President Joe Biden has had his fair share of negative press: his son Hunter has lived a colourful life, while the POTUS himself has been ridiculed for his stutter and his frequent gaffes. His capabilities as a leader have also been questioned due to his advanced age. Indeed, a Democratic Party leader stated in September that the American President ‘is in a period of his life where passing and death is imminent’.
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This is perhaps why the President doesn’t have any major public celebrations planned for his birthday today, Monday 20 November. The POTUS will turn 81 without much fuss, after making headlines last week for a recent comment he made to Xi Jinping about his wife.
As Biden celebrates his birthday, let’s look into just how much money he is worth after years spent in politics. He has amassed enormous wealth over his career - here’s how he did it.
Biden’s net worth
According to Forbes, Biden was worth $8 million when he took office and this has since shot up. The President is now worth an estimated $10 million. So, how did he do it?
Biden has spoken before about his supposedly ‘middle class’ upbringing - which in itself sparked some comments - but now he is a certified millionaire. So, how did this happen? Well, before he became Vice President to Barack Obama, he was a Senator from 1973 to 2009. According to Town&Country:
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.
Earlier this year, Biden asked a group of mayors: ‘How did all the mainstream middle-class people get their wealth?’. His answer:
Ninety percent of them through investing in their homes.
This is certainly true for Biden, as much of his wealth comes from real estate.
Biden has prioritised real estate, even when he had to take out loans to purchase it, and this has really paid off for the President. He has refinanced homes, and his real estate holdings have ‘helped his net worth outpace inflation’.
Biden owns two homes in Delaware ‘that are worth an estimated $7 million combined, $1.8 million more than they were when he took office’.
The most expensive is a summer home in Rehoboth Beach which Biden purchased in 2017, after he left the vice presidency and cashed in on speeches and books. He added a pool, which may have cost as much as $75,000 in the winter of that same year. This seems mad, but the investment was a good one: after the pandemic, buyers prioritised properties with outdoor space and amenities. The home is now worth around $4.5 million, $1.7 million more than it originally cost.
The second home is in Greenville, Wilmington, and Biden had it built after purchasing a plot of land alone. So, how much is this property worth? A very substantial $2.5 million.
Combined, these two properties make up around two-thirds of Biden’s massive personal fortune. So yes, the President may be getting older, but he’s also getting richer.
Forbes: Here’s How Much Joe Biden Is Worth
Town&Country: How Joe Biden Went from Middle-Class Joe to a Millionaire