Barack Obama Biography and Net Worth

Barack Obama Net Worth:

$70 Million

Barack Obama’s Salary

$400 Thousand

What is Barack Obama’s net worth and salary?

Barack Obama is the 44th President of the United States and a former Senator from Illinois. Obama is the first African American President of the United States and served one term in the Illinois Senate.

Barack Obama’s net worth is $70 million as of this writing. That is his and Michelle Obama’s combined net worth. For much of their adult lives, the Obamas were not rich. They initially became wealthy due to book earnings about 2005, when Barack entered the political spotlight.

Early Life

Barack Hussein Obama II was born on August 4, 1961, in Honolulu, Hawaii. He is the only President of the United States to have been born outside of the contiguous 48 states.

Ann Dunham, his mother, was of English, German, Swiss, Scottish, Irish, and Welsh ancestry. At 1960, Ann met Barack Obama Sr. in a Russian language class at the University of Hawaii Manio, where he had received a scholarship. Barack Sr., a Kenyan, was married at the time. Barack and Ann tied the knot in 1961. Six months later, Barack Jr. was born.

Barack Sr. and Ann divorced in 1964, after which he returned to Kenya and married for the third time. Barack Sr. only paid Barack Jr. a visit after returning to Kenya. When Barack Jr. was nine years old, he visited him in Hawaii. Barack Obama Sr. was killed in a vehicle accident over Christmas in 1982. At the time, Barack Jr. was 21 years old.

Ann married an Indonesian called Lolo Soetoro in March 1965. Lolo returned to Indonesia when his visa extension application was denied. In 1967, Ann and Barack Jr. joined him there. Barack was born in Indonesia and lived there until 1971, when he returned to Honolulu to live with his mother’s parents. He graduated from high school here in 1979. Ann and Lolo’s marriage lasted until 1980. Unfortunately, she died in 1995 as a result of cancer.

Barack has a number of half-siblings from both his mother and father.

Barack traveled to Los Angeles after graduating from high school in 1979 to attend Occidental College on a full scholarship.

He moved to Columbia University in 1981 and received a degree in political science with a concentration in international relations. He graduated from Columbia University in 1983. He worked as a financial researcher for Business International Corporation for a year before becoming a project coordinator for numerous New York non-profits.

Barack went to Chicago in 1985 after being appointed as a director for a non-profit organization called the Developing Communities Project. From 1985 through 1988, he worked there. He traveled the world for two months in 1988, including five weeks in Kenya to see family.

Barack started to Harvard Law School in the autumn of 1988. He was the president of the Harvard Law Review while at Harvard. During the summers, he returned to Chicago to serve as a community organizer. Obama worked as a civil rights attorney in Chicago after graduation. From 1992 to 2004, he also taught constitutional law at the University of Chicago Law School.

KEY FACTS

  • Never earned more than $30k per year between 1991 and 2004
  • 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

Barack was working at Sidley Austin, a Chicago law firm, in the summer of 1989. Michelle Robinson, an associate, was appointed to be Barack’s advisor for three months beginning in June. They began dating soon after and married in 1991. On October 3, 1992, they married.

They finally had two children, Malia Ann in 1998 and Natasha “Sasha” in 2001.

Rise To Presidency

Aside from teaching, Barack was an Illinois state legislator from 1997 until 2004, when he successfully campaigned for US Senate. From 2005 to 2008, he was a member of the United States Senate.

When Barack delivered the keynote talk at the Democratic Global Convention in July 2004, he gained national prominence. He was a rising figure in the Democratic Party from that point on.

On February 10, 2007, Barack launched his candidacy for President. He eventually faced Hillary Clinton for the Democratic nomination. He won the nomination and subsequently beat Jon McCain to win the presidency with Joe Biden as his Vice President.

In November 2008, Barack Obama was elected as the 44th President of the United States. He was inaugurated in January 2009.

Net Worth And Book Royalties

Barack never made more than $30,000 as a professor and state lawmaker between 1991 and 2004. During this time, Michelle Obama’s lucrative salary as a lawyer working primarily for the University of Chicago hospital system provided the majority of the Obama family’s income.

When Barack became a US Senator in 2005, his income increased to $157,100. Michelle made $273,618 in the same year. Their total income in 2005 was $1.65 million. Where did the additional $1.2 million come from?

In 1995, Barack published his first book, “Dreams from My Father: A Story of Race and Inheritance.” For the first 8 or 9 years following its publication, it was not extremely popular. Following his 2004 DNC keynote, the book skyrocketed in popularity, resulting in a substantial royalties windfall for the Obama family, which was reported as income in 2005.

The Obamas reported $916,00 in income in 2006. Barack’s second book, “Audacity of Hope,” which was published in October 2006, was a huge success, selling millions of copies and propelling Obama’s revenue to $4.2 million in 2007. Their income increased in the years that followed as a result of Barack’s successful campaign and election in 2008. Barack Obama still receives $3.75 for each hardback edition and $1.12 for each paperback. In 2008, 2009, and 2010, royalties were robust.

Barack and Michelle Obama got a $60 million advance for the joint rights to their memoirs in February 2017.

Income History

The table below contains a detailed 15-year history of Barack and Michelle Obama’s earnings between 2000 and 2017. They ceased disclosing tax returns after 2015. We don’t know how much they made in 2016 or 2017. We do know that the Obamas earned a $65 million book advance in 2017 for a number of books and media ventures.

They have made considerably more money from book advances since leaving the White House and are now both highly sought-after public speakers.

The Obama Family 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 ?
2017 At least $65,000,000
Total $85,733,727

What is the president’s salary? Barack Obama’s basic pay as President was $400,000 per year. He could also use a $150,000 expense account, a $100,000 tax-free travel account, and a $20,000 entertainment budget.

Barack and Michelle Obama Real Estate

Barack and Michelle Obama acquired a house in Kenwood, Illinois, in the Chicago suburbs, in August 2000. The Obama residence has six bedrooms, six bathrooms, mahogany bookcases, a granite kitchen floor, and a wine cellar:

After leaving office, Barack and Michelle rented a house in Washington, D.C., to finish high school with their youngest daughter. They paid $8.1 million for the 8,200-square-foot rental in June 2017.

The Obamas were said to be in escrow on a $14.9 million property in Martha’s Vineyard in August 2019. The estate has a 7,000-square-foot main house and 29 beachfront acres.

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