Joe Biden's birthday: How rich Is the 46th President of the US? Exploring his net worth, income, salary, houses and more
Joe Biden's net worth: Joe Biden, the 46th President of the United States, is celebrating his 82nd birthday on 20 November. As one of the most influential figures in modern politics, Biden's life has been a mix of significant achievements, personal loss, and financial stability. Let's take a closer look at his wealth, income, and long political career.
Joe Biden's Net Worth
Joe Biden's net worth stands at an estimated $10 million as of June 2024 according to Forbes, a relatively modest figure compared to other prominent American politicians. A major portion of his wealth is invested in real estate, particularly two valuable properties in Delaware.
Wilmington Home: Biden's main residence is located in Wilmington, Delaware.
Rehoboth Beach Property: His summer house, spanning 4,800 square feet, was purchased in 2017 for $2.7 million. During the pandemic, its value rose to $4.5 million, reflecting the surge in demand for homes in quieter, natural settings. However, with rising interest rates, housing prices have recently stabilised.
Joe Biden's Income and Salary
The President of the United States earns an annual salary of $400,000, a figure set by Congress in 2001 and unchanged since then. While this is a significant amount, it falls below the U.S. income threshold for the top 1%, which is currently around $788,000. Compared to other world leaders, such as Singapore's Prime Minister, who earns approximately $1.6 million, the U.S. president's salary is relatively modest on a global scale.
In addition to the salary, the president benefits from numerous perks, including residence in the White House, use of Air Force One and Marine One, access to a fleet of armoured limousines, and round-the-clock protection from the Secret Service. These extras bring the total annual compensation package to around $569,000.
Additional Allowances and Benefits
The president's compensation includes several allowances and non-salary perks, which enhance the $400,000 base salary and make the role more financially rewarding, even if it doesn't match the earnings of other global leaders.
Expense Allowance: The president is given a non-taxable allowance of $50,000 for personal and official expenses.
Travel and Entertainment Funds: An additional $100,000 travel account and a $19,000 entertainment budget support the president's duties.
White House Redecoration: Upon taking office, the president is allocated $100,000 for redecorating the White House to their taste.
When these allowances are combined, the total compensation package reaches approximately $569,000 per year, covering operational and ceremonial needs associated with the presidency.
Perks After Leaving Office
Even after U.S. President Joe Biden's term ends, he will enjoy numerous privileges. These include an annual pension of around $230,000, healthcare benefits, and funding for office space and staff. Additionally, they receive allowances for official travel, enabling them to continue their public service and maintain their role as national figures.
In 2022, Biden secured a $250,000 line of credit to access extra funds. By the end of 2023, he had used over $100,000 of this credit, which comes with a variable interest rate of prime plus 1.99%. This means his borrowing costs change with interest rate adjustments.
Biden has also earned additional income by renting out properties. For instance, in 2012, he rented a cottage on his Delaware estate to the Secret Service, earning $26,400 that year.
Biden's Real Estate Journey
Joe Biden has a long history of smart real estate investments:
During a financial recession, Biden bought a 10,000-square-foot mansion for $185,000, borrowing $160,000 for the purchase. He later sold it for $1.2 million in 1996.
New Homes in Delaware: Biden purchased land in the same area for $350,000 and built two homes on it.
Despite his real estate success, Biden has faced personal tragedies. In December 1972, he lost his first wife and young daughter in a car accident shortly after purchasing a house in Chevy Chase, Washington, DC. This heartbreaking incident profoundly influenced his life and career.
Joe Biden's Political Career: A Lifelong Commitment to Public Service
Born on 20 November 1942, Joe Biden has spent most of his life in politics. He began his career at the age of 29, joining the Democratic Party. Over the years, he has been a central figure in shaping policies on domestic issues, foreign relations, and criminal justice.
Key Milestones in Biden's Career
Vice Presidency: From 2008 to 2016, Biden served as Vice President under Barack Obama, playing a significant role in major government decisions.
Presidency: In 2020, he became the 46th President of the United States. His leadership during challenges like the pandemic and the Ukraine crisis has earned widespread recognition.
Unique Legacy: Biden is one of only 15 individuals in US history to have served as both Vice President and President. He is also one of six to achieve the presidency after holding the vice presidency.
Recognitions and Awards
As a tribute to his remarkable service, Biden received the Presidential Medal of Freedom with Distinction from Barack Obama in January 2017. This is the highest civilian honour in the United States, reflecting his dedication to the nation.
As Joe Biden celebrates his 82nd birthday, his life story reflects hard work, resilience, and service to the country. From a steady income and a modest net worth to decades of political accomplishments, Biden continues to inspire people worldwide.
Whether discussing Joe Biden's net worth, income, or career, the 46th President of the United States remains a respected and influential figure in global politics.
