How Joe Biden Went from Middle-Class Joe to a Millionaire
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Joe Biden may be known to some by the nickname Middle-Class Joe, but the former vice president and current president is actually a millionaire, many times over. At the start of his 2020 presidential campaign Biden released his financial information—disclosures as well as state and federal tax returns for 2016, 2017, and 2018—and based on those forms, Forbes estimated that he had a net worth of $9 million.
In May of 2021, the White House also released Biden's 2020 tax returns. Per CNN, the Bidens filed their tax return jointly and "reported a federal adjusted gross income of $607,336 and owed $157,414 in federal income tax."
"According to the first family's 1040 form, they paid $162,063 and received a refund of $4,649. Their 2020 effective federal income tax rate is 25.9%," reports CNN.
Here, take a look back at how he earned his fortune.
Before Biden became Vice President, he served as a Senator from 1973 to 2009.
Over the course of his tenure, his salary increased from $42,500 per year to $174,000 per year, according to the Senate's historical records. When he was elected Vice President, he got another raise, earning roughly $230,000 a year.
Since leaving the VP office, Biden has made a hefty sum off of book deals and speaking engagements.
As recently as November 2009, Joe Biden's net worth was less than $30,000, according to CBS, but life post-vice presidency has been quite lucrative for President Obama's former number two. When Biden released his financial disclosures in July of 2019, they showed that he and his wife Jill had earned more than $15 million in 2017 and 2018.
More specifically, the Bidens reported an adjusted gross income of roughly $11 million in 2017 and $4.6 million in 2018. The bulk of that number comes from a multi-book deal with Flatiron Books valued at $8 million per Publishers Weekly, but the Bidens also earned a sizable income from speaking engagements.
The AP reports that Biden's basic speaking fee was $100,000, but it ranged from $40,000 to $190,000. The New York Times also notes that Biden made additional unpaid speaking engagements during this time which are not listed on the disclosure, citing his campaign.
Additionally, the disclosures reveal that the former VP earned $540,000 as a professor at the University of Pennsylvania’s Penn Biden Center for Diplomacy and Global Engagement.
The bulk of the Biden's wealth is in real estate, but they have a portfolio of investments too.
Per Forbes, the Bidens' two homes in Delaware are worth a combined $4 million. The site also notes that they have "cash and investments worth another $4 million or so" as well as a $1 million federal pension.
Biden's presidential salary is $400,000 per year.
The United States also affords its Commander in Chief a $50,000 expense allowance "to assist in defraying expenses relating to or resulting from the discharge of his official duties." His wife, Dr. Jill Biden is continuing to teach at community college when her husband is in the White House. "It's important," she said, "and I want people to value teachers and know their contributions, and lift up the profession."
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