What is Joe Biden’s net worth?
The vast majority, about two-thirds, of President Joe Biden’s net worth is tied up in real estate after decades of buying and selling homes in Delaware and the surrounding areas.
Biden is worth about $10m, according to Forbes with the president owning two homes in Delaware – a mansion in Wilmington, and a summer house in Rehoboth Beach.
The pandemic pushed up the value of Biden’s beach house to $4.5m – after he paid about $2.7m for it in 2017 – with those living in the cities looking for more space. But high interest rates have now stopped the increase in the value of Biden’s homes.
As president, Biden makes $400,000, which has been the presidential salary since George W Bush. But compared to Bush, Biden is not getting the same bang for his buck. Adjusted for inflation, Bush was getting $717,000 in today’s dollars.
Biden opened up a $250,000 line of credit in 2022, taking out more than $100,000 by the end of last year, according to Forbes. It has a variable interest rate of 1.99 percent – meaning that Biden’s cost of borrowing is affected by interest rates.
Biden has long spoken about his humble beginnings.
During a campaign event in Detroit on 19 May, Biden said: “I got out of law school — I’m the first in my family ever to go to college. I got out of law school and had a job with a fancy law firm, and I quit and became a public defender. And one thing led to another, here I am.”
He added: “Like an awful lot of folks growing up in a situation where — basically, middle-class family; three-bedroom, split-level home with four kids and a grandpop living with us. You know, we were okay. I mean, we didn’t have any money, but we were okay.”
Biden’s father became a car salesman, and the future president headed off to attend the