Before we dive into the net worth of the previous presidents of the United States and the net worth of President Joe Biden, it is essential to define what net worth is.
What is net worth?
When we talk about net worth of $8 billion or $400 million, what are we saying? It is often incorrectly assumed that the net worth of someone is what they have access to in their bank.
In reality, net worth is made up of the total sum of the assets owned – after subtracting a person’s debt.
For example, net worth can be made of bonds, property, cars, artwork, stocks, and other goods.
Calculating wealth can often be a difficult situation because many of the richest people in the world don’t earn their real wealth from work. Instead, their wealth is seen in what they own.
Photo by David Everett Strickler on Unsplash
Can I add up my net worth?
You can calculate your net worth by doing the following:
Calculate the total value of everything you own – the value of your debts = your net worth.
What about presidential net worth?
All of the Us presidents have been paid more than fairly for their service. Georgia Washing was paid a handsome $25,000, which is the equivalent of $700,000 in today’s money.
In 2001 the annual salary for a president was set at $400,000. Many presidents did not require this money, though, since presidents are often already from wealthy backgrounds.
The net worth that we will look at for these presidents was taken at their peak rather than at the highest or lowest of the presidency.
Each of the amounts given has been adjusted for inflation too.
George Washington
George Washington was one of America’s most wealthy presidents. He was the beneficiary of one of the most prosperous plantations, Mount Vernon. Serving as both a general and a president, he always made plenty of cash.
His estimated net worth is $594.2 million, and his presidential salary was 2% of the US budget annually.
George Washington was in office from 1789 to 1797.
John Quincy Adams
Jumping ahead to John Quincy Adams, who served in office 1825-1829. Much of John’s fortune came from his very wealthy wife – the daughter of a merchant and the inheritance of his father’s home.
John himself was devoted to public service and continued to do so after his presidential role – his highest net worth is reported to be $23.6 million.
Abraham Lincoln
Although many more people worldwide know of his name, it is surprising to learn that Abraham Lincoln didn’t have the net worth that you might think.
At the peak of his presidency, Abraham had an estimated net worth of around $1 million. And unlike many of the men who would take this seat in the future, and had in the past, he had worked in manual labor and had a general store that failed—serving between 1861-1865.
Theodore Roosevelt
Roosevelt spent most of his adult life working for the government. Sagamore Hill, his 235-acre mansion, is situated on some of Long Island’s most desirable (and expensive) real estate. Theodore served between 1901-1909.
Roosevelt was born into a distinguished and wealthy family and acquired a sizable inheritance. After losing most of his money on a ranching enterprise in the Dakotas, he had to work as an author to pay his expenses.
With that in mind, it is not surprising that his net worth is estimated to be $141.4 million.
John F Kennedy
JFK came from what is considered to be one of the most influential and powerful families in American politics. John’s father made much of his wealth from banking and investing. With an estimated net worth of $1.1 billion, his total considers his enormous trust and his wife’s family fortune that was made in oil.
JFK served from 1961 to 1963 and was the first Roman Catholic president; his presidency and his life were cut short by assassination.
Donald Trump
The 45th president of the United States had an estimated $3.2 billion net worth. While many of his business endeavors have failed, his property investments keep him firmly in the position of wealthiest president of all time. Donald served from 2017 to 2021.
Out of all of the presidents to date, it is believed that Donald Trump has the highest net worth of all who came before him, and Joe Biden, who took up the role in 2021. It is estimated that Joe Biden’s net worth is around $9 million.
Not everyone in politics had a family already in the industry; there are even some celebrities who made the jump; check out: 5 People Who Have Made A Jump To Politics.
Categories: Politics Talk Stuff
