From The Atlantic, an interesting analysis. It’s difficult to fathom the notion of a US President being either poor or bankrupt. Especially given how they all have to be well off nowadays.
The rise of inherited wealth in the early 20th Century contributed to the fortunes of many presidents, including Theodore Roosevelt, Franklin D. Roosevelt, John F. Kennedy, and both of the Bushes. The other significant change to the economy was the advent of large professionally organized corporations. These corporations produced much of the oil, mining, financial, and railroad fortunes amassed at the end of the 19th Century and the beginning of the 20th. The Kennedys were wealthy because of the financial empire built by Joseph Kennedy. Herbert Hoover made millions of dollars as the owner of mining companies.
The stigma of making money from being a retired president also began to disappear. Calvin Coolidge made a large income from his newspaper column. Gerald Ford, who had almost no money when he was a Congressman made a small fortune from serving on the boards of large companies. Clinton made millions of dollars from writing his autobiography.
We analyzed presidential finances based on historical sources. Most media evaluations of the net worth of presidents have come up with a very wide range, a spread in which the highest figure was often several times the lowest estimate. Most sources provided no hard figures at all. Most of these efforts have focused largely on the analysis of recent chief executives. That is because it is much easier to calculate figures in a world where assets and incomes are a matter of public record.
One of the most important conclusions of this analysis is that the presidency has little to do with wealth. Several brought huge net worths to the job. Many lost most of their fortunes after leaving office. Some never had any money at all.
The figures are all adjusted for inflation and fairly surprising. Many of the presidents, including the contemporary ones, weren’t as wealthy as I’d assume.