A truly charismatic, funny and very charming man, Barack Obama is one of the most loved former American Presidents who is revered around the world today for his oratory and his incredible contribution to the USA when he was in office. He has often been described as ‘one of the most classy’ presidents in American history especially because of the way he speaks, his elegance and his famed smartness. Beyond that, however, Barack Obama’s net worth and source of income have also been of interest to many.
Obama left office on January 20, 2017, when he handed over power to Donald Trump following the expiration of his second tenure as US president, and since then, he has been enjoying retirement and having a great time with his family. He has been visiting different places on vacations and has also been working really hard as he has been involved in different projects with his wife.
Now, fans are curious about how much the former U.S. President is now worth since he is no more receiving salaries as leader of America. Questions have also been asked about how he makes his money now that he has left the White House. Well, if you have been one of the ones asking these questions, then worry no more, we have found all the answers you seek.
How Does Barack Obama Make His Money?
It is widely known that Barack Obama made money from his time as president, having received salaries while in the Oval Office, however, it is important to know that he had already started making money as a politician long before becoming president as he had also been a senator. Obama was elected senator in the Illinois Senate in 1997 and went on to serve for three terms till 2004. He was then elected to the United States Senate in 2005.
When he became President of the United States, Barack Obama was on an annual salary of $400,000. Other allowances were also available to him for different uses ranging from entertainment to travel. For the two terms he spent in office, he earned several millions as salaries.
Now, it is important to note that the bulk of Barack Obama’s net worth did not make his money only from the salaries he received as a senator or as president. The ex-president is also an author, and has made a lot of money from the books he wrote. Obama published his first book titled Dreams From My Father in 1995 and followed it up with The Audacity of Hope: Thoughts on Reclaiming the American Dream, his second book which he published in 2006. These books earned him a huge sum over the years. According to Forbes, Barack Obama earned about $20.5 million between 2005 and 2016 and a very large part of that money came from two highly lucrative book deals that he signed for Audacity of Hope and Dreams of My Father.
These days, Obama makes money from different sources. According to reports, he now earns an annual pension of about $205,700 a year as an ex-president. Apart from that, he also has a production deal with Netflix at the moment. In 2018, news emerged that the former president and his wife Michelle Obama had signed a deal with Netflix, the world-famous streaming service, to produce series and movies for the platform. The exact amount involved in this deal is still in the dark but reports have insinuated that it will fetch Barack and Michelle Obama several millions of dollars.
Apart from the Netflix deal, Barack and Michelle Obama also signed another deal with Penguin Random House to write their memoirs. According to reports, Penguin Random House paid them $65 million for these memoirs.
Obama not only makes money from these deals, but he also makes money from speaking engagements. According to reports, the ex-president makes a whopping $400k for speaking arrangements around the USA. Apparently, this is the same amount of money he made per year as president. Sources revealed that Obama earned $800,000 for two speeches and a minimum of $1.2 million for three talks on Wall Street.
What Is Barack Obama’s Net Worth?
There is no doubt that Barack Obama is a wealthy man. He has made money over the years and still keeps making more money. With his status as a former president, he has been able to create lots of connections that fetch him a lot more income as time goes on. He is also reported to have investments.
Before he first became president of the United States in 2009, Obama was reported to be worth about $1.3 million, however, all that has changed as his worth has skyrocketed. He is now worth $40 million at the moment, according to Forbes.
Most of his wealth comes from his books, his other deals as well as his different speaking engagements which are reported to earn him loads of money.