Posts falsely inflate Harris and Biden’s net worth

Both Joe Biden and Kamala Harris have benefited from their time in the spotlight, but there is no evidence that the US president and vice president are worth tens of millions of dollars, as online posts claim. The figures contradict official financial disclosures and media analyses that show that most of the Democrats’ wealth comes from homes purchased before they were elected in 2020.

“The US political system has been completely taken over by corrupt totalitarians who no longer take the will of the people into account,” reads the Instagram post from September 3, 2024, which has generated tens of thousands of interactions.

The post includes a graphic suggesting Biden’s net worth rose from $9 million in 2019 to $41 million in 2022, while Harris’ net worth rose from $6.3 million to $28 million during the same period.

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

Harris has been a target of disinformation since Biden dropped his re-election bid in July, endorsing her in the November election against former President Donald Trump. competition.

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

AFP found the same image with Harris’ estimates Internet worth spreading as early as 2022 on meme-generating websites. PolitiFact debunked similar claims in 2023.

There is no evidence to support the numbers shared online, and financial disclosures are contradictory their.

Biden’s assets

Forbes August 2023 estimates put Biden and his wife Jill’s net worth at $10 million, up from $8 million in 2021 when he took office (archived here and here).

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

Biden’s 2024 financial disclosure (archived here) — which does not require the itemization of most personal properties — shows several bank and investment accounts, none of which exceed $1 million. The ranges in the report make it impossible to give an exact valuation, but AFP estimated his financial assets are worth less than $2.5 million.

He also took out a mortgage loan ranging from $250,000 to $500,000, a home equity loan and two additional loans.

This Biden’s 2023 tax returns show they reported a combined income of $619,000, including the president’s $400,000 salary (archived here).

Biden In 2014, he claimed to be the “poorest man in Congress,” but he earned considerable money from speeches and publishing deals after leaving the vice presidency, according to The Washington Post.

AFP contacted the White House for comment but did not receive a response. coming.

Harris Assets

Forbes May 2024 estimates put Harris and her husband, attorney Doug Emhoff,’s net worth at $8 million, up from $7 million in 2021 (archived here and here).

The couple’s portfolio includes a multimillion-dollar Los Angeles home that Emhoff, who earned about $1 million a year, bought before leaving his law firm after Harris was elected vice president. president.

The couple’s most recent financial disclosure form (archived here) lists multiple bank and investment accounts with amounts 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 they reported combined income of about $450,000 in 2016. 2023 (archived here), including the vice president’s salary of $235,100.

Harris has earned a significant amount of money from book royalties in recent years. Her combined income with Emhoff was significantly lower before she took office; 2020 tax returns show They earned $1.86 million (archive here).

AFP contacted Harris’ campaign for comment but did not receive a response. coming.

Comparison with Trump

Biden and Harris have significantly fewer assets than Trump, who was worth an estimated $3.9 billion as of early September 2024, according to Forbes (archived here).

Much of the former president’s wealth comes from the value of his real estate, including office buildings and his Mar-a-Lago estate in Florida. The GOP candidate’s latest financial disclosures show he has earned millions of dollars in licensing deals and book royalties, partly offset by court judgments matters (archive here).

AFP has debunked similar claims about the net worth of Democratic vice presidential candidate Tim Walz.