The Obamas’ Net Worth Is as Much as $6.9 Million
The first family almost qualifies as 1 percenters; and financial disclosures released Friday revealed that President Barack Obama and his wife, Michelle, own assets worth between $1.9 million and $6.9 million.
Under federal law, the president, senior administration officials and members of Congress must report their annual financial holdings. These statements allow for disclosure to be revealed in broad ranges and do not include financial information related to personal residences and government retirement plans.
Bloomberg tells us:
The Obamas, employing a cautious investment strategy while in the White House, hold much of their wealth — at least $1.25 million — in Treasury notes and bills. They also have retirement savings in Vanguard index funds, plus checking accounts at JPMorgan Chase & Co. and Northern Trust Corp.
Those limits allow only a partial view of their net worth.
According to tax returns they released earlier this year, the Obamas’ adjusted gross income of $477,383 in 2014 was the lowest for any year since 2004, when Barack Obama was elected to the U.S. Senate. Sales of their books have declined since he was elected president.
The Obamas hold $200,000 to $400,000 in college savings accounts for their two daughters. The president earlier this year asked Congress to limit the tax break for future plans organized under section 529 of the Internal Revenue Code. He later backed away from the proposal.
While they’d have to earn a household income of at least $521,411 to make it into the 1 percent, the Obamas will likely experience their biggest financial gain upon leaving the White House. As Bloomberg explains, “Barack Obama, 53, and Michelle Obama, 51, don’t have to report the value of their largest asset: his status as a future ex-president. When he leaves office in January 2017, he will be able to make millions of dollars giving speeches and selling books.”
–Posted by Roisin Davis