After the Obamas leave the White House, they are expected to make a fortune just for writing a few books.
According to The New York Times, estimates put both Michelle and Barack Obama post-White House book deals bringing between $20 million and $45 million. “More than enough to pay the estimated $22,000 monthly rent for the nine-bedroom home they will occupy in the Kalorama neighborhood of Washington and foot the bill for flights on private jets. (Mr. Obama has said he would like to avoid commercial flights once he surrenders Air Force One),” the report states.
Top literary agents have pegged Obama as “easily the most valuable presidential memoir ever” and Mrs. Obama as “the most valuable first lady memoir in history.”
On the other hand, the publishers writing out the checks estimate a little lower: $10 million to $12 million. That’s what Obama made selling over four million copies of his three books Dreams From My Father, The Audacity of Hope, and Of Thee I Sing. The NYT asked the White House and Obama’s former book agent about potential future contracts and both declined to answer.
From the report:
Mr. Obama may be the most successful presidential author since Theodore Roosevelt, who wrote 42 books, including the popular “Hunting Trips of a Ranchman,” published in 1885, and “The Wilderness Hunter,” published in 1893. But every winning presidential candidate since 1952 has written at least one book before entering the White House. John F. Kennedy was a success with “Profiles in Courage,” a best seller that won a Pulitzer Prize. Kennedy’s authorship of the book has since been questioned.
And why stop at just books? Here is what former presidents have earned after leaving office through speeches, another potential income stream for the Obamas:
Ronald Reagan earned $2 million for eight days of speeches in Japan. Bill and Hillary Clinton earned $153 million between 2001 and 2015 from paid speeches, CNN estimated, and George W. Bush has quietly earned tens of millions himself.
When Hillary Clinton left the White House after being first lady for eight years, she profited $8 million from her book Living History.
In 2004, Obama’s contract with Crown publishing was near $2 million. Experts believe he will write his memoir in two parts; one for each term. This will ensure maximum money potential as his appeal worldwide as the first black American president will be a selling point internationally and would be something future generations will continue purchasing.
Not bad for someone who touted his connection with America’s common man.