Staff Reports
President Biden, also known as “middle-class Joe,” has seen his net worth increase to at least $10 million, sparking an investigation into the president’s foreign business deals. According to Forbes, his assets have grown by around $2 million since taking office in January 2021, primarily due to the appreciation of his homes in Delaware. These properties are now valued at a combined $7 million, an increase of $1.8 million since his election as president.
Biden’s net worth pegged at $10 million as House investigators probe family’s business dealshttps://t.co/GLewALKv7t pic.twitter.com/A55ndFOna2
— The Washington Times (@WashTimes) September 6, 2023
Throughout his years as a senator and vice president, Biden’s income was derived from his government salaries, which ranged from $42,500 to $230,700. However, in addition to his homes, he also owns a 1967 Stingray Corvette worth an estimated $100,000. During his tenure as vice president, Biden even earned additional income by renting out a cottage on his Wilmington property to the Secret Service, receiving $26,400 per year.
Following the end of the Obama administration, Biden’s net worth experienced a rapid growth, soaring from an estimated $2.5 million to approximately $8 million. His income sources during this period included speaking fees, book contracts, and a professor emeritus post at the University of Pennsylvania that required minimal work but earned him nearly $1 million from 2017-2019.
While Biden’s reported wealth is not uncommon for Washington standards, House Republicans are investigating whether he financially benefited from his son Hunter’s foreign business dealings during his time as vice president. The House Oversight and Accountability Committee has obtained bank records showing millions of dollars flowing to Hunter Biden and his associates from Russian, Kazakh, and Ukrainian oligarchs while Joseph Biden was in office. Despite no direct links to President Biden being established, GOP investigators are determined to uncover the truth and trace the money trail.
House Oversight Chairman James Comer asserts that Joe Biden was marketed as “the brand” by his son, allowing the Biden family to profit from access to influential figures in the international community. Comer states that the committee will continue to gather evidence and testimonies to determine potential compromise or corruption on the part of President Biden and any threats to national security. With millions of dollars involved, this investigation may shed light on the financial undertakings of the president and his family.
