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Here’s How Barack Obama Increased His Net Worth to $70M After Leaving Office

 

It’s been over four years since former President Barack Obama was in office. During his term he earned the standard $400,000 salary that Business Insider reports every commander-in-chief receives. The business endeavors he made after leaving office, however, were a large contribution to his now $70 million net worth, according to International Business Times.

Before Obama took office, he made about $165,000 a year as a senator of Illinois, according to NBC News. During that time he published several books and took off as an author, profiting over $500,000 from author fees in 2006 alone. Years before running for president, his combined income with his wife Michelle Obama, who at the time worked at the University of Chicago Medical Center, was $1.6 million.

While in office, a president has a $50,000 annual expense account, $100,000 nontaxable travel account, and $19,000 for entertainment, in addition to their $400,000 salary, according to Business Insider.

The former president now earns a $200,000 annual pension, reports Money.

However, according to Business Insider, the majority of Obama’s income comes from his book royalties and speaking engagements. His latest memoir “A Promised Land” reportedly sold 890,000 copies within one day of its November release. Business Insider reports from 2005 to 2016, he made $15.6 million in book advances and sales.

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He was reportedly paid $800,000 for two speeches and at least $2 million for three talks in 2017, according to Business Insider. In 2018, he and Michelle Obama signed an estimated $50 million production deal with Netflix.

In combination with Michelle Obamas’ earnings from book deals, tours, speaking engagements, movie productions, etc. the Obama’s are estimated to make almost $250 million in their post-presidency careers, according to Business Insider.

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