By Ashish Dahal
Published on December 8, 2020, Updated on December 8, 2020
Joe Biden and Jill Biden
The former vice president, Joe Biden, was once known by the nickname of Middle-Class Joe, or also the poorest man in Congress. However, he is now a millionaire politician. So, how did he manage to earn his fortune? Keep scrolling till the end to find out!
Joe, with his hard work as a politician, has managed to earn a considerable amount of money comparing his earning before. He has amassed a total net worth which swings around $9 million.
Joe, as a politician in his back days, didn’t make good money. While serving as a Senator from the year 1973 to 2009, he used to earn typically around $174,000 per year, which was increased from $42,500. And then after he was elected as a Vice President, he got another raise in his salary, which was roughly $230,000 a year.
Then CBS posted in 2009 that Joe’s net worth was less than $30,00 that year. However, after the release of financial disclosures of his net worth, in the year 2019, it showed that he along with his wife had earned more than $15 million between the years 2017 and 2018. Likewise, they also donated some amount of money ( $1 million and $275,000 respectively) to charity in the year 2017 and 2018.
Likewise, he also had made big money from book deals and speaking engagement. As per AP reports, Biden’s basic speaking fee was $100,00 to $190,000. Moreover, the disclosure also revealed that he earned almost $540,000 for being the professor at the University of Pennsylvania’s Penn Biden Center for Diplomacy and Global Engagement.
In the year 1996, Biden purchased four acres of secluded, lakefront land in the upscale suburb of Wilmington, Delaware which was built around a 6,850 square-foot home. As per Zillow, the house was purchased back then for $350,000 which is now estimated to be around $1 million. Then in 1996, he sold the house for $1.2 million. However, the real estate expert put the house figure around $2 million.
Then in the year 2017, Joe bought another house on Delaware Shore which is worth $2.7 million which has a three-story home with six bedrooms, expansive porches, a backyard built for entertaining, with an outdoor kitchen, fireplace, and BBQ. And the price is still the same till the date.
At the end of his term in 2017, he started to rent his house in McLean, Virginia which he rents for $20,000 per month. The house was over 12,000 square feet, with the five-bedroom mansion with sauna, gym, floor-to-ceiling windows, and also a driveway which was significant for almost 20 cars.