The Net Worth of the US Presidents

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The Net Worth of the US Presidents

Washington to Obama

By Michael B. Sauter, Ashley C. Allen, and Douglas A. McIntyre

May 20 2010, 3:05 PM ET

Having examined the finances of all 43 presidents (yes, 43; remember,Cleveland was president twice), we calculated the net worth figures for eachin 2010 dollars. Because a number of presidents, particularly in the earlynineteenth century, made and lost huge fortunes in a matter of a few years,the number for each man is based on his net worth at its peak .

We have taken into account hard assets like land, estimated lifetime savingsbased on work history, inheritance, homes, and money paid for services,which include things as diverse as their salary as collector of customs at thePort of New York to membership on Fortune 500 boards. Royalties on bookshave also been taken into account, along with ownership of companies andyields from family estates.

The net worth of the presidents varies widely. George Washington was worth

more than half a billion in today's dollars. Several presidents went bankrupt.

The fortunes of American presidents are tied to the economy in the eras inwhich they lived. For the first 75 years after Washington's election, presidentsgenerally made money on land, crops, and commodity speculation. Apresident who owned hundreds or thousands of acres could lose most or allof his property after a few years of poor crop yields. Wealthy Americansoccasionally lost all of their money through land speculation--leveraging thevalue of one piece of land to buy additional property. Since there was no

reliable national banking system and almost no liquidity in the value of privatecompanies, land was the asset likely to provide the greatest yield, if theproperty yielded enough to support the costs of operating the farm or

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plantation.

Because there was no central banking system and no commodities regulatoryframework, markets were subject to panics. The panic of 1819 was caused bythe deep indebtedness of the federal government and a rapid drop in the

price of cotton. The immature banking system was forced to foreclose onmany farms. The value of the properties foreclosed upon was often low,because land without a landowner meant land without a crop yield. The panicof 1837 caused a depression that lasted six years. It was triggered by a weakwheat crop, a drop in cotton prices, and a leverage bubble in the value of landcreated by speculation. These factors caused the U.S. economy to gothrough a multi-year period of deflation.

The sharp fluctuations in the fortunes of the first 14 presidents were a result

of the economic times.

Beginning with Millard Fillmore in 1850, the financial history of the presidencyentered a new era. Most presidents were lawyers who spent years in publicservice. They rarely amassed large fortunes and their incomes were oftenalmost entirely from their salaries. From Fillmore to Garfield, these Americanpresidents were distinctly middle class. These men often retired without themoney to support themselves in a fashion anywhere close to the one thatthey had as president. Buchanan, Lincoln, Johnson, Grant, Hayes, andGarfield had almost no net worth at all.

The rise of inherited wealth in the early twentieth century contributed to thefortunes of many presidents, including Theodore Roosevelt, Franklin D.Roosevelt, John F. Kennedy, and both of the Bushes. The other significantchange to the economy was the advent of large professionally organizedcorporations. These corporations produced much of the oil, mining, financial,and railroad fortunes amassed at the end of the nineteenth century and thebeginning of the twentieth. The Kennedys were wealthy because of thefinancial empire built by Joseph Kennedy. Herbert Hoover made millions of

dollars as the owner of mining companies.

The stigma of making money from being a retired president also began todisappear. Calvin Coolidge made a large income from his newspaper column.Gerald Ford, who had almost no money when he was a Congressman madea small fortune from serving on the boards of large companies. Clinton mademillions of dollars from writing his autobiography.

We analyzed presidential finances based on historical sources. Most media

evaluations of the net worth of presidents have come up with a very widerange, a spread in which the highest figure was often several times the lowestestimate. Most sources provided no hard figures at all. Most of these efforts

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have focused largely on the analysis of recent chief executives. That isbecause it is much easier to calculate figures in a world where assets andincomes are a matter of public record.

One of the most important conclusions of this analysis is that the presidency

has little to do with wealth. Several brought huge net worths to the job. Manylost most of their fortunes after leaving office. Some never had any money atall.

President

and Term

Estimated

Net Worth

1st GeorgeWashington(1789-1797)

$525million

His Virginia plantation, "MountVernon," consisted of five separate

farms on 8,000 acres of primefarmland, run by over 300 slaves.His wife, Martha Washington,inherited significant property fromher father. Washington madesignificantly more than subsequentpresidents: his salary was twopercent of the total U.S. budget in1789.

2nd JohnAdams(1797-1801)

$19 million

Adams received a modestinheritance from his father. Hiswife, Abigail Adams, was amember of the Quincys, aprestigious Massachusetts family.Adams owned a handsome estatein Quincy, Massachusetts, knownas "Peacefield," a working farm,covering approximately 40 acres.He also had a thriving law practice.

3rd ThomasJefferson(1801-1809)

$212million

Jefferson was left 3,000 acres andseveral dozen slaves by his father."Monticello," his home on a 5,000acre plantation in Virginia, was oneof the architectural wonders of itstime. He made significant money invarious political positions beforebecoming president, but was miredin debt towards the end of his life.

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4th JamesMadison(1809-1817)

$101

million

Madison was the largestlandowner in Orange County,Virginia, with land holdingsconsisting of 5,000 acres and the"Montpelier" estate. He made

significant money as secretary of state and president. Madison lostmoney at the end of his life due tothe steady financial collapse of hisplantation.

5th JamesMonroe

(1817-1825)

$27 million

Monroe's wife, Elizabeth, was thedaughter of wealthy British officer.He made significant money duringeight years as president, but

entered retirement severely in debtand was forced to sell Highlandplantation, which included 3500acres.

6th JohnQuincyAdams(1825-1829)

$21 million

Adams inherited most of hisfather's land. His wife was thedaughter of a wealthy merchant.He devoted most of his adult life topublic service, notably after leaving

office.

7th AndrewJackson(1829-1837)

$119million

While he was considered to be intouch with the average middleclass American, Jackson quietlybecame one of the wealthiestpresidents of the 1800s. "OldHickory" married into wealth andmade money in the military. Hishomestead "The Hermitage"included 1,050 acres of prime realestate. Over the course of his life,he owned as many as 300 slaves.Jackson entered significant debtlater in life.

8th MartinVan Buren(1837-1841)

$26 million

Van Buren made substantialincome as an attorney. He wasone of only two men to serve assecretary of state, vice president,and president. He owned the 225-acre "Lindenwald" estate inupstate New York.

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9th WilliamHenryHarrison(1841)

$5 million

Harrison married into money: hiswife's father was a prominent

judge and landowner. WhenHarrison's mother died, heinherited 3,000 acres near Charles

City, Virginia, which he later sold tohis brother. He also owned"Grouseland" mansion andproperty, in Vincennes, Indiana.Despite his assets, Harrison diedpenniless, causing Congress tocreate a special pension for hiswidow.

10th JohnTyler (1841-1845)

$51 million

Tyler inherited a 1,000-acre

tobacco plantation. His first wife,Letitia, was wealthy. Tyler bought"Sherwood Manor," a 1,600 acreestate, previously owned byWilliam Henry Harrison. Hebecame indebted during the CivilWar and died poor.

11th JamesKnox Polk(1845-1849)

$10 million

Like his wife, Sarah Childress,Polk's father was a wealthy

plantation owner and speculator.Polk made significant sums asspeaker of the house and governor of Tennessee, and owned 920acres in Coffeeville, Mississippi, aswell as 25 slaves.

President

and Term

Estimated

Net Worth

12th ZacharyTaylor (1849-1850)

$6 million

Taylor inherited significant

amounts of land from his family,which at one point includedproperty in Mississippi, Kentucky,and Louisiana. He madesubstantial money in landspeculation, the leasing of warehouses, and investments inbank and utility stocks. Taylor owned a sizeable plantation inMississippi and a home in BatonRouge.

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13th MillardFillmore(1850-1853)

$4 million

Neither Fillmore nor his wife hadsignificant inheritance. He foundeda college that is the current StateUniversity of New York at Buffalo,and his primary holding was a

house in nearby East Aurora, NY.

14th FranklinPierce (1853-1857)

$2 million

Pierce's father was a frontier farmer, and his wife was well-to-doaristocrat. He served as attorneyfor 16 years and held property inConcord, NH.

15th JamesBuchanan(1857-1861)

less than$1 million

Born in log cabin in Pennsylvania,Buchanan was one of 11 children.

He was the only president never tomarry. He worked for nine yearsas attorney, and spent 16 years inpublic office, including four yearsas secretary of state.

16th AbrahamLincoln (1861-1865)

less than$1 million

Lincoln served as an attorney for 17 years before his presidency. Heowned a single-family home in

Springfield, Illinois.

17th AndrewJohnson(1865-1869)

less than$1 million

Johnson's father was a tailor, andhis wife was a shoemaker. Heserved the public for 20 years,including as governor of Tennessee and a U.S. senator.Johnson owned a small house inGreenville, TN.

18th UlyssesSimpsonGrant (1869-1877)

less than$1 million

Grant's father was a tanner, andhis wife was the daughter of awealthy merchant. He lost hisentire fortune when swindled byhis investing partner. Grant owneda modest home in Galena, Illinois.Although he died with little money,his autobiography kept familyafloat.

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19thRutherfordBirchardHayes, (1877-1881)

$3 million

Hayes' father was a shopkeeper.He was an attorney for 15 yearsand owned "Spiegel Grove," a10,000 square foot home that saton 25 acres in Fremont, Ohio.

Hayes also served as governor of Ohio and was a member of theHouse.

20th JamesAbramGarfield(1881)

less than$1 million

Garfield was born in a log cabin inOhio. He spent 18 years in theHouse of Representatives.Garfield owned "Lawnfield," ahome and small property inMentor, Ohio. He died penniless.

21st Chester Alan Arthur (1881-1885)

less than$1 million

The son of an Irish preacher,Arthur's wife came a from militaryfamily. He made substantial sumsas Collector for the Port of NewYork. His townhouse in New Yorkwas well-appointed with furniturecommission from Tiffany.

22nd and24th Grover Cleveland(1885-1889,1893-1897)

$25 million

Cleveland's father was abookseller and preacher, and his

wife was the daughter of wealthylawyer. Cleveland served as anattorney for twelve years, and alsomade significant sums on sale of his estate outside of Washington,D.C. He bought "WestlandMansion" near Princeton, NewJersey.

23rdBenjaminHarrison(1889-1893)

$5million

Harrison had no significant inheritance

of his own or from his wife's family. Hewas a highly paid attorney for 18 years,and served as attorney for Republic of Venezuela. Harrison owned largeVictorian home in Indianapolis, Indiana.

25th WilliamMcKinley(1897-1901)

$1million

Mckinley had no significant inheritance.He served 30 years in public office,including local prosecutor and member of the House of Representatives. He

went bankrupt during depression of 1893 while he was governor of Ohio.

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26thTheodore

Roosevelt(1901-1909)

$125

million

Born to a prominent and wealthy family,Roosevelt received a significant trustfund. He lost most of his money on aranching venture in the Dakotas andhad to work as an author to pay bills.

Roosevelt spent most of his adult yearsin public service. His 235-acre estate,"Sagamore Hill," sits on some of themost valuable real estate on LongIsland.

27th WilliamHoward Taft

(1909-1913)

$3million

Taft's wife's father was a law partner of former president, Rutherford B. Hayes.Taft was president of the American Bar Association, an active attorney for

nearly 20 years, and was the onlypresident to serve on the U.S. SupremeCourt.

28thWoodrowWilson(1913-1921)

lessthan $1million

Wilson received modest compensationas head of Princeton and governor of New Jersey. He never served in anyposition that provided him with areasonable income. Wilson had astroke in office and died five years later.

29th WarrenGamalielHarding(1921-1923)

$1million

Harding obtained wealth throughmarriage to his wife Mabel, thedaughter of a prominent banker. Heowned the Marion Daily Star and asmall home in Marion, Ohio. Most of Harding's net worth came from hisnewspaper ownership.

30th CalvinCoolidge(1923-1929)

lessthan $1million

Coolidge's father was prosperousfarmer and storekeeper. "Silent Cal" He

spent five years as an attorney, andalmost two decades in public office,which included time as Governor of Massachusetts. His net worth derivedprimarily from his home, "TheBeeches," in Northampton,Massachusetts, the advance from hisautobiography, and the money he madefrom his newspaper column.

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31st HerbertClark Hoover

(1929-1933)

$75million

An orphan, Hoover was raised by hisuncle, a doctor. He made a fortune as amining company executive, had a verylarge salary for 17 years and hadextensive holdings in mining

companies. Hoover donated hispresidential salary to charity. He alsoowned "Hoover House" in Monterey,California.

32ndFranklinDelano

Roosevelt(1933-1945)

$60

million

Roosevelt had wealth throughinheritance and marriage. He ownedthe 800-acre "Springwood" estate aswell as properties in Georgia, Maine,and New York. In 1919, his mother had

to bail him out of financial difficulty. Hespent most of his adult life in publicservice. Before he was president,Roosevelt was appointed assistantsecretary of the Navy by Wilson.

33rd Harry S.Truman(1945-1953)

lessthan $1million

Truman was a haberdasher in Missouriand nearly went bankrupt. He served18 years in Washington, D.C. Despitehis modest income, he was able to

save some of his presidential salary.

34th DwightDavidEisenhower (1953-1961)

$ 8 million

Eisenhower had no inheritedwealth. He served the majorityof his career in the military andfive years as president of Columbia. Ike owned a largefarm near Gettysburg,Pennsylvania.

35th JohnFitzgeraldKennedy(1961-1963)

Although henever inheritedhis father'sfortune, theKennedyfamily estatewas worthnearly $1billion dollars.

Born into great wealth,Kennedy's wife was an oilheiress. His father was one of the wealthiest men in America,and was the first chairman of the SEC. Almost all of JFK'sincome and property camefrom trust shared with other family members.

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36th Lyndon

BainesJohnson(1963-1969)

$98 Million

Johnson's father lost all of thefamily's money when LBJ wasa boy. Over time, heaccumulated 1,500 acres inBlanco County, Texas, which

included his home, called the"Texas White House." He andhis wife owned a radio andtelevision station in Austin, TX,and had a variety of other moderate holdings, includinglivestock and private aircraft.

37th RichardMilhous Nixon(1969-1974)

$15 million

Nixon was born without anyinheritance, and was a public

servant for most of his lifeincluding a term as a senator from California. "Tricky Dick"made significant sums fromseries of interviews with DavidFrost and book advances. Hesold his New York townhouseto the Syrian ambassador tothe U.S. and purchased alarge home in Saddle River,NJ. At various times, Nixonalso owned real estate inCalifornia and Florida.

38th GeraldRudolph FordJr. (1974-1977)

$7 million

Ford had no inheritance, andhe spent virtually his entireadult life in public service.Over the course of his lifetime,he owned properties inMichigan, Rancho Mirage, andBeaver Creek, Colorado. After he left the White House in1976, he made nearly $1million a year from bookadvances and from serving onthe boards of severalprominent Americancompanies.

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39th JamesEarl Carter,1977-1981

$7 million

Carter was the son of aprominent Georgiabusinessman. He was apeanut farmer for almost twodecades. Carter left office

deeply in debt, but madesubstantial sums from writing14 books. He's part of a familypartnership that owns 2,500acres in Georgia.

40th Ronald

WilsonReagan, 1981-89(Republican)

$13 million

Reagan had no inheritance,but his first wife, an actress,had her own money. He was amovie and television actor for

over two decades. "TheGipper" owned several piecesof real estate over his lifetime,including 688-acres near Santa Barbara, California.Reagan was highly paid for hisautobiography and as a GEspokesman.

41st GeorgeHerbert Walker Bush (1989-1993)

$23 million

Bush was the son of Prescott

Bush, a senator fromConnecticut and a successfulbusinessman. Aided by hisfriends in the financialcommunity, he made anumber of successfulinvestments. One of his major assets is his home and anestate of more than 100 acresin Kennebunkport, Maine.

42nd WilliamJeffersonClinton (1993-2001)

$38 million Clinton was born with noinheritance, and he made littlesignificant money during 20plus years of public service.After his time in White House,however, he made asubstantial income as anauthor and public speaker.Clinton received large

advance from autobiography.His wife, the secretary of

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state, has also made moneyas author.

43rd George

W. Bush(2001-2009)

$20 million

Bush was born into a wealthyfamily. Over ten years, hemade substantial sums of

money in the oil business. Thelargest contribution to his networth was the profitable saleof the Texas Rangers.

44th BarackHusseinObama (2009-present)

$5 million

Obama is the grandson of agoat herder. He is a former constitutional law professor and civil rights attorney. Bookroyalties constitute most of

Obama's net worth.

Michael B. Sauter, Ashley C. Allen, and Douglas A. McIntyre are editors of 24/7 Wall St.

http://www.theatlantic.com/business/archive/2010/05/the-net-worth-of-the-us-presidents-washington-to-obama/57020/

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The Net Worth of the US Presidents