Barack and Michelle Obama’s Net worth in 2020: How much does a former US president and his wife cost? Plus how they spend it, from luxury vacations and real estate to charitable giving.
Since leaving the White House, President Obama and his family have worked and played hard, from their many charitable projects aimed at their luxury tour of Europe (which included a stop at the Clooney family at Lake Como Villa).
Just before New Years, they acquired another luxury home, this time at Martha’s Vineyard, and worth nearly $ 12 million.
The couple, who signed a lucrative TV and film production contract with Netflix, also helped create the American Factory documentary. The project to open a Chinese factory in Ohio eventually won an Academy Award for Best Documentary, proving that their move away from politics is paying off.
Michelle will also make more money by releasing a follow-up diary to her bestseller, Becoming. The magazine, which was officially released in November 2019, is called Becoming: Guided Journal for Discovering Your Voice, and is designed to help readers reflect on their personal dreams and goals.
In early 2020, Michelle announced the launch of an IGTV series that will follow four college freshmen to help young people find their own path.
Barack and Michelle Obama’s Net worth in 2020
From Netflix deals to luxury homes – this is how Obama’s portfolio stacks up – and how they spend their money.
What is Barack Obama’s net worth?
Obama is estimated to be worth $ 40 million in 2018. According to Forbes, Obama made $ 20.5 million between 2005 and 2016. Most of this income came from two very lucrative book deals signed by Barack for The Courage of Hope and My Father’s Dreams.
Where does Obama get the money?
Obama’s money comes from his tenure as president, his Netflix deal, book deals, performance appearances, and a one-year pension. In the past, he made money as an Illinois Senator and taught at the University of Chicago Law School.
He made $ 400,000 a year as president and is said to make $ 205,700 a year from his annual pension under the Former Presidents Act 1958.
Most recently, he signed a lucrative deal with Netflix for an undisclosed amount that is likely to be worth millions. The deal provides for the creation of TV series and films for the service over several years. The New York Times reported that similar deals were signed for tens of millions of dollars.
It’s unknown exactly how much the Netflix deal costs, but the joint book deal signed by Barack and Michelle with Penguin Random House earned them $ 65 million for the memoir, according to Variety.
Barack previously signed a $ 1.9 million advance in January 2005 for his memoir, The Courage of Hope, which does not include royalties (Forbes claims he earned a total of $ 8.8 million from the book). He received an advance of $ 847,000 for his book, My Father’s Dreams, which went on to amount to $ 6.8 million.
It is estimated that he also earns up to $ 400,000 for organizing speeches – the same as his presidential salary.
According to CNBC, Obama made $ 800,000 in two appearances and a minimum of $ 1.2 million in three Wall Street talks.
President Obama with Queen Elizabeth (Pennsylvania)
How much do US presidents make in office?
According to the Institute for Legal Information, presidents earn $ 400,000 a year and are paid monthly.
But that’s not all. Presidents receive an allowance of $ 50,000 a year to help them with their official duties, which is a bit like the British royal family. If for some reason the president does not need his allowance, the money is immediately returned to the treasury.
The president is also given a tax-free travel bill of $ 100,000, $ 19,000 for entertainment and $ 100,000 for White House renovations, but Obama has been known to decorate the White House with his own pennies.
Malia and Sasha Obama on vacation
What does Barack Obama spend his money on?
Like any good dad, some of his income is spent on his two daughters, Sasha and Malia Obama. Sasha recently graduated from Sidwell Friends School, an exclusive high school in Washington DC, attended by Joe Biden’s granddaughter with her.
In the fall of 2019, Sasha entered a public school at the University of Michigan, which costs about $ 50,000 per year for out-of-state students. Her older sister Malia Obama is a student at Harvard. The cost of training is about $ 50,000 per year.
George Clooney and Barack Obama
The family also likes a good holiday. One summer trip was to the south of France to celebrate Sasha’s graduation, where they rented a house in Provence for $ 62,000 a week. While in Europe, they stopped in Italy on Lake Como to visit with fellow power couple George and Amal Clooney, where they were captured on a boat trip.
Past trips have included kitesurfing in the Caribbean with Richard Branson and regular summer vacations at Martha’s Vineyard.
In 2016, after leaving the White House, Barack and Michelle bought a $ 8.1 million home in the exclusive Kalorama neighborhood in Washington. In November 2016, it became known that the family had bought a house in Rancho Mirage, California, where Barak was spotted on a golf course.
TMZ recently reported that Michelle Obama rented a house in the Hollywood Hills for $ 23 million. People reported that Obamas acquired the estate in Martha’s Vineyard for $ 11.75 million shortly before the 2019 holidays.
They also donate their money to worthy charities. In 2015, the charitable couple donated $ 64,066 to over 30 charities, according to Barak’s tax returns. And when he won the 2009 Nobel Peace Prize and received the $ 1.4 million prize, he donated it to charity.
What is Michelle Obama’s net worth?
Michelle’s net worth is also estimated at $ 40 million, although it will grow with her performances and her big deal with Netflix.
In the past, she made money from her job at the University of Chicago hospitals. She now makes money selling books and touring, where fans are as enthusiastic as Beyoncé’s fans. According to the New York Post, she makes $ 225,000 per performance, and during Barclay’s Brooklyn stop last December, tickets were selling for between $ 300 and $ 4,000.
There are even merchandise, including inspirational t-shirts, baby rompers and Find Your Flame candles.
One of his personal favorites is the collection of enamel pins for denim jackets, which includes Bo, Obama’s family dog.