Joe Biden Got A 30 Percent Raise When He Became The Vice President

Joe Biden Got A 30 Percent Raise When He Became The Vice President
Joe Biden Got A 30 Percent Raise When He Became The Vice President
Jennifer Nied, Korin Miller
·3 mins read

From Women's Health

Joe Biden’s name has been top of mind nationwide lately as the Democratic presidential candidate prepares to square off (alongside VP Kamala Harris) against President Donald Trump in November. Of course, America is pretty familiar with Biden, given that he’s a former vice president of the United States. The Democratic National Convention offers another opportunity to get to know him and his vision for America as he officially accepts the Democratic nomination.

What you might not know: Biden detailed in his memoir Promises to Keep: On Life and Politics how he grew up “broke,” even though his father was raised in a life of privilege. But Biden eventually went on to get his law degree, and now he's presumably pretty financially successful. Right?

Yep. According to Forbes, Joe’s net worth, when combined with his wife Jill Biden, is $9 million, so he’s clearly outgrown his nickname as Middle-Class Joe. Here’s how he makes his money:

Joe was elected to the Senate when he was just 29.

This made him one of the youngest members of the Senate ever, per his official biography. According to Forbes, Joe started with an annual salary of $42,500. Just weeks after the election, his wife Neilia and baby daughter Naomi were killed in a car accident. His sons Beau and Hunter were injured but survived.

Photo credit: Bettmann - Getty Images
Photo credit: Bettmann - Getty Images

Joe’s Senate salary grew over the years.

Joe stayed in the Senate until 2009. At that point, Forbes says, he was making $169,300 a year.

He earned money from his memoir.

Promises to Keep: On Life and Politics earned Joe $71,000 in royalties and $9,500 for audio book rights, according to Forbes.

Joe got a 30 percent raise when he became Vice President.

During his time in the White House, Joe earned an average of $225,000 a year, per Forbes. If you do the math, that adds up to $1.8 million as Obama's VP.

Photo credit: NurPhoto - Getty Images
Photo credit: NurPhoto - Getty Images

He owns two homes.

The Bidens collect rental income from a cottage house on the grounds of their home in Delaware, according to Forbes. Their other property is a 4,800-square-foot house by the water in Rehoboth Beach, Delaware, which they purchased in 2017.

The combined value of their real estate is $4 million.

Joe made bank as a professor at the University of Pennsylvania.

After leaving the White House, Joe took a job as the Benjamin Franklin Presidential Practice Professor at the University of Pennsylvania. There, he made $775,000 according to Forbes.

His investments are worth millions.

Joe and his wife took their paychecks straight to the bank and investment accounts. Now, their cash and investments total $4 million, per Forbes. He also receives a federal pension valued at $1 million.

He’s been busy with lucrative projects since leaving the White House.

Joe and Jill have made more than $15 million combined since he ended his role as vice president, according to tax documents. That largely stemmed from book deals they signed after leaving the White House. His multi-book deal with Flatiron Books was valued at $8 million, per Publishers Weekly. Joe's basic speaking fee is a $100,000, but it can range from $40,000 up to $190,000, per AP.

If Joe wins the presidency, he would earn another big raise.

The U.S. Commander in Chief salary is currently $400,000 annually, per Cornell Law. The president also receives a $50,000 expense allowance related to "discharge of his official duties."

Photo credit: Drew Angerer - Getty Images
Photo credit: Drew Angerer - Getty Images

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