Barack Obama is a former Senator from Illinois. Also, he became a president of the United States, exactly he was 44th president there. In the United States, he became the first African American President. Do you wonder about his net worth and the other things related to him? Let’s find out about him here.
Barack Obama Net Worth
According to Celebrity Net Worth, Barack Obama has a net worth of $70 million. This number is combined with his wife’s net worth, Michelle Obama. The Obama family were not rich for their adult lives. They became millionaires in 2005 when they got royalties from book sales when Obama got into the political spotlight.
Between 1991 and 2004, for his work as a professor and state representative, Barack Obama never earned more than $30,000. The most income of the family came from Michelle’s salary as a lawyer who worked mainly for the University of Chicago hospital system. Then, when Barack Obama became a US Senator in 2005, his income increased to $157,100. In the same year, his wife earned $273,618. So, their total income in 2005 was $1.65 million.
In 1995, Barack Obama wrote his first book entitled “Dreams from My Father: A Story of Race and Inheritance”. For the first 8 or 9 years after its release, this book was not popular enough. However, after his 2004 DNC keynote, the book became popular and it made him earn a significant royalty.
In 2006, the Obama family reported income of $916,000. Then, he wrote the second book entitled “Audacity of Hope” which was released in October 2006. This book was a massive hit. It was sold for millions copies so that his income increased significantly to $4.2 million in 2007. Their income increased again and again in the following years because of his successful campaign and election in 2008. Until now, $3.75 is earned by him for every hardcover copy and $1.12 for every paperback that he sells. In 2008, 2009 and 2010, the royalties stayed healthy.
In February 2017, Barack and Michelle Obama got a $60 million advance. It was for the combined rights to their autobiographies.
In the list below, you are able to see the complete history of Barack and Michelle’s income that they earned between 2000 and 2017. After 2015, they stopped releasing their tax. However, in 2016 and 2017, we do not really know the exact amount of their income. The thing that we know is that they earned a $65 million book advance for some books and media projects.
- In 2000, they earned $240,000.
- In 2001, they earned $272,759.
- In 2002, they earned $259,394.
- In 2003, they earned $238,327.
- In 2004, they earned $207,647.
- In 2005, they earned $1,655,106.
- In 2006, they earned $983,826.
- In 2007, they earned $4,139,965.
- In 2008, they earned $2,656,902.
- In 2009, they earned $5,505,409.
- In 2010, they earned $1,728,096.
- In 2011, they earned $789,674.
- In 2012, they earned $662,076.
- In 2013, they earned $481,098.
- In 2014, they earned $477,383.
- In 2015, they earned $436,065.
- In 2017, at least they earned $65,000,000.
So, the total was $85,733,727.
When Barack Obama became a President, his base salary was $400,000 a year. In addition, he had access to a $150,000 expense account and a $100,000 tax free travel account and $20,000 entertainment budget.
Early Life of Barack Obama
The real name of Barack Obama is Barack Hussein Obama II. On August 4th, 1961, he was born in Honolulu, Hawaii. His mother was Ann Dunham. She was of English, German, Swiss, Scottish, Irish and Welsh descent. In 1960, she met Barack Obama Sr. at the University of Hawaii Manio, exactly in a Russian language class. There, Barack Obama Sr., who was from Kenya, had earned a scholarship. In 1961, Ann and Barack Obama Sr. gor married.
In 1964, Barack Sr. and Ann divorced. Then, he returned to Kenya. Barack Jr. was only visited by his father after moving back to Kenya. In 1971, Barack Jr. was visited by his father in Hawaii when Barack Obama Jr was 9 years old. Then, in 1982, Barack Obama Sr. passed away over Christmas in a car accident. At that time, Barack Obama Jr. was 21 years old.
In March 1965, Barack Jr.’s mother got married to an Indonesian man. He was Lolo Soetoro. Lolo applied for his visa extension, but unfortunately it was rejected. So, he decided to go back to Indonesia. In 1967, Ann and Barack Obama Jr. followed him there. In Indonesia, they firstly lived in the Menteng Dalam neighborhood in the Tebet sub district of south Jakarta. Then, from 1970, they moved to a wealthier neighborhood in the Menteng sub district of central Jakarta. Barack Obama lived until 1971. Then, he decided to go back to Honolulu to be able to live with mother’s parents. Here, he was a student of a high school and in 1979 he graduated. Until 1980, Ann and Lolo stayed married and then in 1995, she passed away due to cancer. From his mother and his father, Barack Obama has several half siblings.
In 1979, after Barack Obama graduated from high school, he decided to move to Los Angeles. He went there to attend Occidental College. There, he earned a full scholarship. In 1981, he transferred to Columbia University. There, he earned a degree in political science with a specialty in international relations. In 1983, he graduated from Columbia. For one year, he worked as a financial researcher for Business International Corporation and then it was followed by a stint as a project coordinator for some New York non-profits.
Barack Obama moved to Chicago in 1985. He moved there after he was hired to work as a director for a non-profit named Developing Communities Project. There, he worked for three years, from 1985 to 1988. In 1988, he travelled the world for two months. It included five weeks that he spent in Kenya to visit his relatives.
In 1988 in the fall, he registered at Harvard Law School. When he became a student at Harvard, he was the president of the Harvard Law Review. He went back to Chicago during summers. There, he continued to work as a community organizer. After he graduated from Harvard, he worked as a civil rights attorney in Chicago. Besides, from 1992 to 2004, he taught constitutional law at the University of Chicago.