What Is Joe Biden’s Net Worth in 2024?

Two things you can always count on during a presidential election are plenty of verbal fireworks and false claims about the candidates . The 2024 presidential campaign has delivered both in large doses. One of the false claims, issued late last year, had to do with President Joe Biden’s net worth .

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As PolitiFact reported, actor James Woods in December shared an image on X (formerly Twitter) claiming that Biden’s net worth had increased from $9 million in 2019 to $41 million in 2022. Net worth equals the value of income and assets minus debt and other liabilities.

Woods has been a vocal supporter of former President Donald Trump , the frontrunner to win the Republican nomination this year and face Biden in the November general election. “I’m shocked,” Woods reportedly wrote on X. The implication, of course, is that Biden’s wealth more than quadrupled during his time in the White House — something that would certainly raise eyebrows.

But it turns out that Woods’ claim was way off — by about $30 million. PolitiFact rated it as “false.” Meanwhile, Woods seems to have taken that post down.

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Joe Biden’s Net Worth

Biden’s actual net worth is about $10 million, according to Forbes, which referred to him as “Middle-Class Joe” (though, in fairness, there’s nothing “middle class” about being worth $10 million).

PolitiFact referred to Biden as one of Congress’ “least wealthy members” before he became vice-president under President Barack Obama and then president himself. As president, Biden’s wealth has increased from about $8 million when he took office to about $10 million.

But as Forbes pointed out, the increase has “nothing to do with family business dealings in far-flung countries,” as some of Biden’s political opponents have claimed. Instead, Forbes wrote, Biden is “getting richer by doing what a lot of 80-year-old Americans are doing: sitting on real estate.” The president owns two homes in Delaware worth an estimated $7 million combined. Thanks to the red-hot housing market in recent years, those homes are now worth nearly $1.8 million more than they were when Biden took office.

Forbes also noted that Biden has long been interested in real estate. In his mid-20s, he bought three houses and 85 acres in Maryland with the goal of one day turning the property into a family compound. Before that, he turned them into rental properties. Rather than live there himself, Biden and his family lived rent-free in a nearby cottage in exchange for managing a local pool.

His coolest asset these days? Forbes cited a 1967 Corvette Stingray that Biden received as a wedding present from his father and is now worth an estimated $100,000.

As president, Biden earns an annual income of $400,000. Financial disclosures published by the White House in May 2023 showed that Biden had assets of between $1 million and $2.65 million as of 2022, little changed from 2021, his first full year in the White House.

Joe Biden’s Political Career

Biden was elected to the Senate from the state of Delaware in 1972 when he was 29, becoming one of the youngest senators in history. His first wife, Neilia, and young daughter, Naomi, were killed in an automobile accident only weeks after his election — an event that influenced his decision to commute to the Senate by train.

During his time in the Senate, Biden presided over several governmental committees, serving as chairman of the Senate Foreign Relations Committee and chairman of the Senate Judiciary Committee. He ran for the presidency twice, first in 1988 and again in 2008, before successfully doing so. Biden served as vice president under President Barack Obama from 2009 to 2017. He started his term as president of the United States on Inauguration Day, Jan. 20, 2021.

Some of Biden’s political highlights include:

• 1990: Introduced the bill that became the Violence Against Women Act (VAWA), which addressed domestic abuse and violence.
• 2002: Voted to authorize military intervention in Iraq, but later criticized the conflict.
• 2010: Assisted in the passing of the 2010 Affordable Care Act.
• 2020: Elected president of the United States.
• 2021: Signed a $1.2 trillion bipartisan infrastructure package to improve roads, bridges and public transportation.
• 2022: Signed Respect for Marriage Act, which guarantees the federal government will recognize and protect interracial and LGBTQ+ marriages.
• 2023: Signed the Fiscal Responsibility Act to suspend the federal debt limit and limit federal spending for two years.

Joe Biden’s Tax Returns

The Bidens released their 2022 tax returns on April 18, 2023, giving the public a glimpse of the couple’s earnings.

They had two primary sources of income: Biden’s $400,000 salary as president and the first lady’s $82,335 in pay as an educator at Northern Virginia Community College, where she first worked after her husband became vice president. Their joint federal income tax return shows adjusted gross income of $579,514 when other sources were added, including money from Social Security, pensions and annuities, taxable interest and other smaller line items.

The Bidens paid $169,820 in combined taxes to the federal government, Delaware and Virginia, with a federal income tax rate of 23.8%, according to the White House. Still, after withholdings, the Bidens owed the federal government $4,632. The good news? They were due refunds of $846 from Virginia and $10 from Delaware.

Gabrielle Olya , Jami Farkas , Sean Dennison and Michelle Tompkins contributed to the reporting for this article.

This article originally appeared on GOBankingRates.com : What Is Joe Biden’s Net Worth in 2024?