American politician and author Barack Obama served two terms as President of the United States from 2009 to 2017. Obama, a member of the Democratic Party was the first African American president of the United States.
His net worth is estimated at: $70 million as of 2022. It should be noted that this is the combined net worth of Obama and his wife Michelle Obama†
We will discuss important things about Barack Obama including his career, sources of income, investments and more in our article below. Read more!
All about Barack Obama
Early life and education
Barack Hussein Obama II was born in the year 1961 in Honolulu, Hawaii. Barack moved to Los Angeles after completing high school in 1979. He attended Occidental College where he earned a full scholarship.
He enrolled in a bachelor’s degree in political science with a specialty in international relations from Columbia University. He then entered Harvard Law School in the fall of 1988. He was the chairman of the Harvard Law Review during his stint at Harvard.
From 1992 to 2004, he taught constitutional law at the University of Chicago Law School for 12 years. In addition to teaching, Barack served as an Illinois state senator for 7 years from 1997 to 2004. He then served in the United States Senate for three years from 2005 to 2008.
In 2004, he gained notoriety across the country when he delivered the keynote address at the Democratic National Convention (DNC). After that, he became a rising star in the Democratic party.
In 2007, Barack announced that he will run in the US presidential election. He eventually won his party’s nomination against Hillary Clinton.
He then won the US presidential election and was elected to the 44th President of the United States in November 2008 by beating his rival Jon McCain with Joe Biden as his vice president.
Barack earned about $30,000 between 1991 and 2004 for his work as a professor and state representative. Barack’s income grew phenomenally to $157,100 in the year 2005 when he became a U.S. Senator.
In 1995, Barack released his first book “Dreams from My Father: A Story of Race and Inheritance”. It didn’t take off in the 8 or 9 years until 2004, when he delivered the DNC keynote. His book grew exponentially leading to a huge royalty windfall for the Obama family, which was revealed in its financial position reported in 2005.
The Obamas reported income of $916,000 in the year 2006. Barack then released his second book “Audacity of Hope” in October 2006. It was a huge commercial success, selling millions of copies, bringing his 2007 income to $4. .2 million came.
Barack and his wife Michelle Obama were paid $60 million in advance for the combined rights to their autobiographies.
Income as US President
During his tenure as US president, Barack Obama’s base salary was $400,000 per year.
He was also eligible to access a $150,000 expense account along with a $100,000 tax-exempt travel account. He was getting about $20,000 a year for the entertainment budget.
Real Estate Investments
Barack and Michelle rented a mansion in Washington DC after leaving their office. They bought the 8,200-square-foot lease in June 2017 for $8.1 million.
According to 2019 reports, the Obamas were in escrow on a property on Martha’s Vineyard worth $14.9 million. It was spread over 29 acres of oceanfront land and the main building was spread over 7,000 square feet as of August 2019.
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