Now that Obama has officially retired, and the Trump inauguration versus Obama inauguration has been compared, the real question is what Obama’s net worth will be in 2017 since he is officially unemployed?
On his last day of employment, Obama fans were looking back to when he was inaugurated, and the media reflected on Obama and Michelle’s first dance of his presidency in 2009.
However, the day after Trump’s inauguration celebration, Obama decided to go on vacation and arrived in Palm Springs, California, on January 21. Does Obama plan on going back to work after his job as president ends or does Obama have a strong net worth to fall back on in 2017?
Coming into office in 2008, the Ethics in Government Act of 1978 meant that the newly-elected President Obama had to submit their income to be evaluated when entering office. After winning the election again, Obama resubmitted documents about his financial information to evaluate his net worth as of 2012.
However, in 2016 after Obama had been in office for another four years, there was still some debate, according to Snopes, about Obama’s net worth for 2017.
Online Obama’s net worth 2016 was estimated between $2 million and $12 million by various sources, and this was in addition to $400,000 for Obama’s yearly salary for being president. It has also been claimed that the shared net worth of the Obamas in 2017 is only around $9 million.
In addition to any accumulated net worth, Obama will get a retirement package that includes a presidential pension or salary, according to the Former Presidents Act of 1958. In the first year after being president, Obama’s net worth 2017 will include $150,000 in retirement pensions.
Regardless, Obama’s net worth in 2018 will be reduced from $150,000 to $96,000. The retirement salary for Obama will continue at the rate of $96,000 until it is voted to raise this dollar amount.
President Obama will get a boost to his net worth for life because of the Former Presidents Act, and it also states that Michelle Obama is eligible for an annual salary. Other benefits include an annual travel and security budget of $1,000,000 for Obama and $500,000 for Michelle.
If that is not enough to pay the bills, President Obama only needs to look at past presidents and how they increased their net worth when they retired. A good example is Bill Clinton.
From Bill Clinton’s record post-presidency, it appears that, even if Obama did not have many investments set aside, there is a strong possibility that his fame as a former president will give him publishing opportunities as well as paid speaking offers.
Although Bill Clinton had one of the lowest net worth totals when he started his presidency in 1993, Clinton’s net worth in 2016 was estimated at $80 million. Even more interesting is that almost all of this money was from paid speaking offers and publishing deals after he retired as president in 2001.
Heavy claims that between 2001 and 2016, Bill Clinton earned about $210,795 for each speaking engagement on average and has given an estimated 640 speeches. Adding to his net worth, in 2004, Bill Clinton earned a $15 million advance for his book My Life.
Bill Clinton has also written two other books since My Life including Giving: How Each Of Us Can Change The World, and Back To Work: Why We Need Smart Government For A Strong Economy.
Obama, on the other hand, did not wait until he was president to start publishing, and has already penned three books, according to Time.
Two of them, Dreams From My Father (1995) and The Audacity of Hope (2006) were published before Obama was elected to the presidency in 2008. Of Thee I Sing: A Letter to My Daughters was published in 2010, and Obama received an upfront payment as well as significant royalties for all three books.
Obama is also a highly trained law professor, and could easily teach. For example, in 2004, Barack Obama earned an estimated $32,000 per year from the University of Chicago Law School in addition to his salary of an estimated $60,000 earned from being an Illinois State Senate member.
Obama will also dramatically increase his net worth for 2017 from his investments. For example, when Obama first became president, he was already publishing books and investing that money in financial funds for over four years. In 2008, when he became president, Obama had a net worth of over $5 million including stocks and investments.
As for Michelle Obama, she was a successful lawyer when her husband became president in 2008. In 2016, it was estimated that Michelle Obama has $11 million in net worth, but this is often tied to her husband’s finances.
Independently of her husband, Michelle Obama has also published three books including Believe in the Possibility, American Grown, and her self-titled biography Michelle Obama.
Michelle Obama’s net worth in 2017 is somewhat difficult to decipher, but she does not plan to use her money to go on a permanent vacation. In fact, instead of talking about how much fun it is to retire, on Trump’s inauguration day, Michelle Obama reassured the public in a tweet that Palm Springs was only a vacation, and the Obama’s would be “back soon.”
The part of Michelle Obama’s tweet that talks about work implies that the Obama’s will be using their built-up net worth in 2017 to work for free. In particular, Michelle Obama wants to work with the American people “on the issues we care about.”
As far as being “back” after vacationing in Palm Springs, as previously reported by the Inquisitr, the Obama family have already used some of their net worth to buy a house in Washington D.C.
Along with their D.C. home, the Obama’s still own a house in Chicago, and it is an asset that adds to their net worth. In 2017, the home Obama purchased for $1.6 million in 2005 is currently estimated to be worth $3 million.
[Feature Image by Kevin Dietsch – Pool/Getty Images]