How becoming the President of America is the gateway to a fortune

February 23rd, 2011 - 1:08 pm ICT by ANI  

Barack Obama London, Feb 23 (ANI): A survey by Wall Street has revealed that becoming the American President means joining an exclusive club - of the rich.

Of the 43 holders of the office, 34 have been millionaires or better, and while some made their fortunes after leaving political office, but others were born into vast wealth.

The analysis also revealed that US President Barack Obama is a pauper compared with some of his predecessors, reports the Daily Mail.

With a net worth of 3million pound, much of Obama’s fortune comes from the books he has written, much like Bill Clinton, who has amassed a 23.5million pound fortune since leaving the White House, much of it through books and speaking engagements.

Exactly opposite is the case of Abraham Lincoln, who was in office from 1861-1865, was born in a log cabin and was worth less than 600,000 pound.

In the second half of the 19th century, presidents came largely from the middle classes and leaders such as Lincoln, Ulysses Grant (1869-1877) and Rutherford Hayes (1877-1881) had little net worth.

But the rise of inherited wealth in the 20th century meant already-rich presidents, and the stigma of making money after retiring from the White House also evaporated.

Gerald Ford (1974-1977) had little money as president but made a 4.3million pound fortune from serving on company boards. Richard Nixon (1969-1974) built a 9.3million pound empire, partly as a result of book advances and payment for his interviews with David Frost.

The TV and film career of Ronald Reagan (1981-1989) helped his finances to reach 8million pounds.

George W Bush (2001-2009) was born into wealth, but made his own money in the oil business and by selling the Texas Rangers baseball team. His fortune was set at 12.3million pounds. (ANI)

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