President Joe Biden will turn 80 on November 20. If you are the oldest user to take office, you are the richest.

He and his wife, Jill, have a net worth of $8 million, according to a Forbes estimate. They have succeeded recently: Biden has presented himself as the “Joe of the middle class” for decades.

The couple’s fortune is tied primarily to public speaking engagements and e-book royalties, according to tax returns and monetary disclosures released during the Biden campaign and posted on the campaign website.

A spokesperson for Biden responded to a request for comment from Business Insider about Biden’s net worth or his non-public life.

Continue reading to stay informed about Biden’s wealth, assets, real estate, and lifestyle.

Biden surpassed 270 electoral votes to win the White House by flipping the battleground state of Pennsylvania on the morning of Nov. 9, according to Decision Desk HQ.

Biden led Trump in national polls for months. His victory came after two full days of counting, thanks in large part to the increase in mail-in voting amid the coronavirus pandemic.

Biden’s political career took off in 1972, when he was elected to the US Senate. He unseated Republican J. Caleb Boggs to become the fifth-youngest senator in history. He then continued to serve as a Delaware senator for over 30 years.

Biden presented himself as the poorest member of the Senate and as the “Joe of the middle class. “

In 2008, he was the running mate for Democratic Presidential Candidate Barack Obama. From 2009 to 2017, he served as Vice President of the United States with Obama as president.

Prior to the 2020 election cycle, Biden had run for president twice: first in 1988 and then in 2008. The first crusade ended in a plagiarism scandal; The second time, he withdrew from the race after the Iowa caucus.  

After Biden assumed the vice presidency, he rented out a cottage on his Wilmington property in his home state of Delaware for $26,400 a year, reportedly leasing it to the U.S. Secret Service in charge of protecting him, according to Forbes. 

When Biden left the White House, his wealth was estimated at $2. 5 million. Forbes reported that most of his net worth came from his Delaware home and his federal pension, guaranteeing him an annual source of income of about $160,000 for life.

But most of the Bidens’ wealth accumulated after he left office.  

Joe Biden wrote two books from 2008 to 2017:

And then there’s the money Biden has made off of promoting his 2017 bestseller, “Promise Me, Dad.” According to Biden’s financial disclosures, he was paid anywhere from $8,000 to $90,000 per single book-tour stop.

The e-book excursion grossed millions, according to Forbes. Public speaking engagements also contributed $2. 4 million to the couple’s net income, and Jill’s fees added $700,000 to that figure. CNBC reported that Biden earned up to $190,000 in March 2018 for a talk at Drew University in New Jersey.

In total, the couple earned more than $15 million, according to tax filings, from book royalties and speaking events and professor of practice fees provided by the University of Pennsylvania starting in 2017.

A month after Biden was elected to the United States Senate in 1972, his wife Neilia and 1-year-old daughter Naomi were killed in a car accident. The couple’s two sons, Beau and Robert, were also in the car but survived.

Biden married Jill Jacobs in 1977 and the couple had a daughter, Ashley, in 1981.

Biden underwent brain surgery for two life-threatening aneurysms in 1988 and returned to work seven months later. During his second term as vice president, 27 years later, his son Beau, 46, died of brain cancer.

The Washington Post reported that the Bidens were between $1. 28 million and $2. 6 million in debt based on their tax returns from 2013, when Beau was first diagnosed.  

Biden, then vice president, had been willing to sell his house to help Beau’s wife and children make ends meet. Beau Delaware’s attorney general at the time and Biden were concerned about how their son’s family would fare without his salary if his health deteriorated. him to resign.  

It was then-President Barack Obama who came forward in support of his former running mate. When Biden presented the scenario at one of his personal lunches, Obama told him: “I’ll give you money. Whatever you need, I’ll give you money. Don’t do it, Joe, promise me. ” 

Obama’s monetary aid ultimately died and Biden did not sell his home, Hill reported.  

Although many thought Biden would have fared better than Hillary Clinton, Biden decided to avoid the 2016 presidential race to grieve. His grief was later covered extensively in the aforementioned memoir, “Promise Me, Dad. ”

Politico’s Michael Kruse described empathy stemming from personal tragedy as the quality that makes Biden electable: “There is no person in American politics today whose life has been so shaped by loss and grief,” he wrote, noting that Biden’s personal history gives him the unique opportunity to immediately connect with those who have experienced loss themselves.

The Washington Post reported that the Bidens’ primary residence is a home the family built over 20 years ago in Wilmington, Delaware.

The lakefront assets would be just about 7,000 square feet.   They bought the assets for $350,000 in 1997, but the space is probably worth at least $2 million, said Stephen Mottola of Long.

The waterfront assets measure 4,800 feet.

The rental value of this sprawling 12,000-square-foot apartment with marble finishes, a gym, sauna, and enough parking for 20 cars was described as “substantial” during Biden’s June 2019 campaign.

The Washington Post decided that the monthly rent for the house was around $20,000, according to Zillow.

Biden held a position at the University of Pennsylvania from 2017 to 2021 that paid him an annual salary of about $400,000 as a professor and namesake of the Biden Center for Diplomacy and Global Engagement.

In total, the couple reported earning $11 million after leaving the White House in 2017, $4. 6 million in 2018 and about $1 million in 2019 before Biden officially declared his candidacy, according to ForbesArray.

Its earnings in 2020 are more modest; The Bidens raised $630,000 that year.  

Sen. Elizabeth Warren has a similar income strategy to Biden. She, along with her husband, is worth an estimated $12 million. In addition to book royalties, Warren’s wealth is largely tied to retirement accounts and real estate.

The richest former Democratic candidates (by far) were former hedge fund manager Tom Steyer, whose Forbes estimates at $1. 4 billion, and former New York City Mayor Mike Bloomberg, whose Forbes estimates at $54. 9 billion. of dollars.

Biden’s salary saw a steady increase as he rose through the political ranks. When he was first elected to the Senate in 1972, he earned about $42,500. When he left in 2009 to take the vice president role, he earned about $169,300.  

As vice president of the United States, Biden earned $230,700. Now president, he earns $400,000 a year.  

The couple released their 2021 tax returns in April, showing an income of just over $600,000 during their first year in the White House. 

President Biden and the First Lady reported a federal adjusted gross income of $610,702 on their joint income tax return. 

The Bidens paid $150,439 in federal source income tax and $30,765 in Delaware source income tax. Jill Biden said she paid $2,721 in source income tax in Virginia for her salary as an instructor at Northern Virginia Community College.

“My calling is Joe Biden and I’m an enthusiast,” Biden said as he opened his speech at the Ford Rouge Electric Vehicle Center in Dearborn, Michigan.

Thanks to the paintings of his father, the director of a car dealership, the president spent his adolescence surrounded by cars. Although his number one vehicle is the heavily armored Cadillac limousine, Biden has his own small fleet of vintage automobiles: a 1951 Studebaker Champion, a 1952 Plymouth Cranbrook Convertible in “candy apple red,” a Mercedes-Benz 190SL, and his most recent model. Valuable 1967 automobile. Chevrolet Corvette Stingray that his father gave him as a wedding gift.  

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