How Barack And Michelle Obama Make And Spend Their Millions
While the highest office in the United States, that of the president, pays quite well at $400,000 annually according to U.S. government code, many former presidents go on to have lucrative careers even after they leave office, often earning far more than they did as Commander in Chief. After a president's term has ended, they continue to receive a pension from the government for the remainder of their lives. In the case of Barack Obama, his pension was reported as $207,800 when his time in office ended in 2017 (via CNN). And while that pension undoubtedly helps keep the bank balance up, it isn't the only source of the Obamas' income.
Both the former president and first lady had impressive careers before entering the White House. Barack Obama graduated magna cum laude from Harvard Law School and went on to have a career as a civil rights attorney before entering politics. Meanwhile, Michelle Obama graduated from Princeton and later from Harvard Law School and then became an asset to the Chicago Department of Planning and Development before working in the healthcare sector.
But after becoming the first ever African Americans to hold the offices of president and first lady, Barack and Michelle were poised to continue changing the world and writing their success story on an even grander scale than before their time in the White House. They are now both successful writers and speakers and have the real estate and charitable contributions to prove it.
What the Obamas are doing now
Barack and Michelle Obama's net worth is estimated to be between $70 and $135 million, according to various sources. This sum is considerably more than the former president's pension would afford him, and there is good reason for that; both Barack and Michelle Obama have been anything but idle since they took their leave of the White House in 2017.
Barack is a popular public speaker and has also penned multiple bestselling books, the most recent of which, entitled "A Promised Land," sold almost 890,000 copies on the first day of its 2020 release. He also has a production deal with streaming giant Netflix. Michelle, meanwhile, is a highly successful author herself. Both of her books, "Becoming" — the most-sold book of 2018 — and "The Light We Carry" are bestsellers. Pair that with Michelle's speaking engagements, and it becomes clear how the couple has accumulated their wealth.
The former president and first lady are hardworking, no doubt about it. And they know how to enjoy the fruits of their labor.
How they spend their fortune
One major way the Obamas spend their money is on properties for their family to enjoy. As one might imagine, the couple owns a home in Washington, D.C., but it's not just any home. The $8 million house is just minutes away from the White House and is in the highly exclusive neighborhood known as Kalorama. It is styled as a Tudor mansion and boasts nine bedrooms.
But a family also has to get away for a vacation now and then, and the Obamas have the perfect spot to do so: an $11.75 million mansion off the coast of Massachusetts on Martha's Vineyard. The house is in an upscale neighborhood where several other celebrities also have vacation homes. It sits atop a 29-acre estate and provides breathtaking ocean views.
But Barack and Michelle don't only spend their money on themselves and their family; they also donate generously to charity. First, there is the Obama Foundation, which aims to "inspire, empower, and connect people to change their world." During his presidency alone, Barack donated over $1 million to charities, half of which directly benefitted children, per Forbes. When Barack Obama won The Nobel Prize in 2010, he donated the entirety of his $1.4 million winnings to charity as well. We think it's safe to say that the Obamas are living the American Dream.