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In addition to being the 44th President of the United States, Barack Obama served as a Senator from Illinois. Barack Obama was elected President of the United States after serving one term in the Illinois Senate.
Barack Obama has a net worth of $70 million at the time of this writing. With his wife, Michelle Obama, he has a net worth of over $1 billion. For most of their adult life, the Obamas were poor. They made their first million in book royalties in 2005 when Barack became a household name.
Table of Contents
Barack Obama
| Net Worth: | $70 Million |
| Salary: | $400 Thousand |
| Date of Birth: | Aug 4, 1961 (60 years old) |
| Gender: | Male |
| Height: | 6 ft (1.85 m) |
| Profession: | Politician, Lawyer, Writer, Author, a Law professor |
| Nationality: | United States of America |
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Early Life
Honolulu, Hawaii was the birthplace of Barack Hussein Obama II on August 4, 1961. He is the only President of the United States to have been born outside of the 48 contiguous states. “
A native of the UK, Ann Dunham was also a descendant of German and Swiss ancestry. A Russian lesson at the University of Hawaii Manio in 1960 was where Ann first ran across her future husband, Barack Obama Sr. At the time, Barack Sr., a Kenyan citizen, was married. In 1961, Barack and Ann wed, and have been together ever since. Six months after Barack Sr. was born, there came Barack Jr.
He returned to Kenya, where he married a third time after his divorce from Ann in 1964. After returning to Kenya, Barack Sr. only saw his son, Barack Jr. In 1971, when Barack Jr. was nine years old, he took a trip to Hawaii to see him. Barack Obama’s father died tragically in an automobile accident on Christmas Day, 1982. At the time, Barack Jr. was 21 years old.
Ann married Lolo Soetoro, an Indonesian national, in March 1965. Lolo returned to Indonesia after his request for a visa extension was denied. As a result of this, Ann and Barack Jr were born in the same year 1967. Up to 1971, Barack lived with his mother’s family in Indonesia before returning to Honolulu. In 1979, he completed his senior year of high school here. Until 1980, Lolo and Ann were married. Sadly, she passed away in 1995 from cancer.
From both his mother and father, Barack has multiple half-siblings.
Barack came to Los Angeles in 1979 to attend Occidental College, where he received a full scholarship.
To complete his education, he went on to Columbia University in New York City in 1981, where he studied political science with an emphasis on international affairs. In 1983, he received his bachelor’s degree from Columbia University. He worked as a financial researcher for Business International Corporation for a year, then as a project organizer for several New York non-profit organizations.
Barack relocated to Chicago in 1985 after being employed by a non-profit named the Developing Communities Project to serve as its director. In the years 1985 to 1988, he worked there. Traveling around the world in 1988, he spent five weeks in Kenya visiting relatives.
Barack enrolled in Harvard Law School in the fall of 1988. On the Harvard Law Review, he served as president. His work in the community organizing field continued over the summers when he returned to Chicago to do so. After completing his law degree, Obama worked as a civil rights lawyer in Chicago. From 1992 until 2004, he also served as an adjunct professor of constitutional law at the University of Chicago Law School.
I’m inspired by the @ObamaFoundation leaders I met today. These young people understand that the future of democracy hangs in the balance—and they’re ready to do the work. pic.twitter.com/ylPjEm7RoV
— Barack Obama (@BarackObama) June 11, 2022
KEY FACTS
- Never earned more than $30k per year between 1991 and 2004
- Salary jumped to $157k when he was elected to the US Senate
- Michelle was the breadwinner for a long time, earning $274k per year as a lawyer
- The Obamas earned $1.65m in 2005 thanks largely to Barack’s book royalties
- In 2017 Barack and Michelle signed a $60m book deal for their autobiographies
- Barack and Michelle earned $85m between 2000 and 2017
- 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
Personal Life
A Chicago law firm called Sidley Austin was where Barack worked in the summer of 1989. Michelle Robinson, a colleague, served as Barack’s advisor for the first three months of the year, beginning in June. Michelle was a woman. In 1991, they got engaged after dating for a short time. On the 3rd of October, 1992, they exchanged vows.
Two daughters, Malia Ann (born in 1998) and Natasha “Sasha” (born in 2001), were born as a result of their marriage.
Rise To Presidency
Beyond teaching, Barack was an Illinois state legislator from 1997 to 2004, when he ran for the United States Senate and was elected to the position. From 2005 to 2008, he would serve in the United States Senate.
It was Barack’s keynote presentation to the Democratic National Convention in July 2004 that first attracted widespread attention. It wasn’t long before his star began to rise among Democrats.
On February 10, 2007, Barack declared that he was running for President. Later, he challenged Hillary Clinton in the Democratic primary and ultimately defeated her to secure the party’s candidacy. With Joe Biden as his Vice President, he defeated Jon McCain and became the 45th President of the United States.
In November 2008, Americans chose Barack Obama to be their 44th President of the United States. In January 2009, he was inaugurated as president.
Net Worth And Book Royalties
During his tenure as a professor and state legislator, Barack never earned more than $30,000. At this time, Michelle Obama was making a good living as a lawyer mostly for the University of Chicago medical system, which provided the majority of the Obamas’ income.
President Obama’s salary as a U.S. Senator in 2005 rose to $157,100. Michelle made $273,618 in the same year. In 2005, they made $1.65 million in total revenue. What happened to the additional $1.2 million?
A story of race and inheritance, “Dreams from My Father: A Story of Race and Inheritance” was Barack Obama’s first published book. For the first 8 or 9 years after its release, it was mostly ignored by the public. As a result of Obama’s 2004 DNC keynote, the book’s popularity skyrocketed, resulting in a sizable royalty bonanza for the Obama family in 2005.
The Obamas made $916,00 in income in 2006. As a result of the huge success of “Audacity of Hope,” Barack’s second book, the Obamas earned $4.2 million in 2007. After Barack’s election victory in 2008, their income grew steadily for the next few years. To this day, every hardback copy of Barack Obama’s book sells for $3.75, and every paperback copy sells for $1.12. In 2008, 2009, and 2010, royalties were strong.
For the rights to their autobiographies, Barack and Michelle Obama were paid $60 million in advance as recently as February 2017.
Income History
In the following table, you’ll find an overview of Barack and Michelle Obama’s 15-year earnings history from 2000 to 2017. After 2015, they ceased publishing their tax documents. Their 2016 and 2017 earnings totals remain a mystery. We do know that the Obamas earned a $65 million book advance in 2017 for numerous books and media ventures that they were working on at the time.
These two ex-Presidents are now in high demand as public speakers, thanks in large part to their success in the book publishing industry.
| 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 | ? |
| 2017 | At least $65,000,000 |
| Total | $85,733,727 |
To put it another way, how much money does President Obama make? Obama’s base income as President was $400,000 per year. Additionally, he had access to a $150,000 expenditure account, a $100,000 tax-free travel account, and a $20,000 entertainment fund.
Barack and Michelle Obama Real Estate
Barack and Michelle Obama bought a house in Kenwood, Illinois, a suburb of Chicago, in August of 2000. This 6,400-square-foot mansion houses the Obama family and includes a wine cellar and mahogany bookcases, as well as granite countertops and a granite kitchen floor.
The Obamas moved into a Washington, D.C. rental mansion while their youngest daughter finished high school after Barack and Michelle left office. They bought the 8,200-square-foot rental in June 2017 for $8.1 million.
The Obamas were reportedly in escrow on a $14.9 million Martha’s Vineyard estate in August of this year. The main house on the site is 7,000 square feet, and there are 29 acres of land on the coast.
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