Barack Obama has a reputation for being the 44th President of the United States. He own the primaries against Hilary Clinton to become the Democratic Party flagbearer and in 2008, he defeated John McCain of the Republican Party in the U.S elections.
Barack Obama served as the President of the U.S for two terms. In 2009, he won the Nobel Prize for Peace Award. He is an eloquent speaker known to articulate his opinions expressively, wowing his audience and listeners.
While serving as a Senator, he had the chance to speak at the Democratic National Convention at the time when John Kerry was challenging an election result against George W. Bush. That convention was the moment when many people saw and heard Obama speaking for the first time.
Obama spoke at the convention and virtually everyone present was impressed with his words. Barack Obama’s net worth is estimated to be around $70 million.
Barack Obama is one of the most influential men in the world. He is popularly known for being the first African-American President of the United States. Read this article to find out more details and facts about the former American president, including his background, education, family history, political career, and more.
|Name||Barack Hussein Obama II|
|Popular Name||Barack Obama|
|Date of Birth||August 4, 1961|
|Place of Birth||Honolulu, Hawaii, United States|
|Age||62 Years (2023)|
|Eye Colour||Dark brown|
|Height||1.87 m. (6’ 2”)|
|Weight||79 kg or 173 lbs|
|Children||Malia Ann Obama, Sasha Obama|
|Education||State Elementary School Menteng 01, St. Francis of Assisi Catholic School, Punahou School, Occidental College, Columbia College (New York), Harvard Law School|
|Profession||Author, Writer, Public Speaker, Lawyer, Politician|
|Political Party||Democratic Party|
|Presidential Tenure||20 January 2009 – 20 January 2017|
|Net Worth||$70 Million|
Early Life and Biography
Barack Obama was born on the 4th of August 1961 in Kapiʻolani Medical Center for Women & Children, Honolulu, Hawaii, United States. He is the only President in American history who was born outside the contiguous 48 states.
His father Barack Obama Sr. was African-American while his mother Ann Dunham, a white American was of Irish, Scottish, Swiss, German, Welsh, and English descent. Obama’s parents met in 1960 at a Russian language class at the University of Hawaii Manio, where he earned a scholarship.
Barack Obama Sr. was originally from Kenya and was married prior to meeting Ann Dunham. Still, he wedded Ann in 1961 and after six months of marriage, Barack Obama Jr. was born.
In 1964, Barack’s parents got divorced. He was three at the time. Upon the divorce, his father left for Kenya and got married again for the third time. So he stayed in Honolulu with his mother.
At that time, he spent a year in Washington State until his mother got married to Lolo Soetoro, an Indonesian in 1965. That same year, Soetoro’s visa extension application was declined, so he returned to his country and in 1967, Obama Jr. and his mother Ann joined him in Indonesia.
Ann Dunham was married to Lolo Soetoro from 1965 to 1960. Unfortunately, Ann died in 1995 from cancer. In 1971, when Barack was ten, he returned to Honolulu to live with his maternal grandparents, who helped raise him. His biological father visited him that same year while he was in Hawaii.
Obama attended Panahou School and graduated in 1979. That same year, he enrolled in Occidental College in Los Angeles, where he received a full scholarship. In 1981, while in his second year in the school, he transferred to Columbia University in New York.
Sadly, Obama lost his father in 1982 in an auto accident. He was 21 at the time. He graduated from Columbia University in 1983. Then, he spent a year working as a financial researcher for Business International Corporation. Afterwards, he had a stint as a project coordinator for various non-profit organizations in New York City.
In 1985, he moved to Chicago to work as a director for the Developing Communities Project, a not-for-profit organization. He worked with the organization from 1985 until 1988. In 1988, he traveled across to world to meet people and places. In one of his trips, he visited Kenya and spent five weeks there to see his relatives.
In the fall of 1988, Barack Obama proceeded to Harvard Law School. He was made the president of the Harvard Law Review. He often returned to Chicago during the summer holidays to continue his work as a community organizer.
In 1991, Obama graduated from the Harvard Law School. After completing his studies at Harvard, he worked as a civil rights attorney in Chicago. He worked as a lecturer at the University of Chicago Law School for 12 years (1992 to 2004), teaching constitutional law.
While teaching at the University of Chicago Law, he joined a legal firm known as Miner Barnhill and Galland. The firm specialized in civil rights litigation as well as economic development.
Barack Obama’s political career began in 1997 when he served in the Illinois State Senate till 2004. In his time in the state house, he worked on legislation related to education, healthcare, and ethnics reform.
His spectacular, keynote address at Democratic National Convention in 2004 propelled him to the national spotlight, laying the foundation for his election to the U.S. Senate that same year. His speech at the convention gave him widespread attention and made him a notable member of the Democratic Party.
Barack Obama secured 70% of the votes cast in the 2004 general election. After his election in the U.S. Senate, Obama continued his good work, focusing on crucial issues such as nuclear non-proliferation, transparency in government, and veterans’ care.
As Senator, he co-sponsored the “Orderly Immigration Act” and “Secure America” initiatives. Obama served in the U.S. Senate from 2005 until 2008.
His eloquence, engaging speaking style and calls for bipartisan cooperation went down well with millions of Americans. This prepped the stage and groundwork for his presidential campaign.
On 10 February, 2007, Obama announced his intention to run as President of the United States. He faced off against Hilary Clinton, a popular candidate but eventually won the Democratic nomination.
Barack Obama’s 2008 presidential campaign was innovative and groundbreaking. He leveraged on every tool and opportunity he could find, using grassroots and social media to canvass support and votes.
After winning the nomination, Joe Biden was selected as his running mate and they defeated the opposing party represented by Jon McCain to win the Presidency. Barack Obama was elected as the 44th President of the U.S in November 2008 but assumed office in January 2009. He included Hilary Clinton into his administration, as she served as Secretary of State.
Obama’s administration faced severe challenges from the economic recession to the conflicts in the Middle East. He prioritized healthcare reforms in the U.S, which paved way for the Affordable Care Act, widely known as “Obamacare.”
Furthermore, his administration made significant improvement in areas such as financial regulation, renewable energy, and LGBTQ rights.
In the area of foreign policy, Obama aimed at rebuilding America’s image abroad. He ended the Iraq War and ordered the military operation that eventually led to the assassination of Osama bin Laden. The Obama administration also played a great role in facilitating international pacts such as the Paris Climate Agreement and the Iran Nuclear Deal.
Obama received the Nobel Peace Prize award in 2009 very early in his presidency. Many people find it ironic for Obama to receive the award considering the fact that he was at war throughout the years of his presidential tenure.
Obama has remained active and influential after leaving office in 20–. He focuses on issues related to civic engagement, leadership development, and education through his initiative, the Obama Foundation.
Barack Obama has authored and written several books, including the Dreams from My Father: A Story of Race and Inheritance, Audacity of Hope, Of Thee I Sing, and his presidential memoir titled “A Promised Land.”
Barack began working for a Chicago law firm called Sidley Austin in the summer of 1989. While working with the law firm, an staff named Michelle Robinson was assigned to be his advisor. Soon, they began dating and in 1991, they got engaged.
Barack Obama and Michelle Robinson got married on October 3, 1962, and have two children together. Their first daughter Malia Ann was born in 1998 and in 2001, they welcomed their second daughter Natasha “Sasha.”
Barack Obama’s life is an inspiration for several people, hoping to be productive in their careers. Obama enjoys exercises and spends his time enjoying games of pick-up basketball. He advocates for equality for all and inspires people to reach for their dreams.
Obama Assets and Real Estate
In August 2000, Barack and Michelle Obama acquired a $1.6 million home in Kenwood, Illinois. The 6,400-square-feet property is located in the Chicago suburbs and it features a wine cellar, six bathrooms, six bedrooms, a granite kitchen floor, and mahogany bookshelves.
With their net worth and income surging, the Obamas were not scared to spend the cash. They rented a mansion in the Kalorama area of Washington, D.C wo allow their youngest daughter Sasha finish college. Today, the Obama daughters Malia and Sasha are college graduates.
In June 2017, the Obama splashed $8.1 million to acquire the 8,200-square-foot house they rented in Washington, D.C. In 2019, they purchased a property on Martha’s Vineyard for $11.75 million. They got the house from Boston Celtics owner Wyc Grousbeck.
The 7,000-square-foot Obama house on Martha Vineyard features comes with 29 oceanfront acres of land.
Barack Obama Net Worth
As mentioned, Barack Obama has a net worth of $70 million. However, that’s a combined net worth with his spouse Michelle Obama. Barack and Michelle Obama weren’t born with silverspoons and weren’t rich for much of their youth and adult lives.
The couple first became millionaires in 2005 – thanks to Obama’s book royalties when he rose to limelight in the political space.
Barack Obama didn’t receive more than $30,000 from his work as a university lecturer and state representative between 1991 to 2004. Much of the family income came from Michelle, who received a handsome salary as a lawyer. Michelle was a lawyer for the University of Chicago hospital system at the time.
In 2005, Barack’s income increased to $157,100 after becoming a U.S. Senator. That same year, his wife Michelle earned $273,618. The couple had a combined income of $1.65 million in 2005.
Barack Obama published his first work as an author titled “Dreams from My Father: A Story of Race and Inheritance” in 1995. The book wasn’t popular at the time of release neither didn’t it blow up after 8 or 9 years after release. However, Obama’s keynote speech at the 2004 Democratic National Convention boosted his popularity, leading to an influx of sales and royalty windfall for the Obama family in 2005.
The next year, the Obama’s reported income was $916,000. Barack second book “Audacity of Hope” was released in October 2006. The book was a successful body of work, selling millions of copies worldwide and increasing the Obama’s family income to $4.2 million.
The Barack Obama’s family income and net worth has increase exponentially year after year. In 2017, the Obamas received a $65 million (USD) advance for the combined rights to their works, autobiographies and media projects.
Barack Obama continues to make money from his books to this day. He earns $1.12 for every paperback sale and $3.75 for each sale of the hardcover copy.
Obama served as a Senator in the Illinois State before taking an office in the American Senate and eventually becoming the first U.S. President of African-American descent.
The Obamas made more money for themselves after leaving the White House as they are both highly-sought after public speakers. In March 2023 during a trip to Australia, where he met for Australian Prime Minister Anthony Albanese. News outlets reported that Obama was paid $1 million for delivering two speeches.
Barack Obama makes around $400,000 to $500,000 a year and has access to a $100,000 tax-free travel account, a $150,000 expense account, and $20,000 entertainment budget.
A large portion of Barack Obama’s earnings come from book sales, royalties, deals, public speaking engagements, real estate, and other investments. Also, as per the 1958 Former Presidents Act, he is eligible to receive an annual pension of $205,700 as a former U.S president throughout his lifetime.
Reports suggest that Barack earns around $300,000 to $500,000 (USD) from every speech. Multiple sources reported that the Obama earned around $10 million in two years from public speaking.
Barack Obama command a high price in speaking fees. This doesn’t come as a surprise given his great orating and quality public speaking skill. He reportedly received $400,000 for delivering a speech at Cantor Fitzgerald, an investment institution, a decision Elizabeth Warren found “troubling.” Obama could literally hundreds of thousands of dollars in fees to deliver a speech and is isn’t short of offer, as he is high in demand.
In 2018, Barack and Michelle Obama put pen to paper to sign a lucrative deal with streaming platform Netflix. The deal will see them produce series of films and TV series for the company.
The exact financial details were not made public but Obama is expected to make tens of millions from the deal. His production company, Higher Ground Production is responsible for making documentaries such as “Crip Camp,” “Becoming,” and “American Factory,” which received an Oscar award.
The Obamas also had a $25 million podcast deal with Spotify. At the end of the deal, they entered a $20 million deal with Audible that would see them produce and distribute their content on all platforms.