As of 2023, President Joe Biden's net worth stands at an impressive $10 million, marking a significant increase from the $8 million estimated when he took office, according to Forbes. This growth in wealth, primarily driven by savvy real estate investments, paints a picture of a president who, despite his long-standing image as "Middle-Class Joe," has accumulated substantial personal wealth.
Since entering the White House, Biden's net worth has increased by an estimated $2 million. This increase is noteworthy as it has outpaced inflation, a feat not easily achieved in the current economic climate. The primary driver of this increase is his real estate holdings. Biden owns two homes in Delaware, collectively valued at around $7 million, accounting for about two-thirds of his net worth.
Real Estate: A Wise Investment
Biden's most valuable property is a 4,800-square-foot summer home in Rehoboth Beach, Delaware, valued at approximately $4.5 million. Purchased in 2017, this property has seen a significant appreciation in value, partly due to the pandemic-driven demand for larger properties with outdoor amenities. His second property, a large house in Wilmington's Greenville neighborhood, has also appreciated in value, now estimated at $2.5 million.
Biden's affinity for real estate is not a recent development. His journey began in his mid-twenties when he purchased three houses and 85 acres in Maryland, intending to create a family compound. Over the years, Biden has shown a knack for making profitable real estate investments, which have played a crucial role in building his wealth.
Beyond Real Estate: Other Assets & Income
While real estate forms the bulk of Biden's wealth, his assets are not limited to property. He owns a 1967 Corvette Stingray, a gift from his father, now valued at around $100,000. Additionally, Biden's earnings from his book deals and speaking engagements, particularly after his vice presidency, significantly boosted his finances. For instance, in 2017, he earned a staggering $11.1 million.
As President, Biden earns a $400,000 annual salary, supplemented by approximately $250,000 in pension payouts. His investment portfolio is relatively modest, with less than $310,000 invested in the market, primarily in mutual funds. The rest of his wealth is in cash, in bank accounts.
A Reflection Of Middle-Class Values
Despite his current wealth, Biden's financial journey reflects his middle-class roots. His early struggles with finances, his prudent investments in real estate, and his relatively modest lifestyle compared to many of his peers paint a picture of a man who has managed to navigate the complexities of wealth accumulation while maintaining a connection to his middle-class beginnings.
President Joe Biden's net worth in 2023 is a testament to his financial understanding, particularly in real estate. His journey from a middle-class background to amassing a $10 million fortune indicates his ability to capitalize on opportunities while maintaining a lifestyle that resonates with his middle-class values. As he continues his presidency, his financial decisions and investments will undoubtedly be watched with interest.