How Much is President Obama Worth?
Every year the U.S. President releases his financial disclosure statement and the world gawks in response to the amount the President earns for leading the nation. Whether it be too much (which is mostly the case) or too little, the American public has the right to see just how much their President is worth.
Because the disclosure statement lists assets and liabilities in dollar ranges, specifying the exact amount the president is worth is very difficult. This week's release of President Obama's financial disclosure has shown the nation a few things they may not have known about the Commander in Chief.
First, he's not doing too bad for himself in term of finances, unlike the rest of the nation. According to USA Today, Obama is a wealthy man, having assets of as much as $10 million. That amount would actually classify him as one of the poorest of U.S. Presidents of our time, as George Washington takes the crown for wealthiest.
Another highlight that might intrigue people of this year's financial disclosure statement from Obama is that he has an incredibly large stake in JPMorgan Chase. Yes, THAT JPMorgan Chase that just made one of the worst bets in trading history, losing $2 billion. The president has an account at the bank for between $500,000 and $1 million.
Now to head a nation with a $15.6 trillion bill of debt, it would be hard to imagine anyone backing government-based currencies. But Obama, despite the largest amount of debt in the United States' history, has more than half of his assets in Treasury bills and notes. I guess his level of confidence in the Treasury can contribute to this large investment.
Obama's assets range in amount between $2.6 million and $9.9 million, while he holds a mortgage on his Chicago home of $500,000 to $1 million. On top of that net worth, the president receives his annual salary of $400,000.
Much of Obama's wealth hails from his book royalties, as indicated by his tax filings. The disclosure form lists $100,000 to $1 million in royalties from Dreams From My Father, $100,000 to $1 million from Of Thee I Sing: A Letter to My Daughters, and $50,000 to $100,000 from The Audacity of Hope. In full, Obama's net worth is about $10 million.
(courtesy of internet-entrepreneurship.com)
To give you a sense of where Obama ranks amongst his peers, take a look at Vice President Biden's wealth, which includes less than $1 million in assets and as much as $1.5 million in liabilities.
As for candidates that vied for Obama's position in 2012, according to Bankrate.com, it goes like this...
Congressman Ron Paul: Net worth of between $2 million and $5.2 million
Former Speaker Newt Gingrich: Net worth of between $6.7 million to $30 million
Former Senator Rick Santorum: Net worth of between $526,000 to $2.6 million
And the big winner, Former Governor Mitt Romney: Net worth of between $190 million and $250 million (and he still is considered "unemployed!")
**What is your take? Do you think $10 million in net worth is too much for a U.S. President? Cast your vote now or leave your comments!+4
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