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Hillary Hoffower and Joshua Nelken-Zitser
Updated
- Barack Obama makes his money from a six-figure pension, public speaking, and his best-selling books.
- His latest memoir, "A Promised Land," sold nearly 890,000 copies within a day of its 2020 release.
- Michelle Obama has also penned bestsellers, while the couple give generously to charity.
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Former President Barack Obama and First Lady Michelle Obama are a busy couple.
From speaking at events around the world to writing memoirs and signing a massive production deal with Netflix, the Obamas' life after the White House has been full and highly lucrative.
For her part, Michelle Obama's first memoir, "Becoming," was published in November 2018 and became that year's No. 1 best-selling book.
Her second book, "The Light We Carry: Overcoming in Uncertain Times," was published in November 2022 and also became a bestseller.
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And the former president's latest memoir, "A Promised Land," sold nearly 890,000 copies within 24 hours of its November 2020 release.
These endeavors — along with the six-figure pension all former presidents receive — have significantly contributed to the Obamas' net worth, which is at least $70 million, according to International Business Times.
The New York Post pegged their fortune much higher, at $135 million.
From philanthropic efforts, to vacationing where the sun shines and making long-term investments in their daughters' education, here's how the Obamas make and spend their money.
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The Obamas entered the White House with a $1.3 million net worth in 2008
That has since grown to at least $70 million, according to International Business Times.
Source: American University, CNN Money, International Business Times
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Between 2005 and 2016, the Obamas earned a total of $20.5 million
From 2005 (when Barack Obama joined the US Senate) to 2016, the Obamas earned a total of $20.5 million from his government salary, book royalties, investment income, and Michelle Obama's income from her job at University of Chicago Hospitals before she became the first lady.
Source:Forbes
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Obama earned a six-figure salary as president
Obama earned $400,000 a year during his eight years as president, and he still earns an annual pension of about $200,000 as a former president.
Source:GoBankingRates
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But Barack's lucrative career as an author isn't over.
In 2017, he and Michelle signed book deals worth at least $60 million to each write their own memoirs.
Source:Business Insider
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Michelle's memoir, "Becoming," was an international bestseller
"Becoming" was published in November 2018. As of July 2022, it had sold more than 17 million copies worldwide.
The Guardian said that it sold nearly nine copies per second on its first day on sale in North America.
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She's also sold 25 different items of merchandise related to the book
This included mugs that retailed for $20 and candles that retailed for $35.
Source: New York Post
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Michelle's second book was also a bestseller.
Her second book, "The Light We Carry: Overcoming in Uncertain Times," was published in November 2022. It took the top spot on USA TODAY's best-selling books list in its debut week.
Source: USA TODAY
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And Obama's memoir sold nearly 890,000 copies in the US and Canada within 24 hours of its release.
"A Promised Land," which was published in November 2020. By the end of the year, it had sold 3.3 million copies in the US and Canada.
Source: AP News
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Books aren't the Obamas' only foray into media
In 2018, the couple signed a production deal with Netflix, which is estimated to be $50 million.
Source: New York Post
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That includes a documentary film, "Becoming," accompanying Michelle's memoir
It was released on May 6, 2020.
Source: CNN
Since leaving office, Barack Obama has also been paid as much as $400,000 for public speaking events.
Source: CNBC
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He reportedly earned $800,000 for just two speeches
Obama reportedly earned a hefty sum for speeches to Northern Trust Corp. and the Carlyle Group, and a minimum of $1.2 million for three talks to Wall Street firms in 2017.
Source: New York Post
And Michelle reportedly rakes in $225,000 per speaking appearance.
Source: New York Post
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Tickets to her 2018 book tour cost as much as $4,070
Tickets to her 2018 book tour stop at Barclay's Center in Brooklyn ranged from $307 to $4,070.
Source: New York Post
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More recently, Michelle has ventured into podcasting
Michelle announced plans in 2019 to host an exclusive podcast with Spotify. 'The Michelle Obama Podcast' looked at interpersonal relationships and debuted in July 2020.
She has an upcoming series, 'Michelle Obama: The Light Podcast,' which will premiere on Audible in March 2023.
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The Obamas could ultimately earn as much as $242.5 million
All things considered, the Obamas could stand to earn as much as $242.5 million in their post-presidency life, American University estimated in 2017.
And here's how they've spent their fortune so far ...
Source: American University
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They think long-term when it comes to spending money
In 2007, Obama purchased Bright Directions age-based growth plans, each worth $50,000 to $100,000, to pay for Malia's and Sasha's college education. Malia started at Harvard in fall 2017, while Sasha started at the University of Michigan in fall 2019.
Source: Business Insider, Town and Country
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The Obamas also made an investment in real estate
They needed a new place to live after leaving the White House, so they purchased an 8,200-square-foot mansion in Washington, DC, for $8.1 million after previously renting it.
Source:The Washington Post
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At the time of purchase, it was reportedly the second-most-expensive home in the neighborhood
The most expensive home belonged to Jeff Bezos, and it was a former textile museum turned mansion.
Source:The Washington Post
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They still own their Chicago home
In addition to their residence in Washington, DC, the Obamas still own their home in Chicago's Hyde Park neighborhood that they bought for $1.65 million in 2005. They took out a $1.3 million mortgage on the home. It's valued at about $2.5 million.
Source:Chicago Tribune,Cook County Assessor's Office, Cook County Recorder of Deeds
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In 2019, the Obamas reportedly purchased a house in Martha's Vineyard for $11.75 million
According to a report from the Vineyard Gazette, the 6,892-square-foot house sits on nearly 30 acres overlooking the Edgartown Great Pond.
Source: Vineyard Gazette
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They also love a vacation
The Obamas have enjoyed several vacations since leaving the White House. They first headed to Southern California and eventually made their way to Necker Island, where Obama was spotted kitesurfing with Richard Branson.
Sources:Business Insider,Time
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Obama visited his home state of Hawaii and the island of Tetiaroa in French Polynesia
In French Polynesia, Obama checked into a luxury resort called The Brando. A night there in a one-bedroom villa can cost anywhere from $3,034 to $4,318.
Source:Time,The Brando
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One of their luxury holidays involved river rafting in Indonesia
The Obamas have also been spotted on David Geffen's yacht with Oprah, Tom Hanks, and Bruce Springsteen, and at a wine tasting in Tuscany and river rafting in Indonesia.
Source:Business Insider,Time
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It's hard to say how much of their own money the Obamas spent on their vacations
That's because the General Services Administration is required to provide a former president with enough money to cover travel and business expenses.
Source: Business Insider
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But we do know wardrobe isn't included in the package of presidential benefits and perks
Source:Business Insider
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Michelle has donned both expensive designer clothes and affordable brands
She has worn pieces from Naeem Khan and a Versace gown worth an estimated $12,000 for special events as the first lady. Michelle is also known for her casual, relatable style. She's often been spotted in affordable brands like J. Crew, Target, and Converse.
Source: New York Times,Business Insider
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Of course, she needs the perfect outfit for date night, which she and Barack always make time for
The couple was once spotted attending a Beyoncé and Jay-Z concert.
Source: Business Insider
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Not all aspects of their lives are as lavish as their vacations.
Michelle opts for a bag lunch, like turkey chili, over eating out, the former president's chief of staff told People magazine in 2017. And she's a regular at SoulCycle, which costs $36 a class or $900 for 30 classes.
Source: People
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The Obamas also spend a significant amount of their money on philanthropy
From 2009 to 2015, they gave $1.1 million to charity, Forbes reported.
Source:Forbes
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More than half of their donations went to organizations for children
They donated to charities focusing on African-American causes, veterans, disaster relief, homelessness and housing, and health.
Source: Forbes
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Obama donated all the post-tax profits from his children's book, "Of Thee I Sing," to provide scholarships for children of wounded and fallen soldiers
The donations totaled $392,000 from 2009 to 2015.
Source:Forbes
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In 2015, Obama's penultimate year in office, the Obamas gave about 15% of their income to charity
The Obamas donated more than $64,000 to 34 charities, Time reported, citing tax returns.
Source:Time
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But none of this includes Obama's biggest donation to date: his $1.4 million Nobel Peace Prize award in 2009, all of which he donated to multiple charities.
Source: Business Insider
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