Obama Family Has Net Worth of Between $953k and $6.64 Million
President Barack Obama and Vice President Joe Biden filed their personal financial disclosure last week. These disclosures give a glimpse into the state of the President and Vice President's finances as of the end of the 2013 calendar year.
Now, there are a few important things to note about these disclosures:
1) Asset and liability amounts are given in ranges (for instance, $500,000 to $1 million), so we don't know the exact net worth of either of these individuals
2) Primary residences are not included in the statements, though mortgages against the residences are included as liabilities
According to President Obama's 2013 financial disclosure, the Obama family finished 2013 with a total net worth of between $935,015 and $6,644,999. Including his salary that he takes for serving as President of the United States, as well as his book royalties and investment income, President Obama and his wife generated between $520,409 and $732,000 in income in 2013.
According to the filing, the Obamas biggest asset was held in the form of US Treasury Notes. As of the end of 2013, the Obama family held between $1,000,001 and $5,000,000 in US Treasury notes. In addition, the family also owned between $250,001 and $500,000 in US Treasury Bills, as well as Vanguard 500 index funds and cash in various checking accounts.
As a matter of fact, the Obamas are downright boring when it comes to their financial holdings - 2012 Republican President candidate Mitt Romney's personal financial disclosure, for instance, reads like the Magna Carta in comparison. The Obamas like to keep it nice and simple.
The Obama children are well taken care of when it comes to their college educations, as the Obamas have already put away a minimum of $200,000 for their daughters to attend college.
Aside from his Presidential salary, President Obama's biggest income stream in 2013 came in the form of royalties from his book, Dreams of my Father. During the 2013 calendar year, President Obama brought in between $50,001 and $100,000 from the sale of this book.
The only liability listed by the Obamas in 2013 was the mortgage on their residence in Illinois. The Obamas, who are paying an interest rate of 5.625% on this mortgage, currently owe between $500,001 and $1,000,000 on this residence. Again, the Obamas do not have to list the value of their primary residence in the President's financial disclosure.
Source: Barack Obama Net Worth
Filed under: General Knowledge