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breaking news

Robbery suspect accused of assaulting elderly man

President Obama's assets worth up to $7 million


President Barack Obama and first lady Michelle Obama disclosed their assets from 2013, and, guess what? They're millionaires. 

Yes, the first couple reported somewhere between $1.95 million and $7.15 million in assets for the past year. The large difference is because they are only require to disclose values in broad ranges. (Via ABC)

Their largest holdings were U.S. Treasury notes, which are valued between $1 million and $5 million. But the Obamas also get a decent amount of royalties from the president's three books. 

His best-selling memoir, "Dreams From My Father," made between $50,000-$100,000 in royalties in 2013, while "The Audacity of Hope" made between $15,000-$50,000. "Of Thee I Sing: A Letter To My Daughters" made between $5,000 and $15,000, but much of the profits from that book are donated to charity. (Via Broadway Books / "Dreams From My Father," Crown/Three Rivers Press / "The Audacity of Hope," Alfred A. Knopf / "Of Thee I Sing: A Letter To My Daughters")

According to The New York Times, book sales have decreased steadily for the president each year he has been in office. 

But beyond the book royalties and, of course, the $400,000 salary that comes with the Oval Office, it seems the couple's finances reflect those of most families — even if they are the First Family.

The Obamas reported a mortgage on their Chicago home and college savings plans for Sasha and Malia. 

As for Vice President Biden, his total assets were reported between $275,000 and just under $1 million. One of his biggest listings is a rental property he owns with his wife, Jill. 

Press Secretary Jay Carney explained on The White House blog Thursday that, of course, the president and vice president must regularly disclose their financial holdings to be transparent about potential conflicts of interest. 



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