Vice President Joe Biden isn’t carrying even close to the same amount of wealth as Hillary Clinton or other well-known politicians. Biden has a net worth of between $500,00 and $600,000, according to several estimates. He has decided not to run for President in 2016. If he had, he wouldn’t have been able to rely on his own money to help fund a large portion of his campaign, like other presidential candidates can.
His lower net worth is the reason why President Barack Obama offered to help him with finances while Biden’s son, Beau Biden, was struggling with cancer.
Here’s what you need to know.
1. His Net Worth Varies Depending on Which Source You Ask
Biden’s net worth ranges from $39,000 to $800,000, ABC News reported. According to Celebrity Net Worth, he’s worth $600,00, and TheRichest.com puts his net worth at a similar range of about $500,000. Just as a comparison, President Barack Obama’s net worth has been estimated to be between $3 million and $8 million, ABC News reported.
Biden recently revealed that Obama offered to help him financially while his son, Beau, was struggling with cancer, CNN reported. Beau died last May. Biden recalled how he told Obama that he was worried about providing for Beau’s family, since Beau was going to have to resign. He said that he and his wife, Jill, would sell their house in Delaware if they had to, but he would be fine. Obama wouldn’t hear of it. He told Biden to promise that they wouldn’t sell their home and that he would give Biden money if necessary, but he did not want Jill and Joe to lose their home.
2. He Has Referred to Himself as the “Poorest Man in Congress”
Back in June 2014, Biden referred to himself as “the poorest man in Congress,” ABC News reported. He said that he only wears “mildly” expensive suits, especially when compared to other Congressmen. He said he doesn’t own any stocks or bonds and he has no savings accounts. The Washington Post reviewed those claims more closely and found them to be mostly true. His wife, Jill Biden, does have a savings account, but it’s only worth between $0 and $1,000. The Bidens have multiple checking accounts between them, but none were worth much. In fact, neither reported more than $15,000 in assets, The Washington Post reported. Jill Biden does have a tax-sheltered annuity invested in a number of funds, and she has two CDs that range from $50,000 to $100,000.
3. He Makes $230,700 as Vice President
As Vice President, Joe Biden brings in $230,700 as his annual salary. ABC News reported that Biden is thankful for his salary, saying:
I have no savings accounts, but I got a great pension and I got a good salary. I’ve been really, really fortunate.
4. Most of His Debt is in Real Estate
Most of Biden’s debt comes from real estate, The Washington Post reported. They have two mortgages and owe between $500,001 and $1 million on them. They also owe between $250,001 and $500,00 on a home equity line of credit. The Post pointed out that when considering their real estate debt, the Bidens’ combined net worth comes out in the negative range.
In 2013, the Bidens refinanced their mortgages so they could have lower interest rates, The Wall Street Journal reported. The original loan, taken out in 2010, was on Biden’s principal residence and was valued between $500,000 and $1 million and had a 4.625 percent interest rate. The new loan has a 3.375 percent interest rate.
5. He and His Wife Brought in $407,009 in Taxable Income for 2013
Between Joe and Jill Bidens’ salaries, they had a taxable income of $407,009 in 2013, The Washington Post reported. This includes rental income from a Delaware property that charges about $2,200 a month. From their income, they had to pay $96,378 in taxes. In addition, Jill Biden earned between $15,001 and $50,000 for her book, “Don’t Forget, God Bless Our Troops,” The Washington Post reported.