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Tuesday
Dec062011

Washington's Wealthy, Wealthier and…Not So Wealthy

Hemera/Thinkstock(WASHINGTON) -- President Obama’s net worth in 2010 was $7.3 million, but in the same year Secretary of State Hillary Clinton had a net worth of $31 million, according to the Center for Responsive Politics.

Their report says even Obama’s chiefs of staff are wealthier than he is -- at least according to publicly available records. Bill Daley, the current chief of staff, had a 2010 net worth of $28.7 million -- almost four times Obama’s own earnings -- while the one who held the position before Daley, Rahm Emanuel, had a 2010 net worth of $11.4 million.

Seth Cline, writing in the center’s OpenSecrets blog said Obama’s preferred bank is JPMorgan Chase, where he has a checking account of less than $15,000 and an asset management account worth between $200,000 and $500,000 in 2010.  Cline says the president has at least $200,000 invested in the Vanguard 500 index, “a mutual fund based on the performance of the Standard & Poor’s 500 index.”  He also has between $2.1 million and $10.2 million in Treasury bills and notes.

The Center’s report says Daley held 26 separate accounts at JP Morgan and “combined Clinton, Daley, Emanuel and Obama had JP Morgan accounts with an estimated average of $51.1 million in holdings.” Interesting, considering Obama's villifying of Wall Street "fat cats" and his sympathizing with the Occupy movement, which rails against banks.

Vice President Joe Biden, however, is not considered rich by those standards.

“Biden’s low estimated net worth is a result of relatively small income from assets and six liabilities which totaled an average of $337,000,” the center said.

Copyright 2011 ABC News Radio

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