Obama Sees Net Worth Drop Dramatically In Past Three Years

Nathan Francis

Obama is worth a lot less these days then when he just started his presidency.

Financial documents released this week show that President Barack Obama and First Lady Michelle Obama have seen their net worth slashed roughly in half since 2010. Last year the couple had assets of between $1.8 million and $6.8 million, down from their range of $1.8 million to $12 million in 2010.

While it's impossible to determine from the ranges if the Obamas actually saw their net worth drop, or by how much, the numbers seem to show that even the leader of the free world isn't safe from a nationwide financial collapse.

The largest asset for the couple were Treasury notes worth $1 million to $5 million, and they also had a checking account with JPMorgan Chase worth between $250,001 and $500,000.

Obama also made between $250,000 and $2.1 million in royalties from his three books: Dreams From My Father, The Audacity of Hope, and a children's book, Of Thee I Sing: A Letter to My Daughters.

By comparison, Vice President Joe Biden and his wife Jill have fewer assets. The couple reported holding assets worth between $120,000 and $550,000, contained mostly in investment accounts and life insurance policies.

The federal financial disclosure on the Obama family's worth, contained in an eight-page report, was signed by Obama on Tuesday and released by the White House on Wednesday. It comes out as Obama is under pressure politically for his administration's response to September's terrorist attack on a diplomatic mission in Benghazi, Libya.

Obama has also been slammed after it was disclosed the Internal Revenue Service targeted Tea Party groups, though it is unclear what role, if any, the White House played.

Though Obama saw his net worth drop, he also was careful to stash away some money for the future. The President and First Lady put aside between $200,000 and $400,000 in a tax-advantaged 529 college savings plan for daughters Malia and Sasha.