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> ‘A one-man scam Pac’: Obama’s money hustling tricks prompt fresh scrutiny
How Barack Obama Increased His Net Worth to $70M After Leaving
It’s been over four years since former President Barack Obama
was in office. During his term he earned the standard $400,000
salary that Business Insider reports every commander-in-chief
receives. The business endeavors he made after leaving office,
however, were a large contribution to his now $70 million net
worth, according to International Business Times.
Before Obama took office, he made about $165,000 a year as a
senator of Illinois, according to NBC News. During that time he
published several books and took off as an author, profiting
over $500,000 from author fees in 2006 alone. Years before
running for president, his combined income with his wife
Michelle Obama, who at the time worked at the University of
Chicago Medical Center, was $1.6 million.
While in office, a president has a $50,000 annual expense
account, $100,000 nontaxable travel account, and $19,000 for
entertainment, in addition to their $400,000 salary, according
to Business Insider.
The former president now earns a $200,000 annual pension,
However, according to Business Insider, the majority of Obama’s
income comes from his book royalties and speaking engagements.
His latest memoir “A Promised Land” reportedly sold 890,000
copies within one day of its November release. Business Insider
reports from 2005 to 2016, he made $15.6 million in book
advances and sales.