What Is Former VP Joe Biden’s Net Worth in 2019?
After years of dealing with a president who hides his tax returns and enriches himself in office, it’s easy to understand why voters would want a change. At the very least, it would be refreshing to have someone in office who is transparent about their finances.
Former Vice President Joe Biden definitely checks that box. Following the vetting by Obama’s campaign team in 2008, the future president described it as “one of the easiest vets in the world.” The reason, Obama joked, was because Biden “owns nothing.”
Over the years, Biden’s tax returns have backed up that claim. In 2014, when estimating the VP’s net worth, OpenSecrets.org actually had Biden steep in negative territory. No one had to wonder if any business interests of “Middle Class Joe” would get preferential treatment.
In brief, whatever his flaws — and there are several — it’s safe to say Biden wouldn’t be running for president with financial gain in mind. Here’s a look back at the salary he’s earned throughout his career and his net worth in 2019.
$42K-$169K per year as U.S. Senator from Delaware to $230K as Veep
Politicians don’t get rich by cashing their paychecks every week. Even in the U.S. Senate, where Biden represented Delaware from 1973-2008, salaries pale in comparison to lucrative work in the private sector.
In 1973, Biden’s first year in the formerly deliberative body, he earned $42,500. By the time he left office to serve as Obama’s VP, the pay had risen to $169,500 per year.
Moving up to vice president meant a significant bump in pay. By 2015, Biden received $230,000 per year for his work in the Obama administration. Since he left office, Biden has earned slightly more off his pension, according to analysis run by CNN Money.
As the retired president of the Senate, Biden would be set to collect $248,670 per year in pension funds. Since he served well over the five-year requirement, Biden would also receive health insurance coverage.
But a book deal he made after leaving office may have finally made him a millionaire.
Biden’s net worth estimated at $1-2 million
While Biden’s career in public office kept him at modest means (or even in the red), that changed following his transition to private life. In April 2017, he and his wife Jill signed a three-book deal with Flatiron Books for an estimated $8 million.
When Vanity Fair’s David Kamp profiled him later that year, he noted that Biden had used “some of the money” from the book deal to buy a modest home in Rehoboth Beach. Clearly, it’s not something a man nearly $1 million in debt would be able to afford.
This change in his finances might have put Biden at the most comfortable position he’s been (monetarily speaking) in his life. His net worth likely falls between $1-2 million in 2019.
While he told Vanity Fair he’d have liked to have much more socked away for his retirement, we imagine he’ll be just fine on his government pension and earnings as an author.
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