White House financial disclosure reports released Tuesday show that President Obama’s net worth, and that of first lady Michelle Obama, lies somewhere between $2.6 million and nearly $8.3 million. The documents show the couple’s assets for last year. The first family’s assets were valued between $1.8 million and nearly $12 million in 2010.
The president isn’t exactly making it rain in Washington, especially in comparison to his GOP counterpart. The Obama’s moderate wealth is dwarfed tremendously by Obama’s Republican rival Mitt Romney, whose’s estimated worth is somewhere in the neighborhood of $190 and $250 million, according to the Associated Press, with much of his earnings coming from investments.
Keep in mind that Romney has disclosed more of his entire fortune after bending to pressure to release his tax returns that reveal that the former Massachusetts governor’s papers revealed a series of offshore holdings that were not included in his 2010 financial disclosure, especially the Swiss bank account that was the target of Obama’s camp.
To break down Obama’s disclosure forms further, he shows he holds between $500,000 and $1 million in a JPMorgan Chase checking account. The Wall Street firm has faced scrutiny this week after it reported losing more than $2 billion on bad trading bets, prompting renewed calls for more stringent oversight of the nation’s top financial institutions.
Why the wide gap of what the Obamas and Romneys may actually be worth? The disclosure form requires public officials to list their assets in broad ranges, for example, between $1 million and $5 million, making it difficult to determine a precise net worth.
For example, the president and first lady’s asset mix includes Treasury notes valued at between $1 million and $5 million, Treasury bills worth $500,000 and $1 million, along with retirement and checking accounts.
As is well known by moderate political observers, Obama made the bulk of his first millions from royalties from his bestselling books Dreams From My Father, The Audacity of Hope and Of Thee I Sing, which brought in upwards of $2.1 million.
Additionally, the Obamas have a 30-year mortgage on their Chicago home worth between $500,000 and $1 million with an interest rate of 5.625 percent.
In related news, Vice President Joe Biden listed assets of between nearly $230,000 to $860,000, many of them in investment accounts and insurance policies. The vice president disclosed in his 2011 tax returns receiving $20,900 in rental income on a guest house in Wilmington, Del. Biden also disclosed receiving an $800 Vulcain Cricket watch as a gift from a Helsinki, Finland, jewelry store owner who has given watches in the past to U.S. presidents who have visited Finland.
–terry shropshire
