As the 2024 presidential election approaches, the net worth of candidates Joe Biden and Donald Trump is under scrutiny. Donald Trump, aged 78, boasts a net worth of over $7 billion, placing him among the world’s richest 500 people. In contrast, Joe Biden, aged 81, has a net worth of approximately $10 million. This article delves into their financial histories, current assets, and how their wealth has evolved over time.
What is Donald Trump’s Net Worth and Its Composition?
Donald Trump’s net worth stands at over $7 billion, making him one of the wealthiest individuals globally. His wealth is derived from various sources, including his Truth Social parent company, real estate holdings, clubs and resorts, and other assets.
- Truth Social Parent Company: Trump’s primary asset, valued at $5.6 billion, significantly contributes to his net worth. He qualifies for up to 36 million additional shares of Trump Media, worth $1.17 billion.
- Real Estate Assets: Trump’s real estate portfolio, including Trump Tower, three Florida homes, and Trump International Hotel Las Vegas, totals $1.1 billion.
- Clubs and Resorts: His clubs and resorts, including Mar-a-Lago, 10 golf courses across six states, and three European golf properties, are valued at $810 million.
- Cash and Liquid Assets: According to Forbes, Trump holds over $410 million in cash and liquid assets and $100 million in other assets.
What Are the Legal Liabilities Affecting Trump’s Net Worth?
Despite his vast wealth, Trump’s net worth is significantly impacted by legal liabilities. Forbes estimates his legal liabilities at -$540 million. Notably, in February, a judge ordered Trump to pay a $454 million judgment in a civil fraud lawsuit brought by New York Attorney General Letitia James, citing inflated asset values. Trump’s legal team has appealed the ruling.
How Did Trump’s Wealth Change Before, During, and After His Presidency?
Before his presidency, Trump’s net worth varied significantly. According to Forbes, from 2007 to 2016, he averaged an annual net worth of $3.13 billion. His highest net worth was $4.5 billion in 2015, while his lowest was $2 billion during the same period.
During his presidency from 2017 to 2021, Trump’s average annual net worth was $2.86 billion, with his highest annual net worth at $3.1 billion from 2017 to 2019. Bloomberg reports that the presidency cost Trump $700 million due to fallout with brokers and lenders over the January 6 Capitol riots and the pandemic’s impact on office buildings.
What is Joe Biden’s Net Worth and Its Composition?
Joe Biden’s net worth is approximately $10 million. His financial assets are relatively modest compared to Trump, with most of his wealth stemming from real estate, his presidential salary, and investments.
- Real Estate: The Bidens own two Delaware homes. Their 4,800-square-foot summer home in Rehoboth Beach is valued at an estimated $4.5 million, purchased in 2017 for $2.7 million. Their colonial-style home in Wilmington is worth around $2.5 million.
- Pensions and Holdings: The Bidens’ wealth includes pensions and investments, such as Joe Biden’s 1967 Corvette Stingray, valued at $100,000.
How Did Biden’s Wealth Change Before, During, and After His Vice Presidency?
Before his vice presidency, Biden earned around $155,000 annually as a senator and an additional $20,000 for teaching at Widener University. When he left public office in 2017, his estimated net worth was $2.5 million, primarily from his Delaware home and federal pension.
After his vice presidency, Biden’s wealth grew significantly. In late 2017 and 2018, he earned more than $4 million from delivering speeches and signed a book deal valued at $8 million. By the time he assumed the presidency in 2021, his net worth was reportedly $8 million. His wealth has grown by roughly 25% since then, aided by his presidential salary, real estate, and market investments.
How Do Trump and Biden’s Net Worth Compare to Past Presidents?
In terms of wealth, Trump’s $7 billion places him at the top among past presidents, while Biden’s $10 million is more modest. For comparison, other presidents’ net worths are:
- Bill Clinton: $120 million
- Barack Obama: $70 million
- George W. Bush: $50 million
- George H.W. Bush: $25 million
- Ronald Reagan: $13 million
- Gerald Ford: $7 million
How Do Trump and Biden Rank Among 2024 Presidential Candidates?
Among 2024 presidential candidates, Trump’s net worth of over $7 billion leads the way, followed by entrepreneur Vivek Ramaswamy, independent candidate Robert Kennedy Jr., Biden, and former South Carolina governor Nikki Haley.
In summary, Donald Trump’s wealth is significantly higher than Joe Biden’s, with Trump’s financial assets and liabilities playing a crucial role in his overall net worth. Biden’s financial growth, primarily through real estate and post-vice-presidential engagements, showcases a different trajectory. Both candidates’ financial statuses provide insight into their backgrounds as they vie for the presidency in 2024.
