Everybody running for president is rich

Joe Biden, man of the people, made a few bucks recently. He and his wife Jill pulled down $15.5 million during the last two years, many multiples of Biden’s income during the eight years he was the lowly vice president.

The latest presidential sweepstakes entrant, financier Tom Steyer, is so wealthy he’s willing to spend $100 million of his own money on a presidential campaign. Steyer is a former hedge fund manager worth $3.1 billion, according to Bloomberg—roughly the same net worth as President Donald Trump.

Of the top five Democrats in the 2020 presidential race, three—Biden, Kamala Harris and Elizabeth Warren—have family income that puts them in the top 1% of earners. Even socialist Bernie Sanders is a 5-percenter, with 2018 income of $566,000. Only Pete Buttigieg, who’s polling at No. 5 in the race, is unrich. His family income was $153,000 last year, and he and husband Chasten are paying off $130,000 in student loans.

Are wealthy candidates a problem? Not necessarily. Biden and Sanders got wealthy late in life, after decades of public service for modest pay. Warren has been a Harvard professor and bestselling author who has championed the middle class in her books for years. Harris is a lifetime prosecutor whose husband, a lawyer, earns the majority of the family income. And Trump himself proves a billionaire can resonate with (some) ordinary people.

Source: Yahoo Finance

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