The other Democratic candidates running against President Joe Biden—Robert F. Kennedy Jr. and Marianne Williamson—have built sizable fortunes over their careers.
- President Biden is estimated to be worth $10 million, with $7 million of that due to his real estate holdings in Delaware, Forbes reports.
- Despite being a descendant of the illustrious and wealthy Kennedy family, Robert F. Kennedy Jr. is estimated to be worth about $15 million—with the family wealth split between 29 descendants.
- Marianne Williamson was estimated to be worth $1.3 million in 2019, according to Forbes.
Why It’s Important
It pays well to be a politician, although not usually because of their paychecks. The President of the United States has an annual salary of $400,000, with Congress members earning $174,000. This is well above the average American income of $71,000 per year but does not reflect where most politicians earn their wealth.
As we previously noted, multiple prominent Republicans have seen their personal wealth increase substantially over the past several years. Florida Governor Ron DeSantis saw his net worth increase from $319,000 to $1.2 million in the past year thanks to recent book sales. Former Vice President Mike Pence grossed $4.8 million in speaking and consulting in 2022, in addition to receiving $1.4 million in advances for his memoir.
Former South Carolina Governor Nikki Haley has built a sizable nest egg since she left the Trump administration, seeing her personal fortune increase by $7 million since 2018.
This is true for Democrats as well. Biden earned $11.1 million selling speeches and books in 2017 after leaving the vice presidency and invested most of his earnings into homebuying splurges and expansions. Kennedy has generated much of his income from his legal practices and holdings, which includes a $4 million portion of Wolf Pointe real estate developments in Chicago.
Williamson reported in a June financial disclosure that she earned $1.3 million in the past 18 months and holds securities and cash holdings of $890,000, having earned roughly $289,000 from book advances and sales.