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by Ismail Akwei, at 07:40 am, November 19, 2018, Money Moves

How the Obamas are flying fast into the billion dollar circle

Michelle and Barack Obama -- Photo: Bloomberg

The former U.S. President and First Lady, Barack and Michelle Obama entered the White House with a $1.3 million net worth in 2008 and have since grown to an estimated $40 million.

According to Forbes, Barack Obama made $20 million from his salary alone since he joined the US Senate in 2005 to the end of his presidency. He earned $400,000 a year during his eight years as president, and an annual pension of $207,800 as a former president.

It gets better with Michelle on his side as they made $20.5 million together in salaries and book royalties between 2005 and 2016 as authors, Forbes added. The books include “The Audacity of Hope“, “Of Thee I Sing: A Letter to My Daughters” and “Dreams From My Father“.

Last year, the power couple signed book deals worth at least $60 million and a production deal with Netflix worth tens of millions of dollars. They also rake in a significant amount of money from public speaking events with Obama being paid as much as $400,000 per speech.

The New York Post reports that Obama made at least $1.2 million for three talks to Wall Street firms in 2017 while Michelle Obama earns an estimated $225,000 per corporate and non-profit speaker appearance.

Currently, Michelle Obama is promoting her latest book, Becoming, which is a big hit globally as it’s been launched in the U.S., Australia, Ireland, South Africa, the UK, India and New Zealand. The publisher, Penguin Random House, says it will be published in 25 languages around the world.

Michelle invited the world to the personal lives of the Obamas in the book as she expresses her difficulties in marriage, fertility and early relationship with the man who later became the president of the most powerful nation in the world.

The Obamas are making a fortune after the presidency and have invested wisely in their children and the future. They invested in real estate by purchasing their original home in Chicago before the presidency (at $1.65 million in 2005) and an 8,200-square-foot mansion in Washington, DC, for $8.1 million which they previously rented.

Obamas home in Washington DC — Photo: The Western Journal

According to Forbes, the Obamas are generous givers and from 2009 to 2015, they gave $1.1 million to charity. In a few months, the Obamas can hit the billion dollar mark and join the circle of wealthy billionaires like Oprah Winfrey.

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