Biden is expected to earn $400,000 a year. His position also comes with a $50,000 expense allowance, a $100,000 non-taxable travel account and an entertainment budget of $19,000 annually, CNBC reported.
Aside from his salary and allowances, the commander-in-chief also enjoys other privileges. The perks of being president include free lodging at the White House, a personal chef and free transportation in the presidential limousine, Marine One and Air Force One, according to CNBC.
A former president also enjoys a hefty retirement package. They remain on the government payroll long after their term. Former presidents are entitled to a $200,000 annual pension and are covered by health insurance, CNN reported. The government also covers ex-presidents’ official travel after they leave office.
A Forbes estimate puts the president and his wife Dr. Jill Biden’s combined net worth at $9 million. The Bidens made most of their fortune from his speaking engagements and book royalties. Before his stint as vice president, their tax returns showed that most of their income came from Biden’s Senate salary and Jill’s salary as a community college professor.
Real estate investments also make up a chunk of the Bidens’ fortune. Their primary home in Wilmington, Delaware, is estimated to be worth at least $2 million, The Wall Street Journal reported. They also own a $2.7 million waterfront property that acts as their vacation home in Delaware, according to The Washington Post.
Though Biden used to be more remembered as number two to former President Barack Obama, he came into his own spotlight in 2020. His 2020 bid for the presidency marked his third attempt after running in 1988 and 2008.
In between his two-term vice presidency and his 2020 presidential bid, he remained an active public figure, with his activism centered on climate change and American politics, particularly his criticism of the Trump administration.
Biden was sworn in as the 46th president of the U.S. on Jan. 20, becoming the oldest person to assume the position at 78.