How Much Wealth Every President Had

Mr. Beat I’m Mr. Beat We Americans, we only elect people to public office who represent us. You know, working class Americans who truly represent the will of the people, who know what it's like to live paycheck to paycheck who aren't out of touch with what we're going through. I'm kidding. Yeah, the majority of those in Congress are, in fact, millionaires. The median net worth for all members of Congress is just over $1 million. Now, don’t forget that they do get an annual salary. Currently that’s $174,000 a year. But I’m talking assets, man. They tend to have lots of assets. You know, stuff that has value and could be easily converted to cash if needed. How about American Presidents? Well, first of all, the current annual American presidential salary is currently $400,000, with an additional $50,000 (I know, a measly $50,000) for an expense account each year. But let’s give it up for President Donald Trump. (clap hands) Like Presidents Herbert Hoover and John F. Kennedy before him, he donates his annual salary each year to various government agencies, like the National Park Service and Department of Veteran Affairs. However, Trump is a billionaire. The country’s first billionaire President, as a matter of fact, so he can easily afford to donate his salary. Plus, the idea that he is “working for nothing” is incredibly misleading, since President Trump continues to make money from all the real estate he owns or manages. He has actually faced multiple lawsuits for this. Those suing him argue that by making money through his real estate ventures while in office, he has violated the U.S. Constitution’s emoluments clauses. But anyway, yeah Donald Trump is the richest President in history, but looking into this got me curious, so here is how rich EVERY President was throughout American history, from the poorest to the richest. Now that said, we are going to look at peak wealth for the sake of this video. There were several Presidents who had debts when they died so they literally had a negative net worth. Oh, and one more thing. The main source for this information is from a report by 24/7 As always, sources are in the description Wall Street. I’ve linked it in the description of this video. #44 Harry Truman Yep, by most accounts he was our poorest President. Harry Truman He had lots of odd jobs as a young adult, spent time in railroad construction and working on his family farm, and had a failed hat shop. He only was able to enter politics due to his connections he made through his military service. Him not having much wealth led to Congress literally doubling the presidential salary to $100,000 while he was in office in 1949. However, he famously continued to struggle financially after he left the Presidency. This was also why Congress created the presidential pension in 1958, and in 1966, Truman and his 1966 wife, Bess, got the first Medicare cards after the government program began. #43 Calvin Coolidge Before entering politics, for 20 years he Calvin Coolidge had a fairly modest career as a lawyer. After he left the Presidency, he got some money from his memoir and columns in all kinds of magazines, but that’s basically it. #42 Woodrow Wilson Sure, he was the only President to have a Woodrow Wilson Ph.D., but he never made much money. Before entering state politics, he did make a comfortable living as a professor at Princeton, and then he did rather well after he worked his way up to President...uh, of Princeton. #41 Chester Arthur Hey Chester! Congratulations on being the Chester Arthur 41st richest President in American history! Or, put another way, 4th poorest. Yeah his first career was as a teacher. He later was a principal and lawyer. #40 James Garfield Yep, Garfield was also a teacher, teaching Greek and Latin at Western Reserve Eclectic Institute. He also was a minister. Yep, it seemed Garfield did not care about making money. #39 Ulysses Grant Sure, he was a hero of the Civil War and a Ulysses Grant military genius, but struggled to earn wealth outside of the military and politics. Many forget he also fought in the Mexican-American War. After he left the Army in 1854, he failed Mexican-American War at both farming and real estate, only beginning to earn money when his dad gave him work in leather goods. After he left the Presidency, he had a series of failed investments that left him bankrupt, and he literally put together a memoir while he was dying so that debt wouldn’t go to his wife and kids. #38 Andrew Johnson Throughout his political career, he constantly Andrew Johnson complained about plantation wealth in the South. He also definitely grew up poor and with little formal education, not learning how to read or write until he was 17 years old. However, he did make a comfortable living as a tailor before entering into politics. #37 Abraham Lincoln Sure, he’s our most beloved President today, Abraham Lincoln but he’s also the eighth poorest in history. He actually had a similar upbringing to Andrew Johnson, who was his Vice President who took over after Lincoln was assassinated. But yeah, Lincoln was also poor growing up and made money in his twenties doing manual labor like literally splitting wood all day. After that he did all kinds of work, including being a postmaster and owning a general store. Only after he was elected to the Illinois state legislature did he decide to become a lawyer. #36 James Buchanan Well, how about that? The President before James Buchanan Lincoln, who is often considered the worst the United States has ever had. Buchanan actually came from a fairly wealthy family. However, he never made much money himself since he basically spent his entire career in public service. Oh, and he never married into wealth since he, you know, never married anyone. #35 William McKinley McKinley also didn’t gain much wealth over William McKinley his life since he spent his entire career in public service. It also didn’t help that he never got any big inheritance. Oh, and while he was Governor of Ohio he went bankrupt during the Panic of 1893. #34 Warren Harding Guess what? Harding was also a teacher, but Warren Harding he also worked in insurance. He started to make some money when he helped turn around a once failing newspaper, but Harding owed much of his wealth to his wife, Mabel, who was the daughter of a wealthy banker. #33 Franklin Pierce Pierce had a modest upbringing on a frontier Franklin Pierce farm, but his wife Jane had a lot of wealth in her family. Pierce had his own law practice before entering politics. He also served in the military. #32 Rutherford Hayes Hayes’ main career was lawyer, like so many Rutherford Hayes other future politicians. He was a darn good lawyer, though, and won some big cases that helped him earn a decent living. He served in the Civil War and got into politics after that. #31 William Taft He started out as a lawyer who had connections William Taft right off the bat, then later became Solicitor General, a Federal Judge, and famously was the only President to also serve later on as a Supreme Court justice. And being in the judicial branch generally pays better than the legislative branch and executive branch. #30 Millard Fillmore He was born into poverty and never got any Millard Fillmore inheritance. Despite little formal schooling, he worked his butt off and ended up becoming a big time lawyer in the Buffalo, New York area. Before that, he was also a teacher for awhile. Education was so important to him that later he helped start a university, later called the University at Buffalo. He was its first chancellor. #29 William Henry Harrison He spent much of his career in the military. William Henry Harrison Now, Harrison had some wealth since his wife, Anna, had wealth. Her dad was a big-time judge and landowner. Also, after his mom died, he inherited 3,000 acres of land, which he...get this...turned around and sold to his brother. That all said, Harrison ended up losing nearly all his wealth by the time he became President. And remember- he was only in office for 31 days. After he died, he left Anna hardly anything, and Congress ended up making a special pension for her. #28 Benjamin Harrison Well how about that? William’s grandson Benjamin Harrison still ended up having a bit more wealth than him. Unlike his grandpa, Benjamin was mostly a self-made man. He was one of the highest-paid lawyers in the country. #27 Zachary Taylor Famous for his distinguished military career Zachary Taylor before he became President, Taylor got his wealth in several other ways. First of all, he inherited lots of land in multiple states. In addition, he made lots of money in land speculation, as a landlord, and made big investments in bank and utility stocks. Because of all that, he owned a huge plantation which had around 80 slaves. #26 Gerald Ford Ford had a middle-class upbringing, and spent Gerald Ford most of his life in public service, going right into politics after serving in World War Two. He did make the most of his wealth after he was President, getting millions of dollars from book advances and from serving on the boards of big time corporations. #25 Jimmy Carter Carter famously was a peanut farmer before Jimmy Carter entering politics. After he took over his father’s peanut farm, they didn’t make much money at all. However, he ended up turning the farm around so that he made a comfortable living. Still, by the time he lost his re-election bid for President in 1980, he was in debt The Presidential Election of 1980 since his farm had failed after he put it into a blind trust while he was in office. However, since then he and his wife, Rosalynn have made lots of money publishing lots of books. #24 Dwight Eisenhower Another career military man and famously a Dwight Eisenhower World War Two hero, Eisenhower also had a modest upbringing and inherited no wealth. However, he did get some added family wealth after marrying his wife, Mamie. Of course, Eisenhower was always smart with his investments, which is why he and Mamie retired comfortably after he left the Presidency. #23 John F. Kennedy Opposite of Eisenhower, yes, Kennedy was born John F. Kennedy into lots of wealth and always had lots of connections. Kennedy’s dad was one of the richest men in the country, as matter of fact. Also, by the time Kennedy married Jackie, she had lots of oil money in her family. No, not oily money. That’d be gross. Money from the oil industry. So while JFK went straight from the military to politics, he could easily afford to. Almost all of his wealth came from a trust shared with other family members. #22 James Polk Another President literally born in a log James Polk cabin, but don’t be fooled, his dad was a wealthy plantation owner and land speculator. Polk’s wife, Sarah, also had a wealthy family. So yeah, even though Polk was only briefly a lawyer before entering politics, he had lots of assets, including a 920-acre plantation and 25 slaves. #21 Ronald Reagan Well, many forget this, but Reagan was a movie Ronald Reagan and TV star before entering politics. Before that, he was in radio. He was also paid well as a GE spokesperson. Later, he also made lots of money from books. Now this one surprised me... #20 Richard Nixon Richard Nixon He grew up in relative poverty, didn’t inherit much, and worked as a public servant most of his life. After resigning from the presidency, he had financial struggles. However, later on he made money from a series of interviews with David Frost and from a bunch of books. Eventually he was able to build up his wealth due to a bunch of smart real estate investments. #19 John Adams Sure, Adams got an inheritance, but his wife, John Adams Abigail, also had a lot of family wealth. Because of this, they were set. Also, Adams had a very successful law practice. #18 John Quincy Adams John’s son did even better than his dad. John Quincy Adams Of course, he got most of his dad’s land, but additionally his wife, the terrific Louisa, was the daughter of a wealthy merchant. So yep, he was a career public servant because he just watched those assets become more and more valuable. #17 George H.W. Bush Bush Sr. was also born into wealth, and he George H.W. Bush just built upon it as an adult with all the connections he had. He made lots of money running an offshore oil drilling company and also had lots of real estate investments. #16 Grover Cleveland He had a relatively modest upbringing and Grover Cleveland built up his wealth as an adult. His wife, Frances, was the daughter of a wealthy lawyer. But this is a strange one, though. From what I could gather, Cleveland got wealthy by just being ridiculously smart with where he put his money. He married late, only after he was President, and invested heavily in real estate. #15 Martin Van Buren Van Buren also had a relatively modest upbringing Martin Van Buren and built up his wealth through his law practice. And he also invested in real estate. Are you starting to notice a pattern here? #14 James Monroe He was born into wealth, and his wife, Elizabeth James Monroe was, too. At one point, they had 250 slaves on a 3500-acre plantation. Yet, he still somehow ended up in debt, having to sell the plantation. #13 George W. Bush Like John Quincy Adams, Bush Jr. has ended George W. Bush up building up even more wealth than his dad, George H.W. Bush. And it’s all because of his painting career. Just kidding, although he HAS made money from those paintings. Before his political career, George W. Bush also made millions in the oil industry and owned a freaking professional baseball team, for crying out loud. The Texas Rangers! After leaving the presidency, he has also made tens of millions thanks to speaking fees and book deals. #12 Barack Obama Before Obama entered politics, he had various Barack Obama careers, including being a lawyer, community organizer and even teacher. Most of his wealth has come since he left the Presidency three and a half years ago. He gets paid hundreds of thousands of dollars each year for speeches alone. He also has sold millions of books and launched a production company with his wife Michelle. #11 John Tyler The tenth President is the eleventh richest John Tyler in American history, and it’s all about that Old money. He inherited a 1,000-acre tobacco plantation, and his first wife, Letitia, also had a ridiculously wealthy family. However, he was another one who lost most of his wealth by the end of his life. #10 Franklin D. Roosevelt He inherited a bunch and got a bunch through Franklin D. Roosevelt his marriage to the fantastic Eleanor. He was able to maintain and build up his wealth due to real estate and other investments, and spent most of his adult life in politics and briefly being a lawyer. #9 Bill Clinton Clinton is another one who was not wealthy Bill Clinton before he was President. He almost immediately went into politics after a short stint as a professor. Remember, he started young, becoming the attorney general of Arkansas when he was only 30 years old. Similar to Obama, he and his wife Hillary have made most of their wealth since he left the Presidency through huge book deals, paid speeches, and business consulting. #8 Herbert Hoover Sure, Hoover was wealthy, but he’s another Herbert Hoover self-made man. He was “born poor and orphaned young.” But he eventually made lots of money in the mining industry, first as an engineer and later as an executive, eventually expanding his operations around the world. He also sold many books. #7 Lyndon B. Johnson LBJ was another career politician, although Lyndon B. Johnson he was a teacher for a few months while in college. So why was he so wealthy by the time he died? His wife, Lady Bird, who yes inherited wealth, but was also very business savvy. Thanks to her, LBJ had lots of profitable investments. #6 James Madison Born into great wealth, much of the land he James Madison owned was passed down to him. Eventually, he was the largest landowner in Orange County, Virginia, with around 5,000 acres. He also had more than 100 slaves. Towards the end of his life, however, he lost quite a bit of money. #5 Andrew Jackson Historians often call him our first “common man” President, but he was the fifth wealthiest President of all time. Perhaps Jackson never #5 Andrew Jackson forgot about his upbringing. He was poor growing up. He started out as a saddle-maker and teacher, but only started to make a decent living as a lawyer. His wife, Rachel, had some wealth in her family, and Jackson’s law practice ended up doing very well. Plus, he got paid decently while in the military. More importantly, he got 1,050 acres of amazing land in Tennessee. Throughout his life, he owned as many as 300 slaves. #4 Theodore Roosevelt Teddy got a trust fund. A big one. His family Theodore Roosevelt was extremely wealthy and had lots of connections. He spent the majority of his adult life in politics, so didn’t earn an extraordinary amount. He also lost a lot of money on a ranching investment in the Dakotas. However, overall his wealth was sustained through valuable real estate and writing books. #3 Thomas Jefferson Jefferson inherited 3,000 acres of valuable Thomas Jefferson land and around 175 slaves. Over his life, Jefferson would own more slaves than any other President, with more than 600. While most of his wealth came from his famous 5,000-acre plantation Monticello, he also made serious money in all the different political positions Monticello he was in. Similar to his friend James Madison, he also lost quite a bit of money toward the end of his life. #2 George Washington By now, this story is all too familiar. Property. George Washington Lots of property. Sadly, human property. My favorite President also unfortunately had over 300 slaves. HIS plantation, Mount Vernon, was made up of five separate farms on more Mount Vernon than 8,000 acres of some of the richest farmland in Virginia. His wealth also had help from his wife, Martha, who inherited lots of property after her first husband died. Even as President, he made a higher salary than all other Presidents when adjusted for inflation. I mean, he WAS a pretty good President. And as I said at the beginning of the video, the richest President in American history is... #1 Donald Trump As most of you already know, he inherited lots of real estate wealth and he has grown his real estate empire over the years mostly due to the marketing of his image. While it's assumed he is our first billionaire President, no one really knows his actual net worth since The Trump Organization is privately held. Forbes magazine estimates it to be around $2.1 billion. #1 Donald Trump So there you have it. In general, the poorest Presidents served in the late 1800s to early 1900s, with the exception of the Roosevelts, of course, and the richest Presidents served in the earliest years of the republic and the most recent years of the republic, which I just find fascinating. Also, remember that there's a clear pattern here. The wealthiest Presidents, and the wealthiest PEOPLE for that matter, they build up those assets, for realness. But what do YOU think? Does wealth even matter when we look at the Presidents, now that I’ve made an entire video about it? Is it inevitable that most people who end up in public office also happen to be wealthy? Or put more bluntly….is the only way to get into Congress or to become President to first have a lot of wealth? Let me know in the comments below. Thanks for watching!