Regardless of where you’re from, Barack Obama is a name that you’re most likely familiar with. Obama is the 44th (and current) President of the United States and is practically the leader of the free world. He also happens to be both the first African American to hold office, and the first president born outside of the continental US. As president, he’s been recognized for his efforts to promote world peace and improve international relations with many nations. This article, however, will stray away from his politics, and focus on his $12 million net worth, instead.
Barack Obama was born in Honolulu, Hawaii, where he had a turbulent childhood, to say the least. His parents separated when he was just a baby, and got divorced when he was 3 years old. A year later, his mother remarried to an Indonesian man, and Barack spent the better part of his childhood near the Indonesian capital of Jakarta. When he was 10, Obama moved back to the US, where he was raised by his grandparents.
Obama went on to graduate from both Columbia University and Harvard Law School – where he was the was the president of the Harvard Law Review. Since an early age, Obama took on leadership roles everywhere that he was involved.
In 1997 he became the Member of the Illinois Senate, and 8 years later was named a United States Senator. From there, it was a rough but rewarding road towards the presidency in 2008. Since assuming office, Obama has done a fair bit for the nation and has overall been considered a good president.
Despite being the leader of the free world, Obama’s salary is actually very reasonable. Obama is paid $400,000 of taxpayer’s money to make a lot of important decisions and ensure that entire country is running smoothly.
That said, the president rakes in a lot more than just $400k a year. In fact, his salary makes up less than 50% of his total earnings. The majority of his income comes from book advances and royalties. It’s also important to consider that Obama doesn’t have many expenses. He doesn’t pay rent in the White House, and he has access to a very deep expense account (or a couple).
Every president is given a $100,000 entertainment budget, $100,000 for “unanticipated needs,” a $50,000 general expense account, and $50,000 for travel, on top of the Air Force One jet that he has on standby. Fun fact – the Air Force One costs about $180,000/hr to fly.
On top of his meaty paycheck and a nearly endless expense budget, the President also has a great pension plan. After leaving office, Obama will receive around $200,000 every year. Although he is quite wealthy now, the big bucks will start rolling in after he leaves office.
Obama is predicted to break the $100 million mark about a decade after leaving office. This money will be a combination of healthy investments, as well as post-presidential ventures. Every president has made some serious coin by attending engagements and giving speeches. Obama is expected to earn between $500,000 and $1,000,000 per speech – not bad for a few hours of work.
As far as other ventures go, Obama said that he considered owning an NBA team, and philanthropic work. He also joked about moving to Hawaii to open a T-shirt shack – unlikely, but time will tell. One this is for certain, Obama will be 56 when he leaves off – leaving him a ton of time to pursue any hobby that he wants.
The White House aside, Barack owns a historical, 6400 square foot mansion in Chicago, where the Obama family lived between 2005 and 2008. The house boasts 6 bedrooms, 6 bathrooms, and a 1000 bottle wine cellar. In the garage, you’d find a modest Chrysler 300C.
It’s unclear whether or not Obama plans to return to this home after his presidential bid, but time will tell. At this point, he has more than enough money to move anywhere in the country and live out the rest of his days without the stress of an entire nation resting on his shoulders.