State of the President Biden estimated at $ 10 million – when he first took the Oval Office, was only $8 million. He owes the growth of financial well-being not at all to family businesses in distant countries. Instead, he makes money on the same thing as other Americans who turned 80 years old – on real estate. The president owns two homes in Delaware that are worth $7 million in total, although they were worth $1.8 million less at the time of his inauguration.
The most expensive piece of his property is a summer house with an area of almost 450 square meters. m in the town of Rehoboth Beach, it costs about $ 4.5 million. Biden acquired it in 2017, when he left the chair of vice president and earned $ 11.1 million from speeches as a speaker and books. In November of the same year, he built on a pool plot that could have cost $75,000. At the time it looked like a splurge, but in the end it turned out to be a wise investment. During the pandemic, many have rushed to buy large houses with good outdoors, like the one Biden has, seven minutes from the ocean and next to a national park with many bike paths. Now this house is worth about $4.5 million – $1.7 million more than it was originally sold.
The President also owns an even larger, though less expensive, house in a picturesque area of Wilmington called Greenville. At first it was a regular piece of land that Biden bought in 1996 for $350,000. Two years later, a colonial-style house of almost 640 square meters grew on it. m, and in 2005 – a small cottage of 176 sq. For many years, the object remained Biden’s most valuable asset, and before receiving huge incomes in 2017, he repeatedly refinanced it. Today the territory is valued at $2.5 million, although a couple of years ago it was $700,000 cheaper. In total, Biden’s two houses account for roughly two-thirds of his personal fortune.
Joe Biden’s press office did not respond to requests for comment. The president himself values quite different things in life. His father, Joe Sr., had several promising companies, but in the end he found his calling as a car dealer. When Joe Jr. married his first wife in 1967, his father donated Corvette Stingray, released at the same time, paid him $5,600 ($51,000 in today’s terms) for an iron horse. A decent investment: Today, the car still sits in the president’s garage and is valued at around $100,000.
Biden’s love of good real estate began around the same time. When the future commander-in-chief was in his early 20s, he bought three houses and a 34-hectare plot in Maryland, hoping to one day turn it into a family estate. In the short term, he tried to capitalize on it by renting out houses. At that time, he and his family lived free of charge in a cottage nearby and, as a payment, served the local pool. As he later told in his memoirs, there was not much money: “I constantly risked being without a livelihood.”
Nevertheless, in 1975 he bought an even more spacious home – a mansion of 930 square meters. m, which previously belonged to the legendary Delaware Dupont family. There was a lot to see: a courtyard, a pool house, a circular driveway, and a colonnade. Looking at the estate during the 2020 presidential race, even the soldiers of the disinformation front, including the son of ex-president Eric Trump, accused Biden of corruption (although by that time Biden had long sold the estate). In reality, he got it in a much more boring way – Biden scored a lot of loans. Then, as a senator, he earned about $43,000 a year, and took out a loan in the amount of $160,000 to buy a lot for $185,000.
He did not sell the house and, thanks to rising real estate prices, he even made a kind of piggy bank out of it. When he needed money, he refinanced the facility, accumulating more and more credit funds over the years. “How did all the simple middle-class people make their fortune? Biden asked a group of mayors in 2023, decades after buying the Dupont estate. “90% by investing in their own homes.”
In his case, it was true. In 1996, he sold the estate for $1.2 million and shelled out $350,000 for a nearby plot of land where the future president planned to build a new house by the pond. On this territory, Biden built two houses, turning them into the Wilmington estate, which he owns to this day. He also made it a kind of piggy bank, repeatedly refinancing over the years. When Biden took over as vice president, the tenant of his cottage became The US Secret Service, for which the owner was paid $26,400 annually.
One day the sons of Beau and hunter paid for the engine repair of his father’s Corvette. But money was still tight in the family, especially when Beu was diagnosed with cancer, from which he died in 2015. To help pay for treatment, Joe Biden considered selling his house in Wilmington. Barack Obama told himthat if money is needed, he will be happy to cover the costs out of his own pocket.
After leaving the White House, money flowed like a river. In 2017, the former vice president earned $11.1 million, in 2018, $4.6 million, in 2019, $1 million, and in 2020, when he was elected as the new president, $630,000. President and President, the politician’s fortune increased from approximately $2.5 million to $8 million.
He’s even richer now, thanks to his real estate, which has helped him outpace inflation. Biden has never been particularly involved in investing in securities, so he has cash pile. To date, he and First Lady Jill Biden have invested less than $310,000 in the exchange, all of which are mutual funds. Much more is in ordinary bank accounts: the president receives a salary of $400,000 a year and about $250,000 in the form of pension accruals.
If Biden suddenly wants more liquidity, he can always take loans secured by property. Late last year, the commander-in-chief secured a loan of up to $250,000, vouching for him with his home in Rehoboth Beach. Be that as it may, no one has the right to encroach on one of his assets – this is the same Corvette. “They tell me he’s worth a lot of money,” Biden said last year as he signed new laws at the White House. “But I know that if I sell it, Beau will come down from heaven and give me a debriefing.”
Translation by Anton Bundin
How many houses does Biden have now?
The American media has different information about how many houses actually belong to John Biden. However USA Today reportedthat as of October 2020, the politician owns only two mansions. The rest of the houses where he and his wife lived in recent years were rented. In 2019 Forbes rated the fortune of Biden and his wife is $ 9 million. At the same time, $ 4 million came from real estate.
How ‘Middle-Class Joe’ Biden Made $22.5 Million
The original of this material
© IA “RBC”, 10/31/2020, Biden was called “the poorest in Congress.” And he made $22.5 million
Gleb Kalanov
Joe Biden is the opposite Trump in career terms. The current US president has devoted most of his life to business, while his rival in the 2020 election has spent his entire life in politics. […]
At 30, he became one of the youngest senators in American history. Biden represented Delaware in the Senate for 36 years, and all this time he was considered one of the poorest senators – at first his salary was only $42.5 thousand a year. […]
Biden is known by the nickname “middle-class Joe” – but in fact he is a millionaire. A successful career helped Biden become a wealthy man: since 1998, he has earned $ 22.5 million – and not only thanks to his salary. We tell you exactly what the candidate from the Democratic Party made money on.
$22.5 million in 22 years: helped by teaching, books, public speaking and welfare payments
Biden regularly filed financial and tax returns. Here are some of them It revealed:
From 1998 to 2008, when Joe was a senator, he and his wife received income from three sources. Biden’s salary as a senator averaged about $155,000 a year. In addition, he earned about $20,000 teaching at Widener University. Jill Biden has also worked in education, teaching English at the Delaware Technical College. There she earned about $60,000 a year. Thus, the average income of the Biden couple in that decade was about $235,000.
When Biden became vice president, his salary rose to about $225,000, the amount he earned annually for eight years in the White House. Jill found a new higher-paying job closer to Washington, teaching at a local college in Northern Virginia, which paid her an average of $83,000 a year.
Since 2009, the Bidens began to receive pensions ($890,000 over ten years) and social security benefits ($385,000). By comparison, until 2009, Joe Biden received only about $6,500 in benefits.
From 2010 to 2016, the Bidens earned $17,000 from renting out a cottage in Wilmington, Delaware, rented by the United States Secret Service.
In 2012, Jill Biden published the children’s book Don’t Forget, God Bless Our Troops and earned $24,000.
In 2017, after Joe stepped down as vice president, the Bidens posted $11.1 million in earnings, nearly double what they had earned in the previous 18 years combined. In this they helped contract for $ 8 million and several books with Flatron Books – in particular, both spouses released memoirs. Biden’s public appearances and his work at the University of Pennsylvania, where the former vice president earned $372,000 a year, were another source.
In 2018, Biden earned another $405,000 at the University of Pennsylvania. He and Jill also made $3.7 million from books and performances. The amount of Biden’s earnings depended heavily on the place: for example, for a speech in Madison (New Jersey), he earned $190 thousandand in Ann Arbor (Michigan) – only $ 8 thousand. Pensions and social benefits brought the Bidens $ 4.6 million in 2018.
In 2019, when Biden announced his candidacy for president, he and Jill earned about $1 million. Biden took an unpaid leave from the university when he began the campaign in April 2019, so his salary fell to $135 thousand. Another $500 thousand he earned from performances.
In total, from 1998 to 2019, Biden and his wife Jill earned $ 22.5 million. Since 1998, Biden paid about $6.7 million in income tax, of which $5.5 million is from 2017. In the first year after leaving the White House, the former vice president paid about 5,000 times more taxes ($3.7 million) than Donald Trump, who paid $750 to the budget. And by New York Timesfrom 2000 to 2015, the current president paid no income tax at all.
With the money earned, the family bought a house with an area of about 450 square meters. m in Rehoboth Beach, Delaware, worth $2.7 million.
The Bidens still have some debt, such as an outstanding $540,000 mortgage on a house in Wilmington.
Also in 2017, the Bidens donated $1 million to charity, in particular, supporting the Catholic Diocese of Wilmington and the United Jewish Federation of Chicago. In 2018, they donated $275.8 thousand to charity, in 2019 – $14.7 thousand. For comparison, from 1998 to 2016 they donated only $70 thousand. […]
