As the 46th President of the United States, Joe Biden’s wealth has come under scrutiny. People are curious about his net worth and how it has evolved over the years. In this blog post, we will explore President Biden’s financial status, his real estate investments, and how his wealth has changed since taking office.
From $8 Million to $10 Million
President Biden’s estimated net worth currently stands at $10 million. This figure represents an increase from $8 million since he assumed the presidency. However, this boost in wealth is not connected to any questionable family business dealings in distant lands. Instead, it’s the result of a common financial strategy for many Americans, especially those in their 80s—real estate.
Real Estate Investments
The core of President Biden’s wealth lies in his real estate holdings. He owns two homes in Delaware, collectively valued at around $7 million. This value is approximately $1.8 million higher than when he took office.
Rehoboth Beach Summer Home
One of Biden’s most valuable properties is a 4,800-square-foot summer home in Rehoboth Beach, worth an estimated $4.5 million. He purchased this property in 2017, the same year he left the vice presidency. It was a year when he earned $11.1 million from speeches and book deals. Biden even added a pool to the property, which could have cost as much as $75,000. This investment proved wise, as the property’s value has increased by $1.7 million since then.
Greenville Neighborhood Residence
President Biden also owns a substantial home in Wilmington’s picturesque Greenville neighborhood. He initially bought the land for $350,000 in 1996 and gradually expanded it. Today, this property is valued at approximately $2.5 million, an increase of $700,000 in just two years. These two Delaware homes together make up a significant portion of his wealth.
A Corvette Worth Remembering
Beyond real estate, President Biden has held onto some personal investments of note. Notably, he owns a 1967 Corvette Stingray, which his father gifted to him when he got married in 1967. This vintage car, worth an estimated $100,000 today, remains a cherished possession.
Real Estate as a Wealth-Building Strategy
President Biden’s wealth-building strategy reflects that of many Americans—investing in real estate. Over the years, he refinanced his mortgages to access cash from his properties, enabling him to make other investments and weather financial challenges.
After leaving the White House, President Biden’s income surged. He earned $11.1 million in 2017, followed by $4.6 million in 2018, $1 million in 2019, and $630,000 in 2020, the year he was elected President. This boost propelled his net worth from an estimated $2.5 million to $8 million.
With substantial real estate holdings and cash on hand, President Biden has financial flexibility. He collects a $400,000 annual salary as President, in addition to about $250,000 in pension payouts. Moreover, he can tap into his real estate assets through lines of credit if the need arises.
Joe Biden’s net worth of $10 million reflects a combination of real estate investments, wise financial decisions, and increased post-presidential income. His story serves as an example of how smart real estate investments can be a key factor in accumulating wealth over time, even for those who hold the highest office in the land.