The presidency of the United States is a powerful position. However, it doesn’t always mean great wealth. Some presidents faced hard times earlier in life. Many prospered financially before and after their presidencies, but some never had a large income. 24/7 Wall St. examined sources like real estate holdings, salaries, inheritances, and book royalties to determine each commander-in-chief’s personal wealth. The following are the poorest U.S. presidents by peak net worth during their lifetime. ‘Poor’ is relative. None had a net worth over $1 million in present dollars. Key Takeaways: According to 24/7 Wall St., Harry Truman was the poorest U.S. president. He wasn’t extremely wealthy but had a solid paycheck during and after the presidency. James Garfield grew up in relative poverty. The Former Presidents Act from the late 1950s provides a federal pension and perks for former presidents, ensuring a comfortable retirement. The president’s $400,000 salary is much higher than the average U.S. salary. George Washington’s presidential salary was $25,000, equivalent to $777,000 today. The Poorest Presidents: 5. Chester Arthur. Term: 1881 to 1885. Other Occupations: Teacher, lawyer, quartermaster general, customs official. Chester A. Arthur trained as a lawyer but spent most of his adult life in the public sector. The son of an Irish immigrant, he grew up in Vermont and New York. He graduated from Union College and became a schoolteacher. Later, he was admitted to the bar and worked as a lawyer in New York City, interrupted by his service as a quartermaster during the Civil War. After the war, he became collector of the New York Customs House. In 1880, James Garfield chose Arthur as his vice president. Arthur became president when Garfield was assassinated. Though not wealthy, Arthur enjoyed fine things like impeccably tailored suits. Before moving into the White House, he got $30,000 from Congress to have Louis Comfort Tiffany furnish the executive mansion.
Woodrow Wilson, the 28th president of the United States, was not exactly poor but came from modest beginnings. He spent much of his career in academia. Born in Staunton, Virginia, Wilson earned a law degree from the University of Virginia and later a Ph.D. in political science from Johns Hopkins University. Wilson was the only U.S. president with a doctoral degree.
He taught at Princeton, earning the highest salary on its faculty, and later served as its president from 1902 to 1910. Wilson briefly served as the Democratic governor of New Jersey before becoming president in 1912. His tenure was marked by a progressive view of military force and racial prejudice, notably the segregation of several federal offices.
James A. Garfield, the 20th president, was born into poverty in Ohio. He worked various odd jobs to get through college and became a college president before being elected to the Ohio state legislature. Garfield was a major general in the Civil War and served eight terms as a U.S. congressman. His term as president was cut short by an assassination six months into his term.
Calvin Coolidge, the 30th president, was known for his tax cuts and laissez-faire business approach, which some argue increased income inequality. Coolidge himself was not wealthy. He grew up in Plymouth Notch, Vermont, where his father ran a general store. Coolidge’s mother died when he was 12.
Calvin Coolidge, known as ‘Silent Cal,’ had a humble beginning. He studied at Amherst College and later passed the bar exam in 1898. For nearly two decades, Coolidge ran a modest law practice in Northampton, Massachusetts, focusing on wills, bankruptcies, and real estate transactions.
Appointed as the Northampton city solicitor in 1900, Coolidge’s political career began to rise steadily, eventually leading to his Massachusetts governorship in 1918. He was later chosen as Warren Harding’s vice president and unexpectedly became president in 1923 after Harding’s death. Coolidge’s pro-business policies brought prosperity to the nation during the Jazz Age.
After his presidency, Coolidge continued to earn a respectable income from writing a magazine column and his autobiography.
Harry S. Truman, the 33rd president, faced financial challenges throughout his life. Raised in rural Missouri, he worked as a farmer in his early adulthood. After military service in World War I, Truman opened a men’s clothing store that struggled, nearly leading to bankruptcy.
Truman’s career then shifted to the public sector, where he served as a county judge and later as a U.S. senator. He became famous for investigating waste and abuse in defense contracts. Truman became vice president under Franklin D. Roosevelt in January 1945 and assumed the presidency after Roosevelt’s death.
Post-presidency, Truman and his wife returned to Missouri, where he reportedly lived a modest life. However, he earned a small pension from his Army service and famously turned down high-paying corporate jobs. Truman later signed the rights to his memoir for $600,000 in the mid-1950s, a significant sum in today’s dollars.
Presidents earn a modest salary of $400,000 while in office, which is about 10 times the average American worker’s income but far less than top executives at Fortune 500 companies.
Often, it is after the presidency that former presidents capitalize on their unique status, often through high-paying speaking engagements and book deals. For example, Bill Clinton earned $15 million for his memoir ‘My Life,’ and George W. Bush earned around $10 million for ‘Decision Points.’
While the concept of a ‘poor’ U.S. president seems unlikely given their substantial salaries and benefits, history has seen a few who faced financial challenges.
Harry Truman, often regarded as the poorest U.S. president, had a significant financial setback after World War I when he opened a men’s clothing store that left him deeply in debt.20 Additionally, he declined high-paying corporate jobs following his presidency.22
The financial struggles of Truman led to the establishment of the Former Presidents Act in 1958, which now provides former presidents with an annual pension of approximately $219,000.28
Despite growing up in humble conditions, most presidents did not end their terms in poverty. They enjoyed respectable salaries while in office and often found ways to profit from their experiences afterward. For instance, Barack and Michelle Obama signed a joint book deal worth an estimated $65 million after leaving the White House.27
Former presidents also receive free office space, a modest staff with a budget of up to $150,000 for their first 30 months outside the White House, lifetime Secret Service protection, and an allowance for widows of $20,000 a year.28
Comparatively, the current presidential salary of $400,000 is significantly higher than the nation’s median net compensation of $43,222.81 in 2023.29 This disparity is further highlighted when considering the intersection of labor and race, with the presidential salary being about 9 times the median earnings of Black and Latinx workers.29
Historically, presidents like George Washington earned a salary of $25,000, equivalent to around $777,000 in today’s dollars.31 While Theodore Roosevelt’s annual salary was $50,000 when he took office in 1901, which would be nearly $161,000 today.31
Throughout history, several U.S. presidents have faced financial hardships. From the early poverty of James A. Garfield to the business failures of Harry Truman, these leaders experienced economic struggles.
Despite their initial financial setbacks, most presidents managed to improve their financial situation as they ascended in the political hierarchy. Upon reaching the White House, they earned a salary significantly higher than the average American.