Both Joe Biden and Kamala Harris have benefited from their time in the national spotlight, but there is no evidence that the U.S. president and vice president are each worth tens of millions of dollars, as online posts claim. The figures contradict official financial reports and media analysis showing that the majority of the Democrats’ wealth comes from homes they bought before their election in 2017. 2020.

“The US political system has been completely hijacked by corrupt totalitarians who no longer respect the will of the people,” reads an Instagram post from September 3, 2024, with tens of thousands of interactions.

The post includes an image suggesting that Biden’s wealth increased from $9 million in 2019 to $41 million in 2022 and that Harris’ wealth increased from $6.3 million to $28 million over the same period.

The same image circulated on X, Facebook and Reddit, along with comments suggesting that the incumbents had exploited their positions to enrich themselves. More unsubstantiated claims about Harris’ wealth circulated on TikTok.

Harris has been the target of misinformation since Biden withdrew his re-election bid in July and endorsed her to run against former President Donald Trump in November. Competition.

The Harris, the daughter of immigrants from Jamaica and India, began her career as a prosecutor in Alameda County, California. She was elected San Francisco district attorney in 2004 and U.S. senator in 2016 before becoming Biden’s running mate in 2020.

AFP found the same picture with estimates from Harris net it’s worth spreading on meme generation websites as early as 2022. PolitiFact debunked similar claims in 2023.

There is no evidence for the figures published on the Internet – and the financial information contradicts them.

Biden holdings

Forbes estimated in August 2023 that Biden and his wife Jill have a net worth of $10 million, up from $8 million when he took office in 2021 (archived here and here).

About $7 million of the Bidens’ wealth comes from the value of their two Delaware homes, including a large estate in Rehoboth Beach that they bought in 2017 after the former vice president left office.

Biden’s 2024 financial disclosure (archived here) — which does not require listing most private properties — shows several bank and investment accounts, none with more than $1 million. The ranges in the report make an accurate valuation impossible, but AFP calculated that his financial assets are worth less than $2.5 million.

He also listed a mortgage in the $250,000 to $500,000 range, a home equity loan, and two other loans.

The The Bidens’ 2023 tax returns show they reported total income of $619,000, including the president’s $400,000 salary (archived here).

Biden claimed in 2014 to be “the poorest man in Congress,” but he earned considerably According to the Washington Post, he earned large sums of money from speeches and book deals after leaving the office of Vice President.

AFP asked the White House for comment, but there was no response. upcoming.

Harris Assets

Forbes estimated in May 2024 that Harris and her husband, attorney Doug Emhoff, have a net worth of $8 million, up from $7 million in 2021 (archived here and here).

The couple’s portfolio includes a multimillion-dollar home in Los Angeles, purchased by Emhoff, who earned an estimated $1 million a year before giving up his law practice after Harris was elected vice president. president.

The couple’s most recent financial disclosure form (archived here) lists several bank and investment accounts with balances ranging from $2.8 million to $6.6 million. They have a mortgage liability ranging from $1 million to $5 million.

Harris and Emhoff’s tax returns show that they reported a total income of about $450,000. 2023 (archived here), including the vice president’s salary of $235,100.

Harris has earned a significant amount from book royalties in recent years. Her and Emhoff’s combined income was much lower before she took office; 2020 tax returns show She earned $1.86 million (archived here).

AFP asked the Harris campaign team for comment, but did not receive a response. upcoming.

Comparison with Trump

Biden and Harris have far less wealth than Trump, whose fortune was estimated at $3.9 billion in early September 2024, according to Forbes (archived here).

Much of the former president’s wealth is in real estate, including his office buildings and his Mar-a-Lago estate in Florida. The Republican candidate’s most recent financial reports show that he earned millions of dollars from licensing deals and book royalties, partially offset by civil judgments in court. Cases (archived here).

AFP has refuted similar claims about the wealth of Democratic vice presidential candidate Tim Walz.