From Unexpected Fortunes to Historic Presidency: Barack Obama's Journey to a $70 million Net Worth
|Net Worth||$70 million|
|DOB||Aug 4, 1961|
|Nationality||United States of America|
|Profession||Politician, Lawyer, Writer, Author, Law professor|
American politician and the 44th President of the United States, Barack Obama shares a combined net worth of $70 million with his wife, Michelle Obama. Their financial status changed significantly around 2005, primarily due to royalties on books, with Obama's ascent in politics. Previously the Senator from Illinois, Obama created history by becoming the first African-American President of the United States.
His professional journey started with research firm Business International Corp, before he started working as a community organizer in Chicago's impoverished neighbourhoods. Long before becoming the US President, Obama also served as the first African American President of the Harvard Law Review. As a member of the Democratic Party, he helped Bill Clinton win Illinois in 1992, and a few years later in 1995, wrote his first book "The Dreams of My Father."
What are Barack Obama's sources of income?
From 1991 to 2004, Obama's income never exceeded $30,000, mainly from his roles as a professor and state representative. But in 2005, Barack's income skyrocketed to $157,100 when he assumed office as a U.S. Senator and earned book royalties. This was part of a massive $1.2 million income combined with Michelle Obama's earnings that year.
Obama's book didn't gain widespread popularity for nearly 8 to 9 years following its release, but gained attention after his influential keynote address at the 2004 DNC. This brought substantial royalties for the Obama family, and by 2006, the Obamas reported an income of $916,000.
Obama's second book, "The Audacity of Hope," released in October 2006, became a massive success, selling millions of copies and propelling the Obamas' income to $4.2 million in 2007. Their earnings continued to rise in subsequent years, driven by Barack's successful 2008 campaign and election as President of the United States. To this day, Barack Obama earns $3.75 for each hardcover and $1.12 for each paperback sold. Royalties remained robust in 2008, 2009, and 2010. In November 2010, Obama published "Of Thee I Sing," followed by "A Promised Land" in November 2020.
In February 2017, both Barack and Michelle Obama received a substantial $60 million advance for the collective rights to their autobiographies.
During his presidency, Barack Obama received an annual base salary of $400,000. In addition to his salary, he had access to various allowances, including a $150,000 expense account, a $100,000 tax-free travel account, and a $20,000 entertainment budget.
Obama's real estate and other assets
In August 2000, Barack and Michelle Obama bought a 6,400-square-foot home in Kenwood, Illinois, for $1.6 million. After the presidency, Barack and Michelle Obama chose to rent a mansion in Washington D.C. to accommodate their youngest daughter's high school education. However, in June 2017, they decided to purchase the same 8,200-square-foot rental property for $8.1 million.
Social media following
Barack Hussein Obama II, born on August 4, 1961, in Honolulu, Hawaii, is the only U.S. President in history to be born outside of the contiguous 48 states.
In the summer of 1989, Barack worked at a Chicago law firm called Sidley Austin, where he was advised by an associate named Michelle Robinson for three months starting in June. Their professional relationship quickly transformed into a romantic one, leading to their engagement in 1991. The couple then got married on October 3, 1992.
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2008 Presidential Campaign
Barack Obama's 2008 presidential campaign was groundbreaking, leveraging social media and grassroots organizing in innovative ways. His historic victory marked him as the first African-American President of the United States. During his presidency, his administration confronted significant challenges, including the economic recession and ongoing Middle East conflicts.
On the domestic front, Obama prioritized healthcare reform, resulting in the passage of the Affordable Care Act, often referred to as Obamacare. His administration also made notable progress in areas such as renewable energy, financial regulation, and LGBTQ rights.
In foreign policy, Obama aimed to rebuild America's global reputation, bringing an end to the Iraq War and authorizing the operation that led to the death of Osama bin Laden. His administration played pivotal roles in international agreements like the Iran Nuclear Deal and the Paris Climate Agreement.
Why is Barack Obama so famous?
Barack Obama was the first African-American president of the United States.
How many bestsellers has Barack Obama written?
He is the author of three New York Times bestselling books, Dreams from My Father, The Audacity of Hope, and A Promised Land.
Who did Obama marry and when?
Obama married Michelle LaVaughn Robinson on October 3, 1992.
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