What is Barack Obama’s net worth and salary?
Barack Obama, former Senator from Illinois and the 44th President of the United States, is the first African American to hold the presidency. He served one term in the Illinois Senate and, as of now, has a combined net worth of $70 million with his wife Michelle Obama.
The Obamas were not wealthy for most of their adult lives, but became millionaires in around 2005 thanks to book royalties as Barack gained political notoriety.
Early Life and Education
Barack Obama II was born on August 4, 1961, in Honolulu, Hawaii, to Ann Dunham and Barack Obama Sr. His parents divorced when he was young, and he lived briefly in Indonesia with his mother and stepfather before returning to Hawaii to live with his grandparents. Obama attended high school in Honolulu and went on to earn a full scholarship to Occidental College in Los Angeles. He transferred to Columbia University in 1981, where he earned a degree in political science with a specialty in international relations.
Work Experience and Career
After graduating from Columbia in 1983, Obama worked briefly as a financial researcher for Business International Corporation and as a project coordinator for several New York non-profits. In 1985, he moved to Chicago to work as a director for the Developing Communities Project, a non-profit organization. He worked there until 1988, when he enrolled at Harvard Law School. While at Harvard, he served as the president of the Harvard Law Review and continued to work as a community organizer during summers.
After graduating from Harvard, Obama worked as a civil rights attorney in Chicago and taught constitutional law at the University of Chicago Law School from 1992 to 2004.
Michelle Robinson and Marriage
In the summer of 1989, Barack worked at a Chicago law firm called Sidley Austin where he met Michelle Robinson, an associate who became his advisor. They started dating and got engaged in 1991, eventually tying the knot on October 3, 1992. The couple would go on to have two daughters, Malia Ann and Natasha “Sasha”.
Barack Obama’s Political Career
Barack Obama served as an Illinois state senator from 1997 to 2004, and was then elected to the US Senate, where he served from 2005 to 2008. He gained national attention after delivering the keynote address at the Democratic National Convention in 2004, and went on to win the Democratic nomination for President in 2008, defeating Hillary Clinton.
Barack Obama was elected as the 44th President of the United States in November 2008, with Joe Biden as his Vice President. He took office in January 2009 and served two terms as President, leaving office in January 2017.
Barack Obama Income Sources
From 1991 to 2004, Barack Obama earned less than $30,000 annually as a professor and state representative, while Michelle’s salary as a lawyer at the University of Chicago hospital system was their primary source of income.
After becoming a US Senator in 2005, Barack’s income increased to $157,100, and Michelle earned $273,618. Their total income that year was $1.65 million, with the majority coming from royalties from Barack’s book “Dreams from My Father.”
The following year, the Obamas reported an income of $916,000, and the release of Barack’s second book “Audacity of Hope” in 2006 brought their income to $4.2 million in 2007. Barack’s successful campaign and election as President also contributed to their growing income.
Barack Obama continues to earn royalties from his books, earning $3.75 for every hardcover copy and $1.12 for every paperback sold. In February 2017, he and Michelle received a $60 million advance for the rights to their autobiographies.
Barack and Michelle Obama’s Income History
Below is a table showing the Obamas’ income between 2000 and 2017:
| Year | Barack’s Income | Michelle’s Income |
|---|---|---|
| 2000 | $240,000 | $121,910 |
| 2001 | $272,759 | $186,256 |
| 2002 | $259,394 | $212,916 |
| 2003 | $238,327 | $259,394 |
| 2004 | $207,647 | $212,733 |
| 2005 | $1,655,106 | $316,962 |
| 2006 | $983,826 | $312,126 |
| 2007 | $4,139,965 | $320,050 |
| 2008 | $2,656,902 | $316,962 |
| 2009 | $5,505,409 | $374,460 |
| 2010 | $1,728,096 | $212,000 |
| 2011 | $789,674 | $82,359 |
| 2012 | $662,076 | $273,618 |
| 2013 | $400,000 | $113,432 |
| 2014 | $394,796 | $212,000 |
| 2015 | $394,796 | $227,250 |
As President, Barack Obama’s base salary was $400,000 a year. He also had access to a $150,000 expense account as well as a $100,000 tax free travel account and $20,000 entertainment budget. In 2017, the Obamas received a $65 million book advance for multiple books and media projects. Since leaving the White House, they have made even more money from book advances and are now both highly sought-after public speakers.
Obama Properties: From Chicago to Martha’s Vineyard
In 2000, Barack and Michelle Obama purchased a 6,400 square-foot home in Kenwood, Illinois, complete with six bedrooms, six bathrooms, mahogany bookshelves, a granite kitchen floor, and wine cellar. After leaving office, the Obamas rented a mansion in Washington D.C. until they purchased the 8,200 square-foot rental for $8.1 million in June 2017.
In August 2019, reports surfaced that the Obamas were in escrow to buy a $14.9 million property on Martha’s Vineyard. The main home spans 7,000 square-feet and sits on 29 oceanfront acres of land.
