2011-12-13 22:43:00
How Rich is President Obama?
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As President of the United States, Barack Obama is required to make annual disclosures that detail his current personal assets and sources of income. This applies to members of the Senate and House of Representatives as well.
According to OpenSecrets.org (link below), President Barack Obama has a current net worth of somewhere between $2,802,012 and $11,830,000.
Why the wide disparity between the two numbers? Well, the annual disclosures don't require the filer to disclose the precise amount of their assets. For instance, here are the assets that Barack Obama listed in his most recent (2010) annual disclosure:
Bright Directions College Savings 529 - $200,000 to $500,000
JPMorgan Chase Private Client Asset Mgmt - $250,001 to $500,000
JPMorgan Chase/Checking - $1,001 to $15,000
Northern Trust/Checking - $1,001 to $15,000
State of Illinois General Assembly Defin - $50,001 to $100,000
US Treasury Bills - $1,100,002 to $5,250,000
US Treasury Notes - $1,000,001 to $5,000,000
Vanguard 500 Index - $200,003 to $450,000
So, as you can see from the assets above, Obama could have a total net worth of anywhere between $2,802,012 and $11,830,000.
What about President Obama's sources of income?
According to OpenSecrets.org, Obama received $225,000 for an advance for "Dreams From my Father", and an additional $133,334 for an advance on "Of Thee I Sing".
This is in addition to the $400,000 in salary that Obama makes as President of the United States. As President, Obama also has access to a $50,000 non-taxable expense account and a $100,000 non-taxable travel account.
Upon leaving the White House, Obama will receive a pension of almost $200k (based upon current levels), as well as a number of other reimbursements for office rent, staff salaries, etc.
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According to OpenSecrets.org, President Obama had a total net worth of between $2,251,011 and $7,670,000 in 2009, and a total net worth of between $1,416,010 and $5,925,000 in 2008.
Source: OpenSecrets.org
Filed under: General Knowledge
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