President-elect Joe Biden once referred to himself as the “poorest man in Congress,” but that’s no longer the case. Joe Biden’s financial health has improved greatly since he left office in 2016, but he’s still not at the same level as the Bush family or the Clinton family.
Joe Biden’s net worth is an estimated $9 million, according to Forbes. Here’s what you need to know about Biden’s net worth:
1. His Net Worth Was Estimated at -$900K in 2014, but Now It’s Much Higher
The last time Open Secrets estimated Biden’s net worth was in 2014, when the site ranked his net worth at -$947,987. At the same time in 2014, ABC News estimated his net worth was between $39,000 to $800,000.
The Center for Public Integrity noted that in January 2017, he was still likely in the hole, with his assets valued between $303,000 and $1 million, and his liabilities ranging from $545,000 to $1.15 million.
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.
Things have changed since then, however, thanks to book deals and speeches. Celebrity Net Worth, meanwhile, estimates his net worth as being as high as $9 million.
2. Biden Has Made a Lot of Money From Book Deals & Speeches
Bull Russo, a spokesman for Biden, told Politico that Biden didn’t hold any stocks or bonds or outside business interests while he was Vice President. After leaving the White House, he wrote a bestselling book that brought in a lot of money. He also began a speaking tour to pay off his debt and provide for his grandchildren.
In 2017, Joe and Jill Biden signed a book deal, but they didn’t disclose how much it was worth. A literary agent, Keith Urban, told Politico that it was likely in the “high seven figures.”
Some public contracts show Biden’s speaking fees ranging from $150,000 to $200,000. But he doesn’t always charge. When he spoke at the University of Utah, he didn’t charge when he found out the fees would be paid for from state funds, Politico said.
3. Biden Bought a Vacation Home in 2017 for $2.7 Million
Just before signing his book deal, Joe and Jill Biden bought a vacation home in 2017 in Delaware for $2.7 million, Politico reported. That home is intended to be a place for his family to gather and stay close after Beau’s death.
He also has a house in Wilmington, Delaware that’s now worth almost $1.9 million. When he bought it in 1996 it cost $350,000.
Biden also rents a home in Virginia that’s close to where Jill Biden teaches, but the cost of rent at that home isn’t known, Politico added.
4. The Bidens Earned Millions While He Was Vice President
Joe and Jill Biden earned millions while Biden was Vice President, Forbes reported. He and his wife earned about $3.1 million total during those eight years. Biden earned $225,000 a year from his salary as Vice President and Jill Biden earned $83,000 a year as an English professor. They also got $260,000 from pensions over the course of eight years and $24,000 in Social Security benefits.
The Secret Service rented a cottage from them in Delaware, and they earned $98,680 net from that. Jill Biden earned $24,400 from a children’s book in 2013, Forbes shared.
Most of Biden’s debt comes from real estate, The Washington Post reported. As of late 2016 they had two mortgages and owed between $500,001 and $1 million on them. They also owed 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. Obama Offered To Help Biden Financially When His Son Was Struggling with Cancer
Biden revealed that Barack Obama offered to help him financially while his son, Beau, was struggling with cancer, CNN reported. 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.