There’s a chance that Biden, who shares his fortune with his wife Jill, gave some to other family members. Take those items out, though, and you’re still a few million above Biden’s estimated net worth. So what happened to Biden’s money? Well, $7 million of it covered taxes, another $1.3 million went to charity, $180,000 paid for household staff and an estimated $80,000 went toward interest on mortgages.
But a closer look at the math prompts a question that hasn’t been asked: Why isn’t Biden even richer? If someone starts with a $2.5 million net worth and earns $17.3 million while the markets are raging, you’d expect him to be worth more than $8 million. The story of how Biden became a wealthy man in the wake of his vice presidency, leveraging his fame to sell books and deliver speeches, has been told many times. They raked in $4.6 million the next year, followed by $1 million in 2019 and $630,000 in 2020. By the end of 2017, he and his wife Jill had earned $11.1 million. On the day America’s first billionaire president took office, “middle class” Joe Biden boarded the Amtrak out of Washington D.C.’s Union Station, bound for Delaware with the kind of modest fortune you might expect from someone who had spent his adult life as an elected official: $2.5 million, mostly composed of pensions and real estate. Joe Biden earned $17.3 million over the four years he was out of office, but his net worth is only an estimated $8 million.
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