A new estimate of former President Barack Obama and his wife Michelle Obama‘s net worth has some folks pretty upset, as they look the other way while Trump allegedly uses the presidency to make money.
The Obama family came from humble beginning, but now the ex-president and first lady are worth about $40 million—30 times more than when they entered the White House in 2008, the Business Insider reported.
However, there’s no truth to that view.
Obama, raised by a single mother and his grandparents, worked his way through college. By 2004, he earned a salary of $60,287 from the Illinois State Senate and $32,144 as a law professor at the University of Chicago, according to Time. By 2005, the future president and his wife had “barely finished” paying off their student loans.
Yet, the Obamas donated more than $1 million while they were in the White House, Forbes reported, most of it to support charities that help children. In 2017, after leaving office, the couple donated $2 million to summer jobs programs in Chicago, among other significant contributions.
Where did their money come from? The Obama’s net worth was pegged at $20 million, from the time Obama became a U.S. senator in 2005 to the end of his presidency. That wealth came from the former president’s salary, book royalties and investments, according to Forbes.
Since leaving the White House, the Obamas have increased their wealth from lucrative speaking engagements and book deals, as well as signing a production deal with Netflix.
Meanwhile, the New York Attorney General’s office filed a lawsuit in June against Trump, who was born with a silver spoon in his mouth, and the Donald J. Trump foundation for multiple violations as a charitable nonprofit. At the same time, Trump faces lawsuits that accuse him of unconstitutionally using his office as president to make money.
Happy Birthday, Barack Obama: Photos That Will Make You Miss Your Favorite President
1. Barack Gives Daughter Malia a KissSource:Getty 1 of 29
2. Michelle and Barack tell the kids a storySource:Getty 2 of 29
3. Michelle and Barack KissSource:Getty 3 of 29
4. Michelle and BarackSource:Getty 4 of 29
5. First Family PortraitSource:Getty 5 of 29
6. Two TermsSource:Getty 6 of 29
7. Michelle and Barack host a State DinnerSource:Getty 7 of 29
8. Barack Obama and Michelle ObamaSource:Getty 8 of 29
9. Sunday ChurchSource:Getty 9 of 29
10. Barack Obama and his daughter Malia ObamaSource:Getty 10 of 29
11. A Family AffairSource:Getty 11 of 29
12. Flashback To The Old DaysSource:Pete Souza 12 of 29
13. Happy Birthday!Source:Getty 13 of 29
14. Candidly AwesomeSource:Pete Souza 14 of 29
15. Historic First FamilySource:Getty 15 of 29
16. Ice Cream TreatSource:Getty 16 of 29
17. TV TimeSource:Pete Souza 17 of 29
18. Hawaii Trip!Source:Getty 18 of 29
19. Obama Loves Team USA & His WifeSource:Getty 19 of 29
20. Reading TimeSource:Pete Souza 20 of 29
21. Family SupportSource:Getty 21 of 29
22. Supporting MomSource:Pete Souza 22 of 29
23. Giving Back On MLK DaySource:Getty 23 of 29
24. Obamas Give Back To The CommunitySource:Getty 24 of 29
25. Always Supporting Small BusinessesSource:Getty 25 of 29
26. Obama SwaggerSource:Getty 26 of 29
27. Laughs & TurkeysSource:Getty 27 of 29
28. Christmas With The ObamasSource:Getty 28 of 29
29. 50th Anniversary Of March On SelmaSource:Pete Souza 29 of 29
Haters Can’t Stand That President Obama’s Wealth Multiplies After Leaving The White House was originally published on newsone.com