I recently came across a quote by the current President of the united referring to himself as the least wealthy politician of his era with the nickname “middle class Joe”.
Well, I did some digging and unearthed some interesting details concerning Joe Biden’s net worth, his entire political journey, and life before politics. Here is what I found.
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Joe Biden’s net worth
Joe Biden’s net worth is estimated to be around $8 million in 2023 according to Forbes.
Below is a financial history breakdown of what Joe Biden earned as a former vice president and senator for Delaware. We shall include Joe Biden’s other sources of wealth such as real estate, properties, and other ventures contributing to his wealth.
Annual Salary
Joe Biden was once estimated to be worth around $400,000 as a Senator for Delaware. As a senator, Joe Biden’s salary was approximately $40,000 per year at the start of his career but later grew close to $170,000 before leaving in 2008.
He also served in several house committees and once as a minority leader earning him more money on top of his basic pay.
When Biden became vice president, he earned nearly $246,000 annually as basic salary excluding allowances he was entitled to. By 2008, Joe Biden net worth was roughly close to $2.5 million according to Forbes. As President, Joe Biden earns $400,000 annually.
Book deals and Public speaking engagements
Other than the salaries, Biden has earned a steady income from his book deals and public speaking engagements. It is reported that Joe has made more than $2.5 million as speaking fees and over $1.8 million on book deals and tours.
Joe’s speaking fee is reported to be hefty, ranging from $50,000 to $200,000. His autobiography published in 2008 earned him close to $10 million after signing a 3 book deal with his publisher. A second book is reportedly in the works.
According to Forbes, Joe Biden made close to $15 million between 20017 and 2019 from tax returns filed during that period.
Real estate properties
Joe owns several assets together with his wife Jill Biden estimated to be around $4 million. Joe co-owns properties with his wife Jill which include; an apartment in Rehoboth beach in Delaware valued close to $ 3 million and an apartment in Virginia valued at $4 million.
They also have properties they rent out for a monthly income. As vice president, they rented out one of their properties to secret service personnel earning him more than $ 170,000 in the process.
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Who is Joe Biden?
Joe Biden is the ruler of the “free world” and the 46th current president of the United States (POTUS). However, Joe is not your typical American politician when it comes to wealth or riches. In that sense, he is a bit like Bernie Sanders.
In fact, his gross net worth in comparison to other presidents around the world is significantly less. Having been involved in politics for more than five decades at different levels of government, you would expect Joe to have amassed quite a vast fortune for himself.
But for Joe Biden, it is quite the opposite. It’s well documented that people who get into politics or have roles in governance are likely to have an increase in net worth after assuming office such as we’ve seen with Nancy Pelosi.
Joe Biden Early Life
Joe Biden’s full name is Joseph Robinette Biden jr hailing from Scranton, Pennsylvania. He was born on 20th November 1942. He is the eldest son of Joseph Robinette Biden Sr and Catherine Euginea Biden. He grew up in a catholic family alongside three siblings, including one sister (Valerie) and two brothers (James and Francis).
Joe Biden Snr. was a hardworking man and afforded his family a life of luxury whereby they lived in the leafy suburbs of Long Island Pennsylvania. However, disaster struck when Biden Sir’s business hit a snag which forced them to relocate to Scranton and live in his parent’s house in 1946.
Due to economic hardship, meaningful work was hard to find so they moved quite a lot in search for jobs. In 1953, they moved to Delaware and Joe Biden’s father opened a car dealership for used cars where he eventually became a successful car salesman. They slowly became middle-class citizens which meant Joe Biden Sr could now afford to get quality education in any institution he chose.
Joe Biden went to Archmere Academy situated in Claymont to complete his Junior and senior high school diplomas and graduated in 1961. He began sharpening his leadership skills at a very young age when he was elected class president at his school for several years.
He then attended the University of Delaware to pursue a Bachelor of Arts in History and Political science degree. He graduated with his degree in 1965. Later, Joe Biden studied at Syracuse University College to pursue a law degree.
Joe had to overcome a speech impediment issue that was prominent in his teenage life. He recited poetry in an effort to remedy his inability to speak fluently without a stutter while still in school. Gradually, he was able to turn things around and could string complete sentences with much ease.
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Joe Biden’s Family life
Joe Biden married Neilia Hunter in 1966 after some years of courtship and was blessed with three children namely, Joseph R Biden, Robert Hunter Biden, and Naomi Christina Biden. Sadly, tragedy struck on December 1972 when Biden lost his wife Neilia and his one-year-old daughter Naomi in a tragic car accident. Both of his sons survived the ordeal and escaped with minor injuries. This incident affected Biden making him question his faith repeatedly.
Biden never gave up on marriage and he went on to marry Jill Jacobs in 1977 after meeting on a blind date two years prior. She became instrumental in Joe Biden’s political career and in life in general. From this union, they got a daughter named Ashley Biden.
Joe Biden’s Political Career
Joe Biden’s race to the White House had humble beginnings. He began this journey in 1970 and has since then vied for offices such as vice president of the united states, senate member and eventually president of the united states.
Political Breakthrough
Joe Biden began his political career by running for the New Castle county council office seat in 1970 against a Republican candidate, Lawrence T Messick. He won the seat convincingly and assumed office on January 1971. While in office, he thwarted attempts by the county government of building inessential highways that would have upset the neighborhood’s setups.
In 1972, Joe Biden came up against Caleb Boggs in the Delaware Senate election which he won despite having financial constraints. He canvassed throughout Delaware meeting voters face to face to push agendas like civil rights, equitable taxation, and matters involving better health care among many more.
He wasn’t heavily funded but he still managed to secure the seat against the incumbent Boggs, garnering more than 50% votes. He was 30 years old when he assumed office in January 1973, becoming one of the youngest senators in history.
Joe served in the US senate from 1972 up to 2008 after being duly elected for consecutive terms by the Delaware voters. He championed many issues that dealt with the common folk and was actively involved in passing important policies.
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Joe Biden’s attempts for presidency
Biden contested as a Democratic Presidential candidate in 1988 and 2008 but failed on both attempts.
1st attempt
On June 9 1987, Joe Biden formally declared that he would be running for office by seeking the Democratic presidential nomination ticket. Many people viewed him as a worthy candidate with favorable leadership traits despite his young age (45).
However, his campaign efforts were impeded by allegations that he had plagiarized speeches, had internal wrangles in his campaign team, and had exaggerated information about his early life among others.
Joe Biden withdrew his candidacy citing that those problems overshadowed his campaign greatly.
2nd attempt
His second attempt to become president was on January 2007 when he announced his intentions to run for the 2008 presidential elections.
Joe Biden was now a seasoned politician and a force to reckon with. However, he was up against a very charismatic opponent in Barack Obama.
Joe Biden’s’ campaign team admitted that his opponent was too strong based on poll numbers around the country. He consequently withdrew from the presidential race barely a year later.
Vice presidency
On august 2008, Barack Obama and Joe Biden announced their partnership after having extensive discussions behind the scenes.
Joe was picked as his running mate in 2008. On November 2008, they won emphatically with the majority of votes. Biden became the 47th vice president of America.
Joe Biden served as vice president under President Barack Obama from 2009-2017 (two 4 year terms). During his time in office as vice president, he strived to improve the middle class citizens’ economic well-being, bolstered good foreign relations with other states, among other fundamental issues.
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President Biden
Joe Biden announced that he was running for president in 2019 on the Democratic Party ticket.
Biden won presidency in 2020 to become the 46th president of the United States of America. He defeated the incumbent president Donald Trump.
This meant that Joe Biden became the oldest president in the history of American politics to be elected into office at the age of 79. He is also the second self-professed catholic president in US history too.
Conclusion
Recent reports now show that Joe Biden’s net worth is approximately $ 8-9 million as of March 2023. However, unlike many politicians with his vast political experience, he ranks low in terms of wealth accumulated.
Before you leave
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David Fortune has been the editor NoBSIMReviews.com since 2019. He is an expert at writing content on stock advisory services, side hustles, reviewing online business opportunities and many more topics. You can learn more about David on our about us page.