Posted on 01/09/2012 1:49:17 PM PST by SeekAndFind
(This post originally ran in May 2010. We've updated it to include the net worth of the leading Republican presidential candidates).
24/7 Wall St. has examined the finances of all forty-three presidents. This article provides net worth figures for each in 2010 dollars. Because a number of presidents, particularly in the early 19th Century, made and lost huge fortunes in a matter of a few years, the number for each man is based on his net worth at its peak.
In the case of each president we have taken into account hard assets like land, estimated lifetime savings based on work history, inheritance, homes, and money paid for services, which include things as diverse as their salary as Collector of Customs at the Port of New York to membership on Fortune 500 boards. Royalties on books have also been taken into account, along with ownership of companies and yields from family estates.
The net worth of the presidents varies widely. George Washington was worth over half a billion in today’s dollars. Several presidents went bankrupt.
The fortunes of American presidents are tied to the economy in the eras in which they lived. For the first 75 years after Washington’s election, presidents generally made money on land, crops, and commodity speculation. A president who owned hundreds or thousands of acres could lose most or all of his property after a few years of poor crop yields. Wealthy Americans occasionally lost all of their money through land speculation—leveraging the value of one piece of land to buy additional property. Since there was no reliable national banking system and almost no liquidity in the value of private companies, land was the asset likely to provide the greatest yield, if the property yielded enough to support the costs of operating the farm or plantation.
(Excerpt) Read more at businessinsider.com ...
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George Washington (1789-1797): $525 Million Net Worth
His Virginia plantation, “Mount Vernon,” consisted of five separate farms on 8,000 acres of prime farmland, run by over 300 slaves. His wife, Martha Washington, inherited significant property from her father. Washington made significantly more than subsequent presidents: his salary was two percent of the total U.S. budget in 1789
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Thomas Jefferson (1801-1809): $212 Million Net Worth
Jefferson was left 3,000 acres and several dozen slaves by his father. “Monticello,” his home on a 5,000 acre plantation in Virginia, was one of the architectural wonders of its time. He made significant money in various political positions before becoming president, but was mired in debt towards the end of his life
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Abraham Lincoln (1861-1865): Less Than $1 Million Net Worth
To the log cabin born. Lincoln served as an attorney for 17 years before his presidency. He owned a single-family home in Springfield, Illinois
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John Fitzgerald Kennedy (1961-1963): Kennedy Estate Worth Nearly $1 Billion
Born into great wealth, Kennedy’s wife was oil heiress. His Father was one of the wealthiest men in America, and was the first chairman of the SEC. Almost all of JFK’s income and property came from trust shared with other family members
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Ronald Wilson Reagan, 1981-89: $13 Million
Reagan had no inheritance, but his first wife, an actress, had her own money. He was a movie and television actor for over two decades. “The Gipper” owned several pieces of real estate over his lifetime, including 688-acre property near Santa Barbara, California. Reagan was highly paid for his autobiography and as a GE spokesman
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Barack Hussein Obama (2008-present): $5 Million Net Worth
Obama is the grandson of a goat herder. He is a former constitutional law professor and civil rights attorney. Book royalties constitute most of Obama’s net worth
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Republican presidential candidates: $217 – $335 Combined Net Worth
Mitt Romney: $190 million – $250 million estimated net worth
Jon Huntsman: $16 million – $71 million estimated net worth
Newt Gingrich: at least $6.7 million estimated net worth
Ron Paul: $2.25 million – $5 million estimated net worth
Rick Perry: at least $1.1 million estimated net worth
Rick Santorum: $880,000 – $1.9 million estimated net worth
Where does all the unused fund raising money go if 0 doesn’t use it all?
I am surprised Huntsman is worth more than Newt.
Obama is the grandson of a goat herder
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And, Obama carries on the family tradition (sort of) as a sheeple herder.
Huntsman can thank all those millions of McDonalds Big Mac containers for his worth.
wow, I’m worth more than he is!
What percent of Newt’s estimated net worth did he spend on jewelry recently? Something wierd is going on if these figures are correct.
What I would like to see is a list of what these so called politicians were worth the first time they won an election to Congress.
Fascinating that Herbert Hoover was wealthier than FDR.
Barack Hussein Obama (2008-present): $5 Million Net Worth
I cannot believe he is worth 5 million which I do not care...good for him. However, he spent what would be 80 percent of his worth on one vacation. That to me is what is staggering.
I love that Santorum is like us basically less than a million but enough to live nicely. Aren’t we done with these fat cats who have been President. I want someone who can relate to us and that is Santorum. Let our nominee have less than a million net worth and see how that plays out. It might be the best decision we ever made.
RE: he spent what would be 80 percent of his worth on one vacation. That to me is what is staggering.
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HE SPENT?
How about WE SPENT... (whether we liked it or not)
Washington worth $525 million ?
A farmer with 300 manual laborers today would be worth $525 million ?
Keep dreamin’.
Hokey numbers.
Far from just a farmer, he was also the top distiller of liquor in the nation.
Let’s equate that to Brown-Forman, the Louisville-based distiller of Jack Daniel’s and many other brands.
Brown-Forman has roughly $3.5 billion in annual sales and about 3,871 employees worldwide. It has a market value of over $11 billion, but for argument’s sake let’s assume the book value of the operation, about $2.06 billion.
If a person today owned a distilling business worth $500 million in terms of book value, that would mean it was 24.27% the size of Brown-Forman in terms of book value. If I apply the 24.27% to employees and sales of Brown-Forman, I get 940 employees and $826,213,592 in Sales. In 1790 dollars (using a 1.47% inflation from that time until now) the Sales of Washington’s distillery would have been $30,852,866 and it would be produced by those 940 employees.
In truth, Washington employed nowhere near 940 employees in distilling and had nowhere near $30 million in annual whiskey sales.
Now, if we use the generous market cap valuation of $11.11534 billion of Brown-Forman based on the current market price of it’s stock, that still brings us to $5,717,945 in annual sales in 1790 dollars, produced by 174 employees for Washington’s distilling business. These numbers still are not born out by the facts and are actually preposterously high overestimates.
Some history on Washington’s distilling operation is available on the website of the Distilled Spirits Council of the United States, or DISCUS, representing America’s leading distillers and nearly 70% of all distilled spirits brands sold in this country today.
The following text is from their website, discus.org, where they have some history on Washington’s distilling operation. Bearing in mind that President Washington died in 1799, I don’t think the value of his distilling business would have been anywhere near $500 million in today’s dollars; more likely $500,000 or perhaps up to several million on the high side.
The link...
http://www.discus.org/heritage/distillery_faq.asp
Excerpt...
{
GEORGE WASHINGTON’S DISTILLERY FAQS
HISTORICAL TIMELINE
When did George Washington begin distilling?
George Washington’s Scottish farm manager James Anderson and his son John began distilling in February 1797, just before Washington retired from the presidency. Two stills were set up in the coopers’ shop. By June this venture was so successful that the elder Anderson lobbied Washington to expand the operation and build a large still house. This building housed five stills and distilling began in March 1798.
When was the Distillery built?
The distillery was constructed between October 1797 and March 1798.
How long did the distillery operate?
The Andersons continued to operate the Distillery between George Washington’s death in December 1799 and Martha Washington’s death in 1802. At this time, the Distillery and Gristmill were inherited by Washington’s nephew Lawrence Lewis, and the Andersons moved away. Lewis leased the Distillery rather than manage it himself. The last record of whiskey production was in 1808 when an Alexandria merchant by the name of James Douglass advertised whiskey made at this Distillery.
What happened to the building?
The Distillery burned in the fall of 1814. We know nothing more about the fire. Lewis did receive a small insurance payment.
The Structure
Was George Washington’s Distillery particularly large?
Washington’s Distillery was the largest whiskey distillery in the country during the 18th century. It measured 75 x 30 feet (2,250 square feet) while the average distillery was about 20 x 40 feet (800 square feet).
Washington’s Distillery operated five copper pot stills for 12 months a year. The average distillery used one or two stills and distilled for one month. In 1799, Washington’s Distillery produced almost 11,000 gallons of whiskey, valued at $7,500 (approximately $120,000 today). The average Virginia distillery produced about 650 gallons of whiskey per year which was valued at about $460.
How many stills were operated and how big were they?
The Distillery had five copper pot stills that held a total capacity of 616 gallons. We know that the three stills made by George McMunn, an Alexandria coppersmith, were 120, 116, and 110 gallons. We do not know how the remaining 270 gallons were divided between the final two stills.
How many mash tubs did Washington’s Distillery have?
Fifty mash tubs were located at Washington’s Distillery in 1799. We think only about half were used at a time to mash or cook grain. These tubs were large 120-gallon barrels made of oak. In Washington’s day, cooking the grain and fermenting the mash all happened in the same container. The boiler, where the hot water would have come from, held 210 gallons.
The Operation
Who did the distilling?
James Anderson learned about distilling whiskey in Scotland, where he supplied distilleries with grain from his farm. He was able to convince Washington to distill, and he served as the “master distiller.” His son John lived at the Distillery and managed the daily operation. John had a hired assistant who also lived at the Distillery. The bulk of the labor was performed by six enslaved distillers, Hanson, Peter, Nat, Daniel, James and Timothy.
What was distilled at Washington’s Distillery?
A variety of whiskey, brandy and vinegar were distilled. The most common beverage was whiskey made from 60% rye, 35% corn and 5% malted barley. This rye whiskey was distilled twice and sold as common whiskey. Smaller amounts were distilled up to four times and were more expensive. Some whiskey was also rectified (filtered to remove impurities) or flavored with cinnamon. Wheat was also distilled when rye was scarce. Lesser amounts of apple, peach and persimmon brandies were made.
Was Washington’s whiskey aged?
No, during the 1790s whiskey typically was not aged. The storage area was for stocking whiskey until customers purchased it.
Was Washington’s whiskey essentially moonshine?
No, by definition moonshine is illicit, and often of poor quality. Washington’s whiskey was legal and was of very high quality for the day. It did resemble moonshine in that it was unaged and therefore colorless.
Was Washington’s whiskey bottled?
No, bottles and brands were not used until the late 1800s. In Washington’s day the whiskey was stored and transported in wooden barrels of various sizes. The common whiskey barrel was about 31 gallons.
Who purchased Washington’s whiskey?
His best customer was his close friend George Gilpin. Gilpin owned a store in Alexandria where he sold the whiskey. Other Alexandria merchants also bought large quantities to resell. Local farmers purchased or traded grain for whiskey. Many of the people who worked at Mount Vernon also purchased whiskey.
How much did the whiskey cost?
The common whiskey cost about .50 per gallon. The rectified and fourth distilled whiskey was about $1.00 a gallon, and brandy was a little more. Consumers would pay in cash or sometimes barter goods.
Did Washington’s livestock increase with the Distillery?
Yes. Slop, or distilled grain, is a valuable source of food for both pigs and cows. Washington was able to increase his holdings of both these animals with the Distillery. In 1799, there were 150 pigs and 30 cows living at the Distillery eating slop.
Were distilleries common?
Yes, during the 1790s and early 1800s there were hundreds of distilleries in the United States. In 1810 the federal census recorded more than 3600 distilleries operating in Virginia alone.
George Washington and Whiskey
Did George Washington drink alcohol?
Alcohol played a large role in the lives of most people in the 1700s. It was drunk during social occasions, and used medicinally and as a trading commodity. George Washington held an enlightened, modern attitude toward the consumption of alcohol. He enjoyed a variety of beverages, his favorite being sweet fortified wines like Madeira and Port. He also drank rum punch, porter, and whiskey. He was well aware of the dangers of drinking alcohol to excess and was a strong proponent of moderation.
Did George Washington drink his whiskey?
We do not know, but upon Washington’s death a variety of products were stored in the basement of the Mansion, presumably for use by the Washington family. These included plain whiskey, cinnamon whiskey, apple, peach and persimmon brandy, and rectified apple brandy.
We do know that Washington proposed to drink whiskey in 1794 during the Whiskey Rebellion. At that time one of his aides wrote, “As the President will be going ... into the Country of Whiskey [Pennsylvania] he proposes to make use of that liquor for his drink.”
Did George Washington pay his whiskey tax?
Yes. In the 1790s federal excise tax was collected from distilleries based upon the capacity of the still and the number of months it distilled. In 1798, Washington paid a tax of $332 on stills totaling 616 gallons operating for 12 months.
}
Though he was a relatively wealthy man in his day, to so radically overstate his net worth, IMHO, plays into the hands of the left-wing and their narrative that the founding fathers were wealthy, greedy, etc., men who “concocted” the whole nation of America for their own personal gain, they being a few rich white men. And nothing could be farther from the truth if we read original source documents from that time.
Some of these explanations are funny. JFK’s father was one of the wealthiest men in the country because he was a bootlegger during Prohibition. And, playing insider games, made even more wealth through the SEC. Jackie’s bio father was not all that wealthy, but was a high society bon vivante; her mother left him for the more reliable and truly wealthy Auchinchloss. Both were Wall Street types. I’m not sure where the ‘oil heiress’ came from.
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