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Obama's Net Worth--Latest Figures August 23, 2008 (updated 12-10-2009) By Michael P. Delhomme, Contributing Columnist Related Links Prince Harry Is Not as Rich as You Think Obama Net Worth-2013 Updates Obama Net Worth -2012 Updates Obama Net Worth-2011 Updates Obama Net Worth-2010 Updates President Obama's Approval Rating Plummets Obama's Workout-How He Stays In Shape Hubris Syndrome-Is It Affecting Obama's Performance? Presidential Cribs -Homes of the Presidential Candidates The Not-So-Secret Reason Most People Never Get Rich Why Do I Waste My Time?-Causes and Cures Newt Gingrich --Shades of Reagan or Nixon? Romney or Ginrich-Which Candidate Do Men Prefer? Governor Rick Perry-Winging It to Oblivion How Many Millionaires Are There in America? Top 10 Careers for the Next Decade Ten Signs You Are About To Be Fired How Much Do Politicians Make? Snoring Linked to Stroke 10 Wealthiest Zip Codes in America Married Men Are Richer-New Study [Editor's note: Obama's net worth has plummeted based on Federal financial disclosures made on May 14, 2013. These disclosures are discussed in the 2013 updated to his net worth.] How much is Barack Obama worth? We took a look at the tax returns for 2008, 2007 and 2006 released by the Obama campaign for 2000 through 2008 to get an idea. We have also taken into account the money Obama was awarded for winnng the 2009 Nobel Peace Prize. 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. In 2008, according to his tax returns, Obama made $2,736,107. Of this amount, $201,913 represented wages, mostly from his job as Senator from Illionois. He earned 2, 479,648 from book royalties. According to a schedule to his 1040, Obama earned $148,581 in income from foreign sources. The specific countries are not listed. Obama paid $881,337 in taxes, leaving him with net after tax income of $1,854,770. In 2009, which still has 20 days left, Obama's salary as President is $400,000, plus a $50,000 tax free expense account, a $100,000 tax free travel account and a $19,000 tax free entertainment account. Meals for the President and his family and official state dinners are provided at taxpayer expense by White House Food Services. Travel for official purposes is also at taxpayer expense and is not counted as taxable income. All of this means that, for practical purposes, Obama has very few living expenses so it's reasonable to assume that nearly all of his $1,854,770 after tax salary added to his growing net worth. In addition, Obama won 10 million Swedish Kronor ($1.4 million at today's exchange rate) for the 2009 Nobel Peace Prize. Norwegians actually award the prize but they calculate the award based on the currency of Sweden, go figure. According to CBS News, the White House has indicated that Obama plans to give that money to charity. If he does, mangoboss will subtract the $1. 4 million from his asset total. For an update on what really happened to the Nobel Prize money, read here. For now, the $1.4 million is still in Obama's pockets. He'll have to pay taxes on that, which we estimate will bite off $400,000 from the prize, leaving him with an extra $1 million in his bank account. 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. On his 2008 returns, we see that the haul from tax-frees has gone down to $2936 but the haul from taxable government securities has gone up to $18,890. Extrapolating backwards, the $18,890 would correlate to a principal of $944,500 at a 2% interest rate. The tax free interest pile of $2936 would correlate to a principal of $73,400. That's a total pile of $1,017, 900. Since Obama did not disclose paying any campaign expenses from his pocket, it is reasonable to assume that the pile he had at the end of 2007 is still pretty much intact now but reallocated from tax-free investments to other investments. 4. The 2009 Haul. Of course, the Obamas are still earning in 2009. You don't figure that the run for the Presidency has hurt his book sales. We conservatively estimate that Obama will make as much in 2009 as he did in 2008 and 2007. We rounded the take to $3,500,000, based on the latest estimates of his book sales in 2009. In all likelihood, Obama's historic run for the Presidency has increased the total from 2007 even more but we're being super-conservative. (Editor's update: We were right. Obama's book sales have in fact skyrockted since he became President. Read the actual 2009 Obama net worth updated figures here.) Now for the liabilities: 1. Home Mortgage. Not much here. The Obamas reported $57,838 in mortgage interest in 2007 and a similar amount in 2008. 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) $1,017,900 (Tax Free and taxable Bonds/securities) $2,464,111 (2007 haul, net of everything) $1,854,770 (2008 after tax income) $1,000,000 (2009 Nobel Peace Prize, after taxes) $3,500,000 (estimated net haul from book sales in 2009. Read the actual updated figure) $419,000 (earnings from $400,000 salary, plus $169,000 tax free expense accounts, minus estimated school tuition and miscellaneous expenses of $150,000) The Running Tally of Obama's Net Worth as of December 10, 2009 Barack Obama 2009 Net Worth: Total Assets: $10,255,781 Total Liabilities $1,570,000 Barack Obama's estimated 2009 Net Worth: 8,685,781 (Read the running tally of his current net worth, updated by White House releases here) Previous Year's (2008) Total Total Assets: $8,610,386 Total Liabilities: $1,570,000 Barack Obama's 2008 Net Worth: $7,040,386 Sources: Tax Returns, 2008, 2007, 2000-2006 released by Obama campaign and White House (2008 only) Related: Obama's Net Worth-2013 Updates /Obama's Net Worth-2011 Updates /Obama's Net Worth -2010 Updates /What Politicians Make /Ten Signs You Are About to Be Fired / The Sacred 90 Minutes in Obama's Day President Obama's Approval Sinks to 38% Why Do I Waste My Time?-Causes and Cures 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 Male Menopause-Fact or Fiction? 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| 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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