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Joe Biden net worth was $2.5 million, but in the years between holding political office his net worth shot up to $8 million, according to Forbes.
President Joe Biden’s net worth has seen an increase from $8 million to an estimated $10 million since taking office, with the surge attributed to real estate investments rather than international family business dealings. Biden owns two properties in Delaware, now valued at a combined $7 million—$1.8 million more than their initial value upon assuming office.
Most valuable asset
His most valuable asset is a 4,800-square-foot summer home in Rehoboth Beach, purchased in 2017 for $4.5 million, a year in which he earned $11.1 million from speeches and books after leaving the vice presidency. Notable additions to the property include a pool, potentially costing up to $75,000, added in November of the same year.
Initially perceived as a luxury, this investment has proven astute, as the demand for larger homes with outdoor amenities soared during the pandemic. Biden’s beachside residence, located seven minutes from the ocean and adjacent to a state park with biking trails, is now estimated to be worth $4.5 million—$1.7 million more than its original purchase price.
The president also possesses a larger residence, albeit slightly less valuable, situated in Wilmington’s charming Greenville neighborhood. Originally just a plot of land, Biden acquired it for $350,000 in 1996. Over the years, he expanded the property by constructing a 6,850-square-foot colonial-style home in 1998, followed by a 1,900-square-foot cottage in 2005.
This estate remained Biden’s most valuable asset for a considerable period, undergoing multiple refinances until his financial windfall in 2017. Presently, the property is appraised at an estimated $2.5 million, reflecting a $700,000 increase over its value two years ago. Together, these two residences constitute approximately two-thirds of Biden’s overall personal wealth.
Middle-class Joe
President Biden, often referred to as “Middle-class Joe,” has a penchant for life’s finer things, a trait he inherited from his father, Joe Sr. Initially involved in various ventures, Joe Sr. eventually found success as a car dealer. In 1967, when Joe Jr. married his first wife, his father gifted him a 1967 Corvette Stingray, a thoughtful investment at the time, costing $5,600 (equivalent to $51,000 in today’s dollars).
This classic car still resides in the president’s garage and is currently valued at approximately $100,000. Despite numerous requests for comment, spokespeople for President Biden have not responded.
Biden’s affinity for upscale real estate has deep roots. In his mid-twenties, he made a significant move by acquiring three houses and 85 acres in Maryland, envisioning the development of a future family compound.
In the immediate term, he sought to generate income by renting out the homes. Simultaneously, Biden and his family resided rent-free in a nearby cottage, striking a deal to manage a local pool. Reflecting on that period in his memoir, Biden disclosed the financial challenges, stating, “I was in constant danger of falling behind.”
Presidential Palaces
Joe Biden, like numerous octogenarians, has a significant portion of his wealth invested in his residential properties. He has been proactive in utilizing this asset, engaging in multiple instances of mortgage refinancing over the years.
Nevertheless, in 1975, Biden made an even grander real estate acquisition—a 10,000-square-foot mansion with a fascinating history, once belonging to the prominent Delaware family, the DuPonts. Featuring a courtyard, pool house, circular drive, and colonnade, the home was truly impressive.
However, during the 2020 presidential race, misinformation, propagated by figures like former first son Eric Trump, used the property to accuse Biden of corruption, despite the fact that Biden had already sold it. The reality of how he obtained the mansion, though, was more ordinary: despite earning approximately $43,000 as a U.S. senator at the time, Biden took on a substantial debt of $160,000 to secure the property, which was purchased for $185,000.
Kept the big house
He kept the big house and, as property values went up, it became like a savings account for him. When he needed money, he refinanced the house, borrowing more over the years. Biden once asked a group of mayors, “How did most regular middle-class folks build their wealth?” According to him, around 90% did it by investing in their homes.
For Biden, this proved accurate. In 1996, he sold the mansion for $1.2 million. Shortly after, he invested $350,000 in a nearby piece of land with intentions of building a new home by a pond. Biden realized his plans by constructing two houses on the property, which eventually became the Wilmington estate he currently owns.
Similar to his previous property, he treated it like a financial resource, refinancing it multiple times over the years. When he assumed the role of vice president, the Secret Service began renting the cottage, reportedly providing an annual payment of $26,400.
Joe Biden’s sons
During one year, Joe Biden’s sons, Beau and Hunter, covered the cost of rebuilding the engine of his Corvette. However, financial challenges persisted for the family, particularly when Beau fell ill with cancer, a battle he tragically lost in 2015. Faced with mounting medical bills, Joe Biden considered selling his Wilmington home. Barack Obama stepped in, offering to personally cover any additional expenses if Biden needed extra money.
Following his departure from the White House, money flowed in for Biden. In 2017, he earned $11.1 million, followed by $4.6 million in 2018, $1 million in 2019, and $630,000 in 2020—the year he became the commander in chief. Between his roles as vice president and president, his net worth surged from an estimated $2.5 million to $8 million.
Biden’s wealth has further increased, thanks to his real estate investments that have outpaced inflation. Unlike being heavily involved in the stock market, Biden prefers to keep a substantial amount of cash. President Biden and first lady Jill Biden currently hold investments of less than $310,000 in the market, all in mutual funds.
Salary
A significant portion remains in various bank accounts. In terms of income, the president receives a $400,000 annual salary, along with approximately $250,000 in pension payouts.
If Biden ever needs additional liquidity in the future, he has the option to borrow against his assets. Toward the end of the previous year, the president secured a home-equity line of credit against the Rehoboth property, providing him the flexibility to withdraw up to $250,000. However, one asset is strictly off-limits—the Corvette. Speaking at a White House bill signing last year, Biden remarked, “They tell me it’s worth a lot of money, but I know if I ever sell it, Beau will come down from heaven and smite me down.”
