5 million in 2017 and $2.7 million in 2018.

In November 2017, his book, Promise Me, Dad, came out and has sold over 300,000 copies. Biden listed 30 book tour activities on his financial disclosure account, which paid him $1.8 million in total, plus another 19 speech engagements that provided $2.4 million.

net worth of joe biden
what is joe biden’s net worth…“Vice President Joe Biden and his wife Dr. Jill Biden Marching In President Obama’s 2nd Inauguration” by Anthony Quintano is licensed under CC BY 2.0

After her time as America’s Second Lady, Jill Biden has made great money. In speaking engagement fees, her firm, Giacoppa, took in around $560,000.

With extra gigs, the Bidens augmented their profits. Joe Biden took up a career as a professor at the University of Pennsylvania in February 2017, one month after leaving the White House, a role that earned him $775,000 in 2017 and 2018. Since unveiling his campaign, Biden has been on an unpaid leave of absence.

In 2017, the Bidens have contributed more cash than they did over the past two decades. The Beau Biden Foundation for the Protection of Children ($150,000) and The Joseph Biden Foundation ($100,000) donated more than $1 million to 26 causes, including two of their own families.

#what is Joe Biden’s net worth: foundation

In exchange, such organizations have funded projects on topics such as child violence and equity for LGBTQs. The Bidens gave $70,000 from 1998 to 2016—a ton of money, yes, but nothing near what they handed over in 2017.

The Bidens released their tax returns from 2016 to 2018 Tuesday after making several changes related to double-counting and deduction mistakes. They have originally neglected to include Biden’s vice president pay for the first few weeks of 2017, according to Biden’s initiative.

The couple’s combined earnings averaged about $250,000 in the decade before Biden took office as vice president. More than half of it comes from the U.S. Senate’s wage for Biden. On average, his wife made 60,000 dollars from the state of Delaware. The pair received $81,250 from the literary firm Sterling Lord Lit Eristic in 2005. They declared $71,000 in royalties two years back, and $9,563 in audiobook rights the next year.

net worth joe biden
what is joe biden’s net worth…“Vice President Joe Biden and Dr. Jill Biden” by acaben is licensed under CC BY-SA 2.0

As Forbes reported in April, during the eight years that Biden served as vice president, the Bidens earned $3.1 million, Over the same span, the Obamas pulled in an extra $10.8 million.

  • Biden has made a hefty amount off of book deals and speaking gigs since leaving office. (what is Joe Biden’s net worth deals)

As early as November 2009, according to CBS, Joe Biden’s net worth was less than $30,000, but for President Obama’s former number two, life after the vice presidency was very lucrative. In July 2019, when Biden issued his financial statements, they demonstrated that in 2017 and 2018, he and his wife Jill had received more than $15 million.

#what is Joe Biden’s net worth 2017: contracts

More precisely, in 2017, the Bidens posted an adjusted gross sale of around $11 million and in 2018, $4.6 million. The majority of the figure came from a multi-book contract priced at $8 million per Publishers Weekly for Flatiron Books, but the Bidens have gained substantial money from speaking engagements.

The AP estimates that Biden’s basic speaking fee was $100,000, but it varied from $40,000 to $190,000. The New York Times also reports that Biden made additional unpaid speaking appearances around this period which are not reported on the disclosure, referencing his campaign.

Additionally, the disclosures show that the former VP earned $540,000 as a professor at the Penn Biden Center for Diplomacy and Global Engagement at the University of Pennsylvania.

  • The majority of Biden’s holdings are in real estate, but they still have a portfolio of investments. (what is Joe Biden’s net worth Real Estate)

Via Forbes, the Bidens’ two properties are worth a whopping $4 million in Delaware. The platform also states that, as well as a $1 million government pension, they have “cash and investments worth another $4 million or so”

What will Biden’s Presidential Salary be?

The presidential pay for Biden will be $400,000 a year. The United States also provides its Current president a $50,000 expense fund “to help in defraying costs related to or arising from the discharge of his official duties.  ” His wife, Dr. Jill Biden also recently shared that she will continue to teach at community college while her husband is in the White House. (what is Joe Biden’s net worth 2020 salary)

Final, and References

  • What is Joe Biden’s Net Worth? $9 million.
  • What is joe Biden’s net worth 2019- Joe Biden net Worth 2019 was not far from Joe Biden Net worth 2020.
  • What is Joe Biden’s net worth 2020 Forbes? $9 million.

    what is joe biden’s net worth Forbes- Here’s How Much 2020 Presidential Candidate Joe Biden Is Worth
  • What Is Joe Biden’s Net Worth? At one point, he was known as the “poorest man in Congress.”

Cover image: what is Joe Biden’s net worth… “Behind the Scenes of Joe Biden’s 1967 Corvette Stingray – Wilmington, DE – July 16, 2020” by Biden For President is licensed under CC BY-NC-SA 2.0

Read more

Local News