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Obama's Net Worth--Latest Figures August 23, 2008 (updated 8-24-2008) By Michael P. Delhomme, Contributing Columnist Related Links Obama's Workout-How He Stays In Shape Fat Loss 4 Idiots Ten Signs You Are About To Be Fired How Much Do Politicians Make? Snoring Linked to Stroke How much is Barack Obama worth? We took a look at the tax returns for 2007 and 2006 released by the Obama campaign for 2000 through 2007 to get an idea. To figure his net worth, we need to find out his assets and subtract his outstanding liabilities. Obama's assets are cash, his house and a tiny amount of stocks. 1. House. Obama lives in a house in Chicago on 5046 S. Greenwood, zip code 60615, according to his 2006 returns. The house has an estimated value of $1.5 million, if you take the average of value of homes of the same size in the same zip code. 2. Cash. In 2007, Obama and his wife made $4,238,165 according to his 2007 tax returns. Only $260,735 came from salaries and wages. The rest, over $4 million, came from his book royalties from Random House ($3,278,719) and a company called Dystel & Goderich ($815,971). Now of course not all of that $4,238,165 in earnings will stick around as an asset. They paid $1,059,826 in taxes. Ouch. That knocks them down to $3,080,139. And, like all of us, the Obamas must use some of that to pay every day expenses-- light bill, school clothes, Hawaii vacations, etc. Let's estimate that they spend about 20% of that total on living expenses-- that would still give them $616,027 to burn for living expenses and fun, or 51,335 as a monthly living budget. Sweet. After these generous living expenses, they would have $2,464,111 left over to invest. That's from 2007 alone. 3. Interest and Dividends. Here's where we find some action. The Obamas earned $1442 in taxable interest. Not much. But here's the whopper. They earned $45,851 in tax free interest, according to line 8b on their 2007 returns. The amount of cash that $45,851 related to depends on the tax free bonds and accounts they invested in. But, for 2007, let's assume that they earned the national average of somewhere between 3% and 4% for tax free bonds. That would mean they have a pile somewhere of between $1, 146,275 and $1,528,366. That makes sense when you remember that Obama earned over $1.6 in book royalties in 2005. The tax free income could have come from that pile. 4. The 2008 Haul. Of course, the Obamas are still earning in 2008. You don't figure that the run for the Presidency has hurt his book sales. We conservatively estimate that Obama will make more in 2008 as he did in 2007. We rounded the take to $3,500,000, based on the latest estimates of his book sales in 2008. In all likelihood, Obama's historic run for the Presidency has increased the total from 2007 even more but we're being super-conservative. Now for the liabilities: 1. Home Mortgage. Not much here. The Obamas reported $57,838 in mortgage interest in 2007. When they bought the house, they took out a mortgage of $1.32 million from Northern Trust at an interest rate of 5.625%. They also took out a second mortgage of $250,000. Let's assume that they have paid none of the original principal down on either of the loans. This assumption will maximize their liabilities and hold down their net worth. Article Continues Below This is the extent of what we know about their liabilities. They could of course have credit cards like most of us. They paid off their school loans. Grand Total Net Worth Assets: $1,500,000 (RealEstate) $1,146,275 (Tax Free Bonds) $2,464,111 (2007 haul, net of everything) $3,500,000 (estimated net haul from 2008) Total Assets: $8,610,386 Total Liabilities: $1,570,000 Barack Obama's Net Worth: $7,040,386 Sources: Tax Returns, 2007, 2000-2006 released by Obama campaign Now, you know half the story, enough for half an opinion. Find out what Obama's estimated net worth will be after his first term in office and what other world leaders make: What Politicians Make /Ten Signs You Are About to Be Fired / The Sacred 90 Minutes in Obama's Day Other Related Links Barack Obama's Workout --How He Stays In Great Shape Ideal Weight for Men of Different Heights What Politicians Make (Bush, McCain, Obama, the Clintons) Snoring Linked to Stroke Foods That Strengthen Erectile Performance 10 Superfoods for Men Prostate Cancer Linked to Fatty Diet Signs of Testicular Cancer Ten Signs You Are About to Be Fired Male Pattern Baldness Affected by Diet Snoring Affects Erectile Health |
| Only $150,000 now but win or lose estimates for Obama's back-end money are massive. His may earn over $100 million after he leaves office |
| President Bush and Sarkozy of France (in car) and Gordon Brown of the U.K.. Bush has a net worth of between $20 and $30 million. That will balloon if he joins the lucrative speech and book circuit that have earned the Clintons $109 million since Bill Clinton left office. |
| Obama's house in the Hyde Park section of Chicago has 7 bathrooms, 4 fireplaces and a wine cellar. The square footage is listed as 6,199 square feet. Obama bought the home in June of 2005 for $1.65 million. We marked the value down a bit to $1.5 million in light of the depressed US housing market. |
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