雅虎香港財經 2024 Candidates: How Rich Are Harris and Trump Compared To Average Americans?
Becoming a successful politician at the national level won’t necessarily make you rich, but it pretty much guarantees you won’t be poor, either — or even far enough down the economic ladder to be considered middle class. For proof, look at 2024 presidential candidates Kamala Harris and Donald Trump. Both already have much more wealth than the average American.
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In Trump’s case, he was born into wealth and then expanded it mainly through real estate holdings and other investments. Harris has used her presidential campaign to tout her middle-class upbringing, but today her net worth qualifies her as a millionaire many times over.
Neither candidate has much in common financially with the typical American. The average net worth for all Americans is $1.06 million, according to the latest Federal Reserve data. But that figure skews much higher due to the impact of the very wealthy. The median net worth — a much more accurate figure — is only $192,900.
In terms of how much money Americans make, the median weekly earnings of the nation’s 119.9 million full-time wage and salary workers were $1,143 during the 2024 second quarter, according to the U.S. Bureau of Labor Statistics. That translates to $59,436 a year. In contrast, the president’s annual salary is $400,000, as set by Congress in 2001.
The Washington Post recently did an analysis of the finances of Trump, Harris and vice presidential candidates JD Vance and Tim Walz, based on various government and tax filings and wealth estimates from Forbes.
Here’s a look at the financial status of both Trump (as of Sept. 16, 2024) and Harris (as of July 2024).
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Donald Trump
Net worth: $3.9 billion
Business income: $635 million
Sale of Trump International Hotel: $284 million
Money owed from court judgments: $50 million
Book royalties: $4.7 million
Trump gets a federal pension as a former president, but his businesses provide the lion’s share of his income. The ex-president reported at least $635 million in income from real estate, hotels, resorts and golf properties in 2023, according to The Post. Much of his net worth is now tied to Truth Social’s parent company, Trump Media & Technology Group.
In addition to income from those sources, Trump has reported earning $300,000 in royalties from “The Greenwood Bible,” as well as about $4.4 million from his 2023 book, “Letters to Trump.”
As for liabilities: The latest Trump filings list more than $50 million in liabilities owed to both writer E. Jean Carroll and the New York attorney general due to separate legal rulings that went against the ex-president. The actual payments might end up costing more than $500 million, according to The Post, though Trump has filed appeals contesting the judgments.
Check Out: I’m an Economist — Here’s My Prediction for Social Security if Trump Wins the 2024 Election
Kamala Harris
New worth: $8 million
Mortgage balance: $1 million to $5 million
Vice president salary: $284,600
Book royalties: $450,000
Harris and husband Douglas Emhoff reported a combined income of nearly $400,000 on their 2023 tax return, The Post noted. Most of that was from her income as vice president. Harris and Emhoff also reported just more than $50,000 in taxable interest from Wells Fargo bank accounts on their return. In addition, they hold more than $2 million in different investment and retirement funds, including in several ETFs.
Harris held a diversified portfolio of stocks and bonds as of March 2023. Those included Vanguard, iShares and BlackRock funds. In 2021, the total value of investments owned by Harris and Emhoff was estimated at $2.25 million to $5.29 million. Additionally, she and her husband had $1.5 million to $3 million in cash. Real estate holdings include properties in California and Washington, D.C.
Harris reportedly earned more than $450,000 in royalties during her first year as vice president for her 2019 memoir, “The Truths We Hold,” and a children’s book, “Superheroes Are Everywhere.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 2024 Candidates: How Rich Are Harris and Trump Compared To Average Americans?
