Wednesday, January 18, 2017

Obamas will leave office a very rich family

On Jan. 20, Donald Trump will be sworn in as the 45th president of the United States and the Barack Obama era will officially come to an end. While his net worth is nowhere near that of his successor, Mr. Obama will leave office a very rich man.

Based on a recent study by American University in Washington, D.C., the Obamas could stand to make as much as $242 million once leaving the White House.

Here is a look at President Obama as he turns over the presidency, his net worth and plans for the future.

President Obama Net Worth: $12.2 Million

For his day job as president, Barack Obama earned $400,000 a year throughout his entire eight-year term — a salary that incoming president Trump has vowed to forgo. The president also receives a $50,000 annual expense account, a $100,000 nontaxable travel account and a $19,000 entertainment budget.

On April 15, 2016, President Obama released his 2015 tax returns, which showed that he and First Lady Michelle Obama filed jointly and reported an adjusted gross income of $436,065. They paid $81,472 in taxes according to their 18.7 percent tax rate.

They also donated a total of $64,066 to more than 30 charities.

According to, Obama has a net worth of $12.2 million and First Lady Michelle Obama is not far behind with a net worth of $11.8 million.

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