Barack Obama Net Worth, Salary, Education, Career And Rise To Presidency

How much is Barack Obama Net Worth?

Barack Obama, an American politician, has a net worth of $70 million, combined with his wife Michelle Obama.

They did not amass wealth until around 2005, primarily through book royalties as Barack rose in the political arena.

He served as a Senator from Illinois and became the 44th President of the United States, making history as the first African American president.

Barack Obama Net Worth
Barack Obama Net Worth

Obama graduated from Harvard Law School, where he made history as the first African American president of the Harvard Law Review.

He then worked as a civil rights attorney.

Obama taught constitutional law at the University of Chicago Law School before entering politics.

Barack Obama Publicity

Beginning in the Illinois State Senate from 1997 to 2004, Obama focused on healthcare, education, and ethics reform.

His keynote address at the 2004 Democratic National Convention propelled him to national attention, leading to his election to the U.S. Senate.

As a U.S. Senator, Obama addressed issues such as government transparency, nuclear non-proliferation, and veterans’ care, gaining popularity for his engaging speaking style and calls for bipartisan cooperation.

His groundbreaking 2008 presidential campaign utilized social media and grassroots organizing to secure victory, making him the first African American President.

During his presidency, Obama tackled challenges including the economic recession and conflicts in the Middle East.

Domestically, he prioritized healthcare reform, resulting in the passage of the Affordable Care Act, and advanced renewable energy, financial regulation, and LGBTQ rights.

In foreign policy, Obama focused on rebuilding America’s global image, ending the Iraq War, and ordering the operation that killed Osama bin Laden.

His administration played a pivotal role in international agreements like the Iran Nuclear Deal and the Paris Climate Agreement.

Since leaving office, Obama has remained active in public life, championing education, civic engagement, and leadership development through the Obama Foundation.

He has authored several books, including his presidential memoir, “A Promised Land.”

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Barack Obama Net Worth: Early Life

Barack Hussein Obama II was born in Honolulu, Hawaii, on August 4, 1961, making him the only US President born outside of the contiguous 48 states.

Ann Dunham, his mother, of English, German, Swiss, Scottish, Irish, and Welsh descent, met Barack Obama Sr. in a Russian language class at the University of Hawaii Manio in 1960, where he had earned a scholarship.

They married in 1961, and Barack Jr. was born six months later.

After their divorce in 1964, Barack Sr. returned to Kenya, where he remarried.

He visited his son in Hawaii in 1971 but tragically died in a car accident in 1982 when Barack Jr. was 21 years old.

In March 1965, Ann married Lolo Soetoro, an Indonesian man.

They moved to Indonesia in 1967, where Barack lived until 1971 before returning to Honolulu to live with his maternal grandparents.

He graduated from high school in 1979.

Barack has several half-siblings from both his mother and father.

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Barack Obama Education And Career

After graduating high school, Barack attended Occidental College in Los Angeles on a full scholarship.

He transferred to Columbia University in 1981, earning a degree in political science with a specialty in international relations in 1983.

Following graduation, he worked as a financial researcher for Business International Corporation and as a project coordinator for New York non-profits.

In 1985, Barack moved to Chicago to work as a director for the non-profit Developing Communities Project until 1988.

He then traveled the world for two months, including a visit to Kenya.

He enrolled at Harvard Law School in the fall of 1988, where he became the president of the Harvard Law Review.

During summers, he returned to Chicago to continue community organizing work.

After graduating, he worked as a civil rights attorney in Chicago and taught constitutional law at the University of Chicago Law School from 1992 to 2004.

Barack Obama Net Worth: Key Facts:

  • Between 1991 and 2004, he never earned more than $30k per year.
  • His salary jumped to $157k when he was elected to the US Senate.
  • For a long time, Michelle was the breadwinner, earning $274k per year as a lawyer.
  • The Obamas earned $1.65m in 2005, largely thanks to Barack’s book royalties.
  • In 2017, Barack and Michelle signed a $60m book deal for their autobiographies.
  • Between 2000 and 2017, Barack and Michelle earned $85m.
  • In June 2017, they paid $8m for a D.C. home.
  • In August 2019, they reportedly paid $15m for a property on Martha’s Vineyard.

Barack Obama Net Worth: Personal Life:

In the summer of 1989, Barack worked at a Chicago law firm called Sidley Austin.

An associate named Michelle Robinson was assigned to be Barack’s advisor for three months starting in June.

They soon began dating, got engaged in 1991 and they married on October 3, 1992.

They eventually had two daughters, Malia Ann, born in 1998, and Natasha “Sasha”, born in 2001.

Barack Obama Rise To Presidency

Aside from teaching, Barack also served as an Illinois state senator from 1997 to 2004 before successfully running for the US Senate.

He served in the US Senate from 2005 to 2008.

The event that brought Barack national attention was his keynote address at the Democratic National Convention in July 2004.

From that point on, he became a rising star in the Democratic party.

Barack Obama Net Worth
Barack Obama Net Worth

Barack announced his candidacy for President on February 10, 2007.

He eventually won the Democratic nomination after facing off against Hillary Clinton.

With Joe Biden as his Vice President, he defeated Jon McCain to win the Presidency.

Barack Obama was elected as the 44th President of the United States in November 2008.

He took office in January 2009.

Barack Obama Net Worth And Book Royalties

Between 1991 and 2004, Barack’s earnings never exceeded $30,000 for his roles as a professor and state representative.

During this period, the majority of the Obama family’s income came from Michelle’s lucrative position as a lawyer primarily serving the University of Chicago hospital system.

Upon becoming a US Senator in 2005, Barack’s income surged to $157,100, while Michelle earned $273,618.

Their total income that year amounted to $1.65 million.

The substantial increase in income, approximately $1.2 million, was attributed to the sudden popularity of Barack’s first book, “Dreams from My Father: A Story of Race and Inheritance,” following his keynote address at the 2004 DNC.

In 2006, the Obamas reported an income of $916,000.

The release of Barack’s second book, “The Audacity of Hope,” in October 2006, propelled their income to $4.2 million in 2007.

Subsequent years saw continued growth in their income due to Barack’s successful 2008 campaign and election.

To this day, Barack earns $3.75 for every hardcover copy and $1.12 for every paperback sold.

Royalties remained robust in 2008, 2009, and 2010.

He released “Of Thee I Sing” in November 2010 and “A Promised Land” in November 2020.

In February 2017, Barack and Michelle Obama secured a $60 million advance for the combined rights to their autobiographies.

Income History:

Below is a table detailing the complete 15-year income history of Barack and Michelle from 2000 to 2017.

They ceased releasing their tax returns after 2015, so their exact earnings for 2016 and 2017 remain undisclosed.

However, it is known that in 2017, the Obamas received a $65 million book advance for multiple books and media projects.

Since leaving the White House, they have continued to earn substantial income from book advances and as sought-after public speakers.

During a trip to Australia in March 2023, where Obama met with Australian Prime Minister Anthony Albanese, he reportedly earned more than $1 million for two speeches.

The Obama Family Income History

Year Income
2000 $240,000
2001 $272,759
2002 $259,394
2003 $238,327
2004 $207,647
2005 $1,655,106
2006 $983,826
2007 $4,139,965
2008 $2,656,902
2009 $5,505,409
2010 $1,728,096
2011 $789,674
2012 $662,076
2013 $481,098
2014 $477,383
2015 $436,065
2016 $400,000
2017 At least $65M
Total $86,133,727

As President, Barack Obama earned a base salary of $400,000 annually.

Additionally, he had access to a $150,000 expense account, a $100,000 tax-free travel account, and a $20,000 entertainment budget.

Barack and Michelle Obama’s Real Estate Ventures

In August 2000, Barack and Michelle purchased a $1.6 million home in Kenwood, Illinois, located in the Chicago suburbs.

The home, boasting 6,400 square feet, six bedrooms, six bathrooms, mahogany bookshelves, a granite kitchen floor, and a wine cellar, became their residence.

Upon leaving office, Barack and Michelle opted to rent a mansion in Washington D.C. while their youngest daughter completed high school.

However, in June 2017, they decided to invest $8.1 million to purchase the 8,200 square-foot rental property.

Martha’s Vineyard Property Acquisition

In 2019, the Obamas expanded their real estate portfolio by acquiring a house on Martha’s Vineyard for $11.75 million.

This property features a main home spanning 7,000 square feet and is situated on 29 oceanfront acres of land.

The seller of the property was Wyc Grousbeck, the owner of the Boston Celtics.

The house boasts a spacious living room with vaulted ceilings, exposed steel beams, and a stone fireplace.

It has two guest wings and a master suite with a fireplace and private sun deck.

Outdoor activities include poolside relaxation and exploration of the Great Pond and outer barrier beach.

Despite its luxuries, the house has only a two-car garage.

So long-term guests like Sasha and Malia may need other parking options.

Nonetheless, it boasts plenty of private beachfront, including a boathouse.

The Obamas are reportedly pleased with their investment in this exquisite property, which offers unparalleled beauty and relaxation.

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