Former President Barack Obama and his family are now estimated to be worth approximately $70 million, thanks in no small part to lucrative book deals and media collaborations post-presidency.
Before serving as U.S. President, Obama earned $85,000 a year as a law professor and $174,000 a year as a senator before earning the standard annual salary of $400,000 as president. The Obama family was estimated to have a net worth of $1.8 million in 2008, according to the International Business Times.
Between 2005 and 2016, the Obama’s earned a total of $20.5 million from book deals, government salaries, and Michelle’s job at the University of Chicago Hospitals, according to Business Insider.
The forty-fourth president made a bulk of his wealth from his two books, “The Audacity of Hope” and “Of Thee, I Sing: A Letter to My Daughters.” Both books were estimated to have earned nearly $8.8 million each, according to Forbes.
Netflix and book deals are what make up most of the Obamas’ fortune pic.twitter.com/dtuFq95cjy
— Business Insider (@BusinessInsider) April 19, 2021
In recent years, both Barack and Michelle Obama signed book deals worth at least $60 million to write their memoirs. Michelle’s memoir “Becoming” was published in 2018, and as of March 2019, it had sold almost 10 million copies, according to Business Insider. The most lucrative deal the Obama’s signed was their estimated $50 million Netflix collaboration. (RELATED: Here’s How Obama Could Become MEGA-RICH After Leaving Office)
Since leaving office, Obama earns a $200,000 a year pension in accordance with the Former Presidents Act.
The Obamas have used a portion of their wealth to buy homes in Washington D.C., Chicago, and Martha’s Vineyard. Michelle Obama reportedly earns $225,000 for speaking events, according to the International Business Times report.