With the signing of a deal Tuesday with Penguin Random House, former President Barack Obama and wife Michelle Obama's total net worth will increase multifold. Barack Obama's current net worth is about $12.2 million and that of Michelle Obama is around $11.8 million, according to Celebrity Net Worth. In fact, it was estimated earlier this year that the couple can earn as much as $242 million post-presidency, according to data collected by Analytics@American of the American University.
Since the time Barack Obama was a senator till he has been the president, his net worth has jumped multifold; Within just 10 years, there has been an increase of over 400 percent. His net worth increased from $1.3 million in 2007 when he was elected to $12.2 million in 2015. Meanwhile, Michelle Obama has a net worth of $11.8 million, according to Celebrity Net Worth.
Penguin Random House will pay more than $65 million for the global rights to two books that will be written separately by Barack Obama and his wife, Michelle Obama, after a blockbuster auction that set a record for U.S. presidential memoirs, Financial Times reported.
Although Penguin Random House declined to comment on the fee it had agreed with the Obamas, the people briefed on the auction, which attracted interest from HarperCollins-owned by Rupert Murdoch’s News Corp. and CBS’ Simon & Schuster, reportedly confirmed that the deal would exceed $65 million.
Markus Dohle, chief executive of Penguin Random House, said: “We are absolutely thrilled to continue our publishing partnership with the president and Mrs Obama. With their words and their leadership, they changed the world," according to Financial Times.
Publishers also wait for these kinds of opportunities when they get to publish any former president's books as it instantly makes news and gives earnings worth millions. When former President George W. Bush released "Decision Points" in 2010, it became a New York Times bestseller. Bill Clinton’s "My Life" earned him about $15 million after it was published by Knopf in 2004.
Barack Obama has been a writer, even before he entered the White House with his previous bestselling books making him earn in millions. However, this auction was special for the publishing industry as it had a prospect of a joint book deal with Barack and Michelle Obama.
Barack Obama has written three books, “Dreams From My Father,” “The Audacity of Hope” and “Of Thee I Sing.” According to financial disclosures, he earned more than $10 million from those titles, the New York Times reported.