Elected officials are some of the richest people in the country – and for a reason. While serving, people like Joe Biden and Barack Obama have used their positions and experiences to become even richer. They have done this in many different ways, including through book deals and paid appearances. However, they are not the first, and certainly not the last, to do so.
From Actor to Affluent
Even before he was president, Ronald Reagan was already very wealthy. During his presidency and after it, he made a lot more money through expensive speaking engagements and multimillion-dollar book deals. This includes a $2 million fee for two speeches in Tokyo and a $5 million book deal.
A Legacy of Expensive Speeches
After the presidency, George H. W. Bush became even richer through several high-paying speaking engagements. His speeches cost upwards of $50,000 or $75,000 each. He managed to set a new benchmark for post-office earnings, showing all those who came after him how to use the prestige of the presidency on the speaking circuit.
The Pioneer of Paid Speeches
Gerald Ford broke the mold for former Presidents with his paid speeches and corporate board memberships. This included being part of 20th Century Fox and American Express. After the presidency, he taught his successors how to capitalize on their presidential fame. He appeared at conventions, meetings, and even the opening of shopping centers.
Books, Speeches, and Professorship
After his Vice Presidency and before becoming President, Joe Biden became richer through various means. This included million-dollar book deals, high-paying speaking appearances, and his salary from his time at the University of Pennsylvania. He got an $8 million book deal for three books and a $775,000 salary from his professorship.
Speaking and Writing Their Way to Wealth
The Clintons managed to turn their post-presidential years into a financial success story. This was mostly through book deals and speeches. Although they did have to pay off legal debts from their time in office, they still managed to become far richer once they left by using their public service and public brand to make earnings through the private sector.
From Books to Netflix
The Obamas earned millions from Barack’s books during his presidency. After the presidency, they signed a $65 million contract with Netflix and secured some of the most expensive book deals ever. For a 2-book deal, Michelle and Barack Obama got $65 million from their publishers, Crown.
From Oil to Art
George W. Bush went on a long journey from the oil industry to one of America’s wealthiest former Presidents. He used his presidential power to deliver over 200 paid speeches, a $7 million book deal, and, more recently, his art. However, his art has not been as lucrative, selling only between $15 to $275.
A Billionaire in the Oval Office
Many people have been paying careful attention to Donald Trump’s financial dealings as President. Reports suggest that his businesses made around $2.4 billion during his tenure. His biggest earnings came from golf courses and clubs, from which he got $943 million, and commercial real estate, where he received around $781 million.
A Model of Post-Presidency Success
Jimmy Carter started at $2.3 million, but he was able to rebuild his fortune to $10 million. He became the modern post-presidency money model despite having some financial problems after immediately leaving the presidency. During his presidency, Carter sold his peanut farming business for $1.5 million.
Roosevelt and the Family Fortune
Theodore Roosevelt’s net worth came mostly from his family’s wealth. However, he was also able to make some smart investments, which helped him to net a few millions. One of these included purchasing 155 acres of land on Long Island, which he later ended up selling portions of for a high return.
A Wealthy President During Hard Times
Despite the Great Depression, Herbert Hoover’s pre-presidential career in mining and investments helped him to make his fortunes. He donated a lot of this to charity. He managed to make a lot of money from his high-paid positions in mining and also got royalties from writing mining engineering books.
A Fortune Built on Media
Lyndon Johnson transformed his modest background into a $98 million fortune through careful media investments with his wife, Lady Bird Johnson. They earned millions from owning several TV stations and radio stations. According to the New York Times, Johnson also “was one of the largest land owners in the central Texas hill country when he died.”
Resilience in Finances
Richard Nixon is one of the most controversial presidents in American history. However, despite his political problems, he had a very successful financial portfolio flourished. After the presidency, Nixon’s net worth increased from $2 million to $15 million. This came mostly from his $2 million memoir, TV appearances, real estate, and public speeches.
Law, Investments, and Inheritance
Although he was never a President, Samuel J. Tilden still made good money as an elected official. As the Governor of New York and a Democratic nominee for U.S. President in 1876, Tilden made a lot of money through his law practice, careful investments, and inheritance. On his death, he left an estate worth around $10 million.
A Legacy of Wealth and Governance
J.B. Pritzker is the current Governor of Illinois. He made his money through inheritance and family businesses. His family owns the Hyatt hotel chain, which contributed significantly to Pritzker’s net worth of approximately $3.5 billion. According to Forbes, Pritzker “is the richest politician in office in the U.S.”
From Business to Politics
Bill Haslam is the former Governor of Tennessee. He moved from business to politics and took his financial skills with him. As the son of the founder of Pilot Corporation and former CEO of a division of Saks Fifth Avenue, he reached a net worth of almost $2 billion. He also owns a part of the Nashville Predators and makes some money from them.
Retail to Political Royalty
Mark Dayton was originally an auditor, then Senator, then Governor of Minnesota. His wealth came mostly from his great-grandfather, who created the store Dayton’s that later became Target. Up until 2016, his family was one of the richest in America, with a total value of approximately $1.6 billion.
He’ll Be Back
Between 2003 and 2011, famous actor Arnold Schwarzenegger was the Governor of California. He mostly made his money from his real estate investments and acting. He has a net worth of approximately $450 million and a real estate empire that has been valued at approximately $300 million.
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