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From 'Middle-Class Joe' to millionaire: Joe Biden is worth an estimated $9 million. Here's a look at the lifestyle, finances, and real-estate portfolio of one of the leading Democratic presidential candidates.
From 'Middle-Class Joe' to millionaire: Joe Biden is worth an estimated $9 million. Here's a look at the lifestyle, finances, and real-estate portfolio of one of the leading Democratic presidential candidates.
Taylor BordenJan 7, 2020, 19:44 IST
Associated Press/Sarah Blake MorganDemocratic presidential candidate, former Vice President Joe Biden.
Former vice president and current Democratic presidential candidate Joe Biden has unparalleled name recognition among the field of candidates vying for the title of Democratic presidential nominee.
The 77-year-old has touted himself as "Middle-Class Joe" for decades - but he and his wife, Jill, have a net worth of $9 million, according to a Forbes estimate from July 2019.
The 2020 Democratic primary marks the third presidential race Biden has entered — but the first as a millionaire.
Biden's political career took off in 1972, when he was elected to the US Senate. He unseated Republican J. Caleb Boggs to become the fifth-youngest senator in history. He then continued to serve as a Delaware senator for over 30 years.
In 2008, he was the running mate for Democratic Presidential Candidate Barack Obama. From 2009 to 2017, he served as Vice President of the United States with Obama as president.
Prior to the 2020 election cycle, Biden had run for president twice: first in 1988, and again in 2008. The first run ended in a plagiarism scandal; the second time around, he withdrew from the race after the Iowa caucus.
Forbes estimates that as of July 2019, Biden and his wife, Jill, are collectively worth $9 million. Some of that comes from his senatorial salary.
Biden's salary in 2009, his last year in the Senate, was $169,000. The vice presidency came with a 30% raise; he earned an average of $225,000 per year and served as vice president from 2009 to 2017. Forbes also reported that the pair received roughly half a million dollars in pensions and social security benefits over the course of those eight years.
But the majority of the Bidens' wealth was built after he left office.
The couple has made more than $15 million from book royalties.
Joe Biden has written two books over the past 11 years:
"Promises to Keep," released in 2008 right after his presidential run announcement, was Biden's first memoir. It did not sell well initially, but the New York Times reported book sales picked up after Biden was announced as Obama's running mate. In 2013, the United Press International reported the book was ultimately not lucrative — Biden's financial disclosures showed book royalties "close to zero."
The book tour resulted in $1.8 million, according to Forbes. Public speaking engagements also contributed $2.4 million to the couple's net worth — and Jill's speaking fees tacked $700,000 on to that. CNBC reported that Biden took in as much as $190,000 in March 2018 for one lecture at Drew University in New Jersey.
The Bidens have endured a number of personal tragedies.
A month after Biden's election to the US Senate in 1972, his wife Neilia and 1-year-old daughter Naomi were killed in a car accident. The couple's two sons, Beau and Robert, were also in the car, but survived.
Biden underwent brain surgery for two potentially deadly aneurysms in 1988 but was back to work within seven months. During his second term as vice president, 27 years later, his 46-year-old son Beau died of brain cancer.
The death of his 46-year-old son Beau played a prominent role in Biden's decision to sit out the 2016 presidential election.
Although many believed Biden would have fared better than Hillary Clinton, Biden opted to steer clear of the 2016 presidential race to grieve. His grief was later widely addressed by the aforementioned memoir, "Promise Me, Dad."
In January, Politico's Michael Kruse described empathy stemming from personal tragedy as the quality that makes Biden electable: "There is no person in American politics today whose life has been so shaped by loss and grief," he wrote, noting that Biden's personal history gives him the unique opportunity to immediately connect with those who have experienced loss themselves.
The family's primary residence is in Delaware.
The Washington Post reported that the Bidens' primary residence is a home the family built over 20 years ago in Wilmington, Delaware. The lakeside property is said to be nearly 7,000 square feet.
The family also purchased a $2.7 million Delaware beach home in 2017.
The Bidens also recently rented a lavish mansion in McLean, Virginia, according to the Washington Post.
They started renting it in 2017 after vacating the vice presidency. The rental price for the sprawling 12,000-square-foot residence with marble finishes, a gym, sauna, and enough parking for 20 cars was referred to as "substantial" by Biden's campaign in June 2019.
The Washington Post determined that the monthly rent for the home hovered around $20,000, according to Zillow.
The family's recent real-estate activity can be attributed to lucrative book royalties and speaking engagements.
Biden also holds a position at the University of Pennsylvania that carries an annual salary of $400,000 as a professor and the namesake of The Biden Center for Diplomacy and Global Engagement.