WASHINGTON — President Obama's net worth is roughly $2 million to $7 million, according to an annual disclosure released Friday — a broad estimate that is mostly unchanged from last year. Vice President Joe Biden is worth as much as $1.1 million, according to his report.
Almost all Obama's holdings are in tax-sheltered retirement accounts, but his net worth also includes deposits in college savings plans for his daughters worth somewhere between $200,000 to $400,000. Obama proposed eliminating those college savings accounts — known as 529 plans — as part of a tax reform proposal earlier this year, but withdrew the proposal after opposition from Congress.
Presidents, high-level executive officials, members of Congress and federal candidates must disclose information about their finances every year under the Ethics in Government Act of 1978. But the disclosures report assets only in broad ranges, so the exact net worth impossible to determine with any precision.
Obama, for example, owned somewhere between $1.9 million and $6.9 million in assets, mostly mutual funds and U.S. savings bonds. Indeed, his portfolio shows a cautious investment approach weighted heavily toward Treasuries, with as much as $2.5 million invested with Uncle Sam.
