Barack Obama's Net Worth: A Look at His $70 Million Fortune
Barack Obama's Net Worth: A Look at His $70 Million Fortune.
What is Barack Obama's net worth and salary?
Barack Obama is a well-known American politician with a net worth of around $70 million, which includes his wife Michelle's assets. The Obamas weren't always wealthy; they hit millionaire status around 2005, mainly due to book royalties as Barack gained fame in politics. He served as a Senator from Illinois and made history as the 44th President of the United States, being the first African American to hold that office.
Before diving into politics, Obama earned his degree from Harvard Law School, where he made history as the first African American president of the Harvard Law Review. After that, he worked as a civil rights lawyer and taught constitutional law at the University of Chicago Law School.
His political journey kicked off in the Illinois State Senate, where he served from 1997 to 2004. During that time, he focused on healthcare, education, and ethics reform. His standout keynote speech at the 2004 Democratic National Convention really put him on the map, paving the way for his election to the U.S. Senate later that same year.
Obama kept his eye on key issues like government transparency, nuclear non-proliferation, and veterans' care while serving in the U.S. Senate. His dynamic speaking style and push for bipartisan efforts struck a chord with many Americans, setting the stage for his run for president.
His 2008 presidential campaign was a game-changer, making great use of social media and grassroots efforts in fresh ways. Winning the election, he became the first African American President of the United States. Throughout his time in office, Obama dealt with major hurdles, including the economic downturn and ongoing conflicts in the Middle East.
On the home front, he made healthcare reform a top priority, leading to the Affordable Care Act, better known as Obamacare. His administration also made progress in renewable energy, financial regulations, and LGBTQ rights.
In terms of foreign policy, Obama aimed to restore America's reputation globally, wrapped up the Iraq War, and authorized the mission that resulted in Osama bin Laden's death. His administration was also instrumental in international agreements like the Iran Nuclear Deal and the Paris Climate Agreement.
Since stepping away from the White House, Obama has kept himself busy in the public sphere, concentrating on projects tied to education, civic involvement, and nurturing future leaders through the Obama Foundation. He’s also written a few books, with his presidential memoir, "A Promised Land," being one of the highlights.
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Early Life
Barack Hussein Obama II was born on August 4, 1961, in Honolulu, Hawaii. He holds the distinction of being the only U.S. President born outside the contiguous 48 states.
His mom, Ann Dunham, had a mix of English, German, Swiss, Scottish, Irish, and Welsh roots. She met Barack Obama Sr. in a Russian class at the University of Hawaii in 1960, where he was on a scholarship. Barack Sr. was originally from Kenya and was already married when they met. He and Ann tied the knot in 1961, and six months later, Barack Jr. was born.
The couple divorced in 1964, and Barack Sr. returned to Kenya, where he got married again. After moving back, he only saw Barack Jr. once, visiting him in Hawaii in 1971 when Barack was nine. Sadly, Barack Obama Sr. passed away in a car accident over Christmas in 1982, leaving Barack Jr. at the age of 21.
In March 1965, Ann tied the knot with an Indonesian guy named Lolo Soetoro. When Lolo's visa extension got denied, he headed back to Indonesia. In 1967, Ann and Barack Jr. joined him there. Barack lived in Indonesia until 1971, when he moved back to Honolulu to stay with his grandparents. He finished high school there, graduating in 1979. Ann and Lolo were married until 1980, but sadly, she passed away in 1995 after battling cancer.
Barack has a few half-siblings from both his mom and dad.
After high school in 1979, Barack relocated to Los Angeles to go to Occidental College, where he scored a full scholarship.
In 1981, he switched to Columbia University, earning a degree in political science with a focus on international relations. He graduated from Columbia in 1983. After that, he spent a year as a financial researcher for Business International Corporation, then worked as a project coordinator for various non-profits in New York.
In 1985, Barack made the move to Chicago after landing a job as a director for a non-profit organization called the Developing Communities Project. He was there from 1985 until 1988. In 1988, he took a two-month trip around the globe, spending five weeks in Kenya to catch up with family.
Come fall 1988, Barack started his journey at Harvard Law School. While studying there, he took on the role of president of the Harvard Law Review. During the summer breaks, he headed back to Chicago to keep working as a community organizer. After earning his degree, Obama practiced as a civil rights attorney in Chicago and also taught constitutional law at the University of Chicago Law School from 1992 to 2004.
Key Statistics
He didn’t earn more than $30k per year between 1991 and 2004
His Salary jumped to $157k when he was elected to the US Senate
Michelle was the breadwinner for a long time, earning $274k per year as a lawyer
The Obamas earned $1.65m in 2005 thanks largely to Barack's book royalties
In 2017 Barack and Michelle signed a $60m book deal for their autobiographies
Barack and Michelle earned $85m between 2000 and 2017
In June 2017 they paid $8m for a D.C. home
In August 2019 they reportedly paid $15m for a property on Martha's Vineyard
Personal Life
In the summer of 1989, Barack was at a law firm in Chicago called Sidley Austin. Starting in June, he was paired with an associate named Michelle Robinson, who became his advisor for three months. They hit it off and started dating, getting engaged in 1991. They tied the knot on October 3, 1992.
Later on, they welcomed two daughters: Malia Ann, who was born in 1998, and Natasha, known as "Sasha," who arrived in 2001.
Rise To Presidency
Barack had quite the journey before becoming President. He was an Illinois state senator from 1997 until 2004, and then he made the leap to the US Senate, serving from 2005 to 2008.
His big break came in July 2004 when he delivered the keynote speech at the Democratic National Convention, which really put him on the map as a standout figure in the Democratic party.
On February 10, 2007, Barack announced his presidential campaign. He went head-to-head with Hillary Clinton for the Democratic nomination, which he ultimately secured. With Joe Biden as his running mate, he went on to defeat Jon McCain and clinch the presidency.
In November 2008, Barack Obama was elected as the 44th President of the United States, officially taking office in January 2009.
Net Worth And Book Royalties
Between 1991 and 2004, Barack's earnings as a professor and state representative never exceeded $30,000. During this period, the bulk of the Obama family's income came from Michelle's well-paying job as a lawyer for the University of Chicago hospital system.
In 2005, when Barack became a US Senator, his income soared to $157,100. That same year, Michelle brought in $273,618. Their total income for 2005 reached $1.65 million. So, where did that extra $1.2 million come from?
Barack published his first book, "Dreams from My Father: A Story of Race and Inheritance," in 1995, but it didn’t gain much traction for the first 8 or 9 years. After his keynote speech at the 2004 DNC, the book's popularity skyrocketed, resulting in a significant boost in royalties for the Obama family that contributed to their 2005 income.
In 2006, the Obamas reported an income of $916,000. Barack's second book, "Audacity of Hope," came out in October 2006 and became a bestseller, pushing his income to $4.2 million in 2007. Their earnings kept climbing in the following years, especially after Barack's successful 2008 campaign and election. Even now, he earns $3.75 for each hardcover and $1.12 for every paperback sold. Royalties remained strong through 2008, 2009, and 2010. He also released "Of Thee I Sing" in November 2010 and "A Promised Land" in November 2020.
In February 2017, Barack and Michelle Obama landed a $60 million deal for the rights to their autobiographies.
Income History
Here's a table showing the complete income history of Barack and Michelle from 2000 to 2017. They stopped sharing their tax info after 2015, so we don’t have the exact figures for 2016 and 2017. However, we do know that in 2017, the Obamas scored a $65 million book advance for several books and media projects.
Since leaving the White House, they've continued to rake in cash from book deals and are now in high demand as public speakers. For instance, during a trip to Australia in March 2023, where he met with Prime Minister Anthony Albanese, Obama reportedly earned over $1 million for just two speeches.
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The Obama’s Income History
Year Income
2000 $240,000
2001 $272,759
2002 $259,394
2003 $238,327
2004 $207,647
2005 $1,655,106
2006 $983,826
2007 $4,139,965
2008 $2,656,902
2009 $5,505,409
2010 $1,728,096
2011 $789,674
2012 $662,076
2013 $481,098
2014 $477,383
2015 $436,065
2016 $400,000
2017 At least $65,000,000
Total $86,133,727
How much does the president make?
Barack Obama earned a base salary of $400,000 annually. On top of that, he had a $150,000 expense account, a $100,000 tax-free travel fund, and a $20,000 budget for entertainment.
The Obama’s Real Estate
In August 2000, Barack and Michelle bought a $1.6 million house in Kenwood, a suburb of Chicago. Their home spans 6,400 square feet and features six bedrooms, six bathrooms, beautiful mahogany bookshelves, a granite kitchen floor, and even a wine cellar.
After leaving the White House, Barack and Michelle decided to rent a mansion in Washington D.C. so their youngest daughter could finish high school. In June 2017, they bought the 8,200-square-foot rental for $8.1 million.
Martha's Vineyard Property
In 2019, the Obamas purchased a house on Martha's Vineyard for $11.75 million. This stunning property features a 7,000-square-foot main house and spans 29 acres right by the ocean. The previous owner was Wyc Grousbeck, who is the owner of the Boston Celtics.
The official listing for the home described it as follows.
"The spacious and dramatic living room space boasts vaulted ceilings with exposed steel beams and a focal point stone fireplace. There are two guest wings and an impressive master suite with a fireplace, a private sun deck, and spectacular water views. Your summer days can be spent poolside in a garden-like setting with the sounds of the waves lapping in the distance or exploring the expansive Great Pond and outer barrier beach for a full day on the water. A property of this stature needs to be seen to be experienced."
The house features not one, but two guest wings, which is pretty cool. However, it only has a two-car garage, so any long-term visitors (like Sasha and Malia, for instance) will need to figure out alternative parking. On the bright side, there's a ton of private beachfront space, plus a boathouse to enjoy.
Rumor has it that the Obamas have been renting this place as a summer getaway, and it seems they've enjoyed it so much that they're looking to buy it.
Barack Obama’s life and career reflect a remarkable journey of resilience, intellect, and service. From his early days as a community organizer to becoming the first African American president of the United States, Obama’s achievements have inspired millions. His leadership transformed the nation, with key accomplishments like the Affordable Care Act, advancing renewable energy, and improving global relations.
Post-presidency, he continues to impact society through the Obama Foundation, his books, and speeches. With a legacy of fostering hope, inclusivity, and progress, Barack Obama’s influence remains profound, making him a key figure in modern American history.
