Obama's net worth lowest for US leaders in 57 years

Obama's net worth lowest for US leaders in 57 years

Obama's net worth lowest for US leaders in 57 years

Barack Obama. AFP

The last time a US president had a lower net worth than Obama was Harry Truman (1945-53) with less than $1 million, as per a list compiled by The Atlantic magazine.

“Obama is the grandson of a goat herder. He is a former constitutional law professor and civil rights attorney. Book royalties constitute most of Obama’s net worth,” the US magazine said. Till now, the US, whose GDP is $13 trillion, has seen 44 presidents and net worth for each was calculated in “2010 dollar” rate, for the list.

Obama has fortunes to the tune of $5 million. In comparison, George W Bush, who was president from 2001-08, had a net worth of $20 million while predecessor Bill Clinton’s fortune is worth $38 million.

As per the analysis, at least 14 former US presidents had net worth less than $5 million. They include Abraham Lincoln and Woodrow Wilson (both had fortunes less than $1 million) and Franklin Pierce ($2 million).

This compares to Americans accounting for 40 per cent of the world’s billionaire population.