Obamas Leave White House Each as Multi-Millionaires
(SAUL LOEB/AFP/Getty Images)
By Karl Nelson | Wednesday, 18 Jan 2017 09:28 AM
Barack and Michelle Obama each leave the White House as multi-millionaires, and reports suggest they could make up to $240 million more as they cash in on post-presidency opportunities.
President Obama’s current net worth is $12.2 million while the first lady is worth $11.8 million, according to
That's a lot more than they entered the White House with in 2008.
The Obama’s reportedly made $2,656,902 the year he became America’s first African-American president, significantly more than when he was earning $80,000 in salary from the Illinois State Senate and $32,000 from the University of Chicago Law School, where he was a professor, according to GoBankingRates.com.
By 2007, Obama had earned more than $3 million in book royalties. He also added more millions to his name when he acquired a financial fund worth between $1 million and $5 million that same year.
During his presidency, Obama was getting an annual salary of $400,000, plus a $50,000 annual expense account, $100,000 for travel, which was not taxed, and an entertainment budget of $19,000.
According to a study by American University, the Obamas' combined net worth of $24 million as they leave the White House is miniscule compared to the riches they are likely to amass in the future, a number now pegged at $242 million, said the International Business Times.