While Barack Obama has hammered on Mitt Romney for being a wealthy businessman out of touch with the middle class, the two do share something in common. According to financial disclosure reports released by the White House today, both men are millionaires.
One interesting thing about these reports is that they only require Barack and Michelle Obama to release the value of their assets as a wide range. For instance, the total value of the Obamas’ assets listed in the report is pegged at somewhere between $2.6 million and $8.3 million. Royalties from Barack Obama’s memoir “Dreams From My Father” are listed at somewhere between $100,000 and $1 million — a decline from the previous year’s proceeds, listed at between $1 million and $5 million.
Romney, by any estimate, dwarfs the president in net worth. According to his financial disclosure documents, his net worth is between $85 million and $264 million.
Another interesting fact from Obama’s report is the fact he has an account with JP Morgan Chase (NYSE:JPM), which has been in the news recently after a $2 billion trading loss. The account, with assets between $500,000 and $1 million, is an interest-bearing checking account. The account increased in size by at least $250,000 from the previous year.
For the complete disclosure forms from both President Obama and Vice President Joe Biden, check out this New York Times page.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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