Joe Biden, who was responsible for introducing the Gun-Free School Zones Act in 1990, is an accomplished man with a sizeable net worth. The politician had enjoyed enormous praise from the African-American community after serving as former President Barack Obama’s second in command for eight years.
Born in Pennsylvania on November 20, 1942, Biden briefly worked as an attorney before turning to life as a politician, becoming the fifth-youngest U.S. senator in history as well as Delaware’s longest-serving senator.
In recent times, Joe Biden has worked towards occupying the highest office in the land. The former Vice President has formally launched a 2020 presidential campaign where he has risen to become the front runner in the Democratic Party which has a long list of candidates that includes Elizabeth Warren and Bernie Sanders.
Joe Biden Net Worth
Back in June 2014, Joe Biden referred to himself as the poorest man in Congress. He said that he only wore “mildly” expensive suits, especially when compared to other Congressmen. He said he didn’t own any stocks or bonds and he had no savings accounts. The Washington Post reviewed those claims more closely and found them to be mostly true.
Nevertheless, that isn’t to say Biden doesn’t have a net worth that can’t be discussed. The presidential hopeful has multi-million-dollar properties and charges ample fees for speaking engagements and the like. He reportedly owns a $2.7 million vacation home on the Delaware seashore. He also has a house in Wilmington, Delaware that is worth almost $1.9 million. When he bought it in 1996 it cost much less at $350,000.
All in all, Joe Biden has a net worth estimated at around $9 million, a figure that his salary as vice president of the United States, which was $230,000, was said to have largely contributed to. Some reports further suggest that he takes home a pension worth $248,000 per year.
In addition, Joe Biden is reported to make an estimated $100,000 per speaking engagement. He has also reportedly signed a book deal with Flatiron Books to the tune of $8 million, a figure that surely contributed to his net worth.
How He Made His Money
Joe Biden’s journey to becoming a millionaire started from his days as a schoolboy. He attended St. P Paul’s Elementary School in Scranton and then St. Helena School before going to Archmere Academy. He later got admitted to the University of Delaware to study History and Political Science.
After his graduation, he got admitted to Syracuse University Law School and graduated in 1968. He proceeded to then launch his political career at the age of 27, winning a seat on the New Castle County, Delaware council in 1970. Biden served on the council for two years before making the leap to the U.S. Senate. At the age of 29, Biden unseated Republican Delaware Senator James Caleb Boggs, the two-term incumbent.
After a successful Senate race in November 1972, only days before Christmas, Biden’s wife and three children were involved in a car accident and only his two toddler sons survived. Grief-stricken, Biden chose to fulfill his Senate seat, and a few weeks after he turned 30 years old, he took the Oath of Office in his boys’ hospital room and began his Senate career. He worked hard as he formulated several foreign and domestic policies and became one of the Senate’s leading experts on foreign policy.
Joe Biden’s advocacy for government action on climate change goes back more than 30 years; he introduced the Senate’s first climate change bill in 1986. He also became a member of the International Narcotics Control Caucus. In 2007, he made a go at becoming president but his bid did not get much support. In 2008, Biden was chosen as the running mate of Democratic presidential nominee Barack Obama, thus becoming the first Roman Catholic to serve as vice president of the United States.
In his role as VP, Joe Biden appointed the first White House Advisor on Violence Against Women to prevent gender-based violence worldwide. In the Senate, he authored the Violence Against Women Act and led the charge to pass it. In 2012, as vice president, he stepped out in favor of same-sex marriage even before President Obama did. He has taken other steps since then to advance gay and transgender rights that have made him something of a hero to the LGBTQ community. On January 12, 2017, Obama surprised Biden by awarding him the Presidential Medal of Freedom with Distinction.