As President of the United States of America, Barack Obama is one of the most powerful and best-known figures in the world. This has led to widespread speculation about all aspects of his life, including his income, wealth, and net worth.
Barack Obama is estimated to have a net worth of approximately $10.5 million. While this is certainly much more than most Americans, it is low for a President of the United States. In contrast, the former President, George Bush, had an estimated net worth of about $20 million during his time in office.
How much money did Barack Obama make before he was President of the United States?
Unlike some other politicians, Barack Obama did not come from an overly wealthy background. Obama was born in Honolulu, Hawaii and was raised by both his single mother and his grandmother. After this rather humble beginning, he went on to attend Columbia University and Harvard Law School.
After college, Obama’s career began as a community organizer in Chicago, a notably low-paying position. From there, he received his law degree and became a civil rights attorney and a law professor at the University of Chicago.
Many of Obama’s career efforts focused on helping children, the elderly, and lower income families improve their situations. As a community organizer, these causes were close to his heart. During this time in his career, he is estimated to have made $150,000 or less from his salary.
In 2004, Obama entered the race for the Illinois Senate seat. He was successfully elected and served for four years. His salary as a Senator from Illinois was $174,000 per year.
How much money does Barack Obama make as President?
Barack Obama was elected President of the United States of America in 2008. He won the election by a wide margin, defeating Republican candidate John McCain with a margin of 52.9% of the vote to McCain’s 45.7%.
As President, Obama earns a salary of approximately $400,000. However, he also has most of his expenses paid for and access to a variety of travel, entertainment, and expense accounts that are separate from his compensation.
What are Barack Obama’s other sources of income?
Barack Obama’s net worth of $10.5 million reflects a lot more than just the $400,000 salary he takes home as President. He has other sources of income as well, the largest being royalties from the several books he has published.
Obama’s first book, Dreams of My Father, is an autobiography published in 1995. It chronicles the young man’s life from his birth in Hawaii up until 1995, when he was a community activist working in Chicago. Dreams of My Father was extremely well received.
After the success of this book, Barack Obama followed up with several others, including the best seller The Audacity of Hope. Most of Obama’s income is from his book deals and royalties on the books that he has published. Obama currently has a deal with a publishing house to write a minimum of three more books.
In 2009, the Obamas’ reported $5.5 million in income, most of which was from book royalties. The tax return combined the incomes of Barack Obama and his wife, Michelle Obama, an attorney.
In 2010, Barack and Michelle Obama’s tax return listed an income of $1.7 million. This is a sharp decline from the previous year. The decrease in income is attributed to lower book sales and fewer royalties.
As the President of the United States, Obama’s tax returns are made public so that anybody can see how much he earns, what he donates to charity, and how much is paid in taxes. The Obamas’ 2011 tax return has not yet been released.
In the past several years, the Obama family has donated between 14% and 20% of their income to charities. Favorite causes have included the Fischer Foundation, which supports wounded veterans, and K.I.D.S, a charity that supports underprivileged children.
How will Barack Obama stay rich after his term as President ends?
Once Barack Obama completes his presidency, he will no longer be able to collect the $400,000 salary. However, this will not be a hardship and he will receive a pension. In fact, after he is no longer president, it is likely that Obama will have even more opportunities to increase his net worth.
As it stands, most of Obama’s income does not come from his salary as President. Rather, book deals and royalties fuel most of his income. Once Obama is no longer President, he will have more time to devote to writing and book tours. This will increase his royalties and his income as an author.
Many former presidents have also transitioned into lucrative speaking careers. It is conceivable that Obama could command a six-figure payment for a speech or appearance at a public event. This will help ensure his continued wealth even after he is no longer President of the United States.