Joe Biden Net Worth 2022 (Forbes) – Salary, Income, Earnings

Joe Biden Net Worth 

Joe Biden has an estimated net worth of $9 million. Joe Biden is the president of the United States. He also served as Barack Obama’s vice president from 2008-2016. He disclosed $1.5 million in net worth at the end of his term as Vice President. Before becoming vice president, he often referred to himself as a “middle class Joe” with a net worth less than $500,000. His income soared in 2017 to $11 million, primarily from book royalties and speeches after leaving the White House. It is estimated that Joe and Jill earned a shade under $17 million between 2016 and 2019.

Joe Biden briefly practiced law before entering politics. He was elected as Delaware’s longest-serving senator and the fifth-youngest senator in history. His 2008 presidential campaign never gained traction, but Democratic nominee Barack Obama chose him as his running mate, and Biden went on to serve two terms as the United States’ 47th vice president. Obama awarded Biden the Presidential Medal of Freedom at the end of his presidency in 2017. Biden launched his presidential campaign two years later and was elected as the 46th President of the United States.

To calculate the net worth of Joe Biden, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Joe Biden
Net Worth: $9 Million
Monthly Income: $30 Thousand
Annual Salary: $400 Thousand
Source of Wealth: Lawyer, Politician

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Early Years

Biden, who was born on November 20, 1942, grew up in Scranton, Pennsylvania, before ascending to one of the country’s highest political offices. Joseph Biden Sr., his father, cleaned furnaces and sold used cars. His mother was Catherine Eugenia “Jean” Finnegan.

Biden credits his parents for his toughness, hard work, and perseverance. “Champ, the measure of a man is not how often he is knocked down, but how quickly he gets back up,” his father frequently told him. He has also claimed that when he returned home depressed after being bullied by one of the neighborhood’s older kids, his mother would tell him, “Bloody their nose so you can walk down the street the next day!”

Biden attended St. Paul’s Elementary School in Scranton. His family moved to Mayfield, Delaware, when he was 13 years old, a rapidly growing middle-class community primarily supported by the nearby DuPont chemical company.

As a child, Biden struggled with stuttering, and kids mocked him by calling him “Dash” and “Joe Impedimenta.” He eventually overcame his speech impediment by memorizing and reciting long poetry passages in front of a mirror.

Biden attended St. Helena School before being accepted into Archmere Academy. Despite the fact that he had to wash the school windows and weed the gardens to help his family afford tuition, Biden had long wished to attend the school, which he referred to as “the object of my deepest desire, my Oz.”

Biden was a good student at Archmere and a standout receiver on the football team despite his small stature. “He was a skinny kid,” his coach recalled, “but he was one of the best pass receivers I had in 16 years of coaching.” Biden graduated from Archmere in 1961.

College, Marriage and Law School

Biden studied history and political science at the nearby University of Delaware, where he also played football. He would later admit that he was far more interested in football, girls, and parties during his first two years of college than in academics. During these years, he also developed a keen interest in politics, fueled in part by the inspiring inauguration of John F. Kennedy in 1961.

During his junior year, during a spring break trip to the Bahamas, Biden met a Syracuse University student named Neilia Hunter and, in his words, “fell ass over tin cup in love — at first sight.” Encouraged by his new love, he focused more on his studies and was accepted into Syracuse University Law School after graduating from Delaware in 1965. The following year, in 1966, Biden and Hunter married.

Biden was a mediocre law student at best. He failed a class during his first year at Syracuse for failing to properly cite a reference to a law review article. Despite his claim that it was an unintentional oversight, the incident would come back to haunt him later in his career.

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Early Political Career

After graduating from law school in 1968, Biden moved to Wilmington, Delaware, to work in a law firm. He also became an active member of the Democratic Party and was elected to the New Castle County City Council in 1970. During his tenure as a city councilman, Biden established his own law practice in 1971.

In addition to his increasingly busy professional life, Biden had three children, Joseph “Beau” (born 1969), Robert “Hunter” (born 1970) and Naomi “Amy” (born 1971). “Everything happened faster than I expected,” Biden said of his life at the time.

In 1972, the Democratic Party of Delaware encouraged the 29-year-old Biden to run for the United States Senate against popular Republican incumbent J. Caleb Boggs. Although few thought he had a chance, Biden ran a tireless campaign organized mainly by family members.

His sister, Valerie Biden Owens, served as his campaign manager, and both of his parents campaigned daily. That November, in a close race with high voter turnout, Biden won a surprising victory and was elected the fifth-youngest U.S. senator in the nation’s history.

Family Tragedy

Biden was hit by a devastating tragedy just as all of his wildest dreams seemed to be coming true. Biden’s wife and three children were involved in a terrible car accident while out shopping for a Christmas tree a week before Christmas in 1972.

His wife and daughter were killed in the accident, and both of his sons, Beau and Hunter, were severely injured. Biden was distraught and contemplated suicide. He remembers, “I began to comprehend how despair drove people to simply cash out; how suicide was not just an option, but a rational option… I was furious because I felt God had played a cruel joke on me.”

Nonetheless, with the encouragement of his family, Biden decided to keep his promise to represent Delaware in the Senate. He skipped Washington’s inauguration ceremony for new senators and instead took the oath of office from his sons’ hospital room. To spend as much time as possible with his sons, Biden decided to stay in Wilmington, commuting to and from Washington each day by Amtrak train, a practice he continued throughout his long Senate career.

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Senate Years

Biden was a member of the Senate from 1973 to 2009. During his time in the Senate, Biden established himself as one of the body’s foremost foreign policy experts, chairing the Committee on Foreign Relations for several years.

He advocated for strategic arms limitation with the Soviet Union, promoted peace and stability in the Balkans, expanded NATO to include former Soviet-bloc nations, and opposed the First Gulf War.

Later in life, he advocated for American intervention to end the genocide in Darfur and criticized President George W. Bush’s handling of the Iraq War, particularly the 2007 troop surge.

In addition to foreign policy, Biden was a vocal supporter of tougher criminal laws. In 1987, the failure of Supreme Court nominee Robert Bork to be confirmed was largely attributed to harsh questioning by Biden, who was then the chairman of the Senate Judiciary Committee.

Biden sponsored the Violent Crime Control and Law Enforcement Act in 1994, which increased the number of police officers by 100,000 and increased penalties for a variety of crimes.

Presidential Ambitions

After establishing himself as one of Washington’s most prominent Democratic lawmakers, Biden decided to run for President of the United States in 1987. He dropped out of the Democratic primary after it was revealed that he had plagiarized a portion of a speech.

Biden had been suffering from severe headaches during the campaign, and doctors discovered that he had two life-threatening brain aneurysms shortly after he dropped out in 1988. Complications from the subsequent brain surgery resulted in blood clots in his lungs, necessitating yet another surgery. Biden, ever the fighter, returned to the Senate after a seven-month recovery period.

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U.S. Vice President

Biden decided to run for President of the United States again in 2007, 20 years after his first unsuccessful presidential bid. Despite his years of Senate experience, Biden’s campaign failed to gain traction in a field dominated by Hillary Clinton and Barack Obama. Biden withdrew after receiving less than 1% of the vote in the crucial Iowa caucuses.

However, after securing the Democratic nomination after a hard-fought campaign against Clinton, Obama chose Biden as his running mate several months later. With his working-class roots, Biden assisted the Obama campaign in communicating the message of economic recovery to blue-collar voters in swing states like Ohio and Pennsylvania.

On November 2, 2008, Barack Obama and Joe Biden easily defeated Arizona Senator John McCain and Alaska Governor Sarah Palin’s Republican ticket. On January 20, 2009, Obama was sworn in as the 44th President of the United States, and Biden was appointed as the 47th Vice President.

While Biden mostly served as a behind-the-scenes adviser to the president, he was especially involved in developing federal policies for Iraq and Afghanistan. In 2010, the vice president used his well-established Senate connections to help secure the passage of the United States-Russia Federation New Strategic Arms Reduction Treaty.

Biden appeared to relish the chance to play an important role in the Obama administration. He stated after the 2008 election, “This is a watershed moment in history. I began my career fighting for civil rights, and to be a part of what is both a moment in American history where the best people, the best ideas, the single best reflection of the American people can be called upon—to be at that moment, with a guy who has such incredible talent and is also a breakthrough figure in multiple ways—that excites me. It’s a different America. It reflects a different America.”

Re-Election and Second Term

In 2012, the Obama-Biden ticket faced Republican challenger Mitt Romney, a former Massachusetts governor, and Romney’s vice-presidential running mate, U.S. Representative Paul Ryan of Wisconsin.

In the 2012 election, Obama defeated Romney, earning a second term as president and Biden a second term as vice president. President Barack Obama received nearly 60% of the electoral vote and won the popular vote by over 1 million votes.

Later that year, Biden demonstrated how powerful a vice president he could be. He played a key role in reaching a bipartisan agreement on tax increases and spending cuts in order to avoid the fiscal cliff crisis. With a deadline approaching, Biden was able to reach an agreement with Senate Minority Leader Mitch McConnell. After months of difficult negotiations, the fiscal cliff bill was passed by the Senate on January 1, 2013. Later that day, the House of Representatives approved it.

Around the same time, Biden emerged as a key figure in the national debate over gun control. Following the December school shooting at a Newtown, Connecticut elementary school, he was appointed to lead a special task force on the subject.

In January 2013, Biden presented President Obama with solutions for reducing gun violence across the country. He assisted in the development of 19 actions that the president could take on the issue via executive order, among other recommendations.

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Personal Life and Post-Vice Presidency

Jill Biden, Biden’s second wife, has been his wife since 1977. Ashley, the couple’s daughter, was born in 1981. Biden suffered another personal loss on May 30, 2015, when his son Beau died at the age of 46 from brain cancer. “Beau Biden was, quite simply, the finest man any of us have ever known,” Biden said of his son in a statement.

Following the tragedy, Biden considered running for president, but in October 2015, he announced that he would not seek the Democratic nomination in 2016. Biden made his announcement in the White House Rose Garden with his wife Jill and President Obama by his side, citing his son’s recent death in his decision-making: “As my family and I have worked through the grieving process, I’ve said repeatedly to others that the process may very well close the window by the time we get through it. I’ve come to the conclusion that it has closed.”

Biden continued: “While I will not run for office, I will not remain silent. I intend to speak out clearly and forcefully in order to influence where we stand as a party and where we need to go as a nation as much as possible.”

In a surprise ceremony at the White House on January 12, 2017, President Obama presented Biden with the Presidential Medal of Freedom with Distinction, the nation’s highest civilian honor. Obama referred to Biden as “the best vice president America has ever had” and a “lion of American history,” and said he was being honored for his “faith in your fellow Americans, love of country, and a lifetime of service that will endure through the generations.” Biden delivered an emotional impromptu speech in which he thanked President Barack Obama, First Lady Michelle Obama, his wife Jill, and his children.

Even after leaving office, Biden refused to remain silent, as promised. He was well-known for his opposition to Obama’s successor, Donald Trump, and he appeared on occasion to criticize the 45th president. He declared at an October 2017 event that Trump “doesn’t understand governance,” and the following month he chastised the White House incumbent for his apparent support for white nationalist groups.

Furthermore, Biden has expressed mixed feelings about passing up the opportunity to run for president in 2016. He stated in March 2017 that he “could have won,” and in November, he expanded on those remarks in an interview with Oprah Winfrey. “No woman or man should declare a presidential run unless they can answer two questions,” he said. “First, do they truly believe they are the most qualified person for the job at hand? I thought I was, but was I prepared to give my whole heart, whole soul, and whole intention to the endeavor? And I was well aware that I wasn’t.”

A few weeks later, on The View, Biden had a highly publicized exchange with co-host Meghan McCain, whose father, Senator John McCain, had been diagnosed with the same brain cancer that killed Beau Biden. When Meghan McCain became visibly upset while discussing the disease, the Vice President gently took her hand in his to console her, pointing out how Senator McCain’s courage inspired everyone. “There is still hope,” he stated. “And if anyone can make it, it’s your father.”

In an interview with Al Sharpton the following spring, Biden stated that he had not ruled out running for president in 2020, but that he had not recovered sufficiently from his son’s death to devote himself to the effort. “I’m hoping that some other people step up,” he said. “I believe we have some excellent employees. I have to walk away knowing that it is — that there is someone who can do it and win because we have to win. We have to win in 2020.”

A Harvard CAPS/Harris poll conducted in June found that Democrats were not ready to let Biden go just yet, with 32 percent of participants naming him their favorite for the party’s nomination in 2020. Hillary Clinton finished second with 18 percent, and Bernie Sanders finished third with 16 percent.

The following March, while still considering a presidential run, Biden faced a new problem when Lucy Flores, a former Nevada state assemblywoman, published an essay in which she described Biden inappropriately kissing her at a campaign event.

Biden responded with a statement recalling the “”I’ve given countless handshakes, hugs, expressions of affection, support, and comfort to political allies over the years,” he says, adding, “and not once — never — did I believe I acted inappropriately.” If it is suggested that I do so, I will do so respectfully. However, this was never my intention.”

A former congressional aide named Amy Lappos came forward a few days later with her story about how Biden once made her uncomfortable at a fundraiser, indicating that the issue would likely linger throughout a presidential campaign.

2020 Presidential Campaign

On April 25, 2019, Biden announced his intention to run for president in 2020.

In his three-and-a-half-minute video statement, the former vice president referred to President Trump’s attempt to equate people on both sides of the violent, racially charged clash in Charlottesville, Virginia, in 2017, saying he knew at the time that “the threat to our nation was unlike any I’d ever seen in my lifetime.”

Despite leading most Democratic polls when he entered the race, Biden’s candidacy quickly became a litmus test for a party with an increasingly progressive base. To illustrate the difficulties of presenting himself as a moderate, Biden drew criticism for reaffirming his support for the Hyde Amendment, a 43-year-old measure that prohibited federal funding for abortions, before quickly reversing his position.

During the first Democratic primary debate in late June, Kamala Harris chastised Biden for his opposition to busing as a means of integrating schools in the 1970s. He fared better in subsequent debates, where he demonstrated his command of foreign policy and linked his achievements to those of President Obama.

Meanwhile, in September 2019, it was revealed that President Trump had pressured the Ukrainian government to investigate Biden and his son Hunter. This was due to Hunter’s previous involvement with a Ukrainian energy company, Burisma Holdings, as well as Biden’s efforts to have the country’s prosecutor general fired at the time.

In a speech on September 24, Biden called Trump’s actions a “abuse of power” and stated that if the president did not cooperate with Congress, he would support impeachment, a topic that took on added urgency when House Speaker Nancy Pelosi initiated impeachment proceedings that same day.

Following Trump’s acquittal in his impeachment trial on February 5, 2020, Biden finished fourth in the Iowa caucuses and fifth in the New Hampshire primary. But he bounced back with a resounding victory in South Carolina at the end of the month, and he maintained his momentum by claiming the majority of delegates from Super Tuesday voting in early March, driving most of his top rivals out of the race.

Biden committed to nominating a woman as his vice president during a one-on-one debate with Sanders in mid-March. When Sanders’ campaign ended in early April, he became the presumptive Democratic nominee, but he also found himself facing new allegations of sexual assault, this time from a former aide named Tara Reade.

Biden announced Kamala Harris as his vice presidential running mate on August 11, 2020.

“I have the great honor to announce that I’ve chosen Kamala Harris as my running mate — a fearless fighter for the little guy and one of the country’s finest public servants,” Biden said. “Kamala worked closely with Beau when she was Attorney General. I watched as they stood up to the big banks, helped working people, and protected women and children from abuse. I was proud then, and I am proud now to have her as my campaign partner.”

Biden was officially named the Democratic presidential nominee for 2020 in August.

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2020 Election Win

With several states counting mail-in ballots well after polling places closed on November 3, 2020, the race remained too close to call into the following day. However, with the announcements of his victories in Wisconsin and Michigan, as well as reports of his leads in Arizona, Nevada, and Georgia, the tide began to turn in Biden’s favor. Meanwhile, President Trump filed a series of lawsuits alleging voter fraud and attempting to halt voting in battleground states.

Biden was declared the 46th President-elect on November 7, 2020, four days after the election, after winning Pennsylvania. Along with receiving a record 81 million votes, the soon-to-be 78-year-old was set to become the country’s oldest president.

“America, I’m honored that you’ve chosen me to lead our great country,” Biden said in a tweet. “The work ahead of us will be difficult, but I can assure you that I will be a President for all Americans, regardless of whether you voted for me or not. I will uphold the trust you have placed in me.”

On December 14, 2020, all 538 Electoral College electors voted, confirming Biden’s victory over President Trump in the 2020 presidential election. Trump received 232 votes, while Biden received 306 votes. Despite moving forward with the selection of Cabinet members and other staffers, Biden’s transition efforts were hampered at first by Emily Murphy, the head of the General Services Administration, who refused to release federal funds for the process until November 23.

Inauguration

On January 20, 2021, Biden was sworn in as the 46th President of the United States. “Today is America’s birthday. Today is the birthday of democracy. A historical and hopeful day. Of rebirth and determination. America has been tested again and again through the ages in a crucible, and America has risen to the occasion.

Today, we celebrate the triumph of a cause, the cause of democracy, rather than a candidate. The people’s will has been heard, and the people’s will has been followed. We have learned yet again how valuable democracy is. Democracy is precarious. And, my friends, democracy has triumphed at this hour “he said at the start of his inaugural address

First 100 Days

President Biden quickly got to work, signing a flurry of executive orders in his first few days in office. Among the policies he reversed were recommitting the US to the Paris Agreement, lifting the ban on travelers from Muslim-majority countries, withdrawing funding for the construction of a wall along the Mexican border, rescinding the permit for the Keystone XL pipeline, and allowing transgender people to serve in the military again.

With the country still reeling from the COVID-19 pandemic, the president extended the federal health insurance marketplace enrollment period and urged Congress to pass a coronavirus relief package. This was realized with the passage of the American Rescue Plan in March, which authorized another round of stimulus payments and extended unemployment benefits.

Following his announcement that all Americans over the age of 18 would be eligible for the COVID-19 vaccine by April 19, Biden celebrated the administration of 200 million doses two days later, ahead of his May 1 target date. Meanwhile, he attempted to link the nation’s economic recovery to proposals for a $2 trillion American Jobs Plan, which aimed to invest in long-overdue infrastructure, and a $1.8 trillion American Families Plan, which promised publicly-funded preschools and a comprehensive family and medical leave program.

In terms of foreign policy, the president announced in mid-April that the American military presence in Afghanistan would be phased out by September 11, 2021. Shortly after, he sanctioned Russia severely for a hacking operation that compromised multiple US federal agencies.

However, when it came to border control, the president saw fewer positive results. Despite the fact that he established a task force to reunite displaced children with their parents and promised to end the “metering” that limited the number of asylum seekers, a record surge of migrants thwarted efforts to relieve overcrowding at the US-Mexico border. Furthermore, Biden initially broke his promise to raise the Trump-era cap of 15,000 refugees for the year before political pressure forced him to reconsider.

Further Reading

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