Humanities › Issues Do You Have to Be Rich to Be President? Net Worth of Modern American Presidents is in the Millions Share Flipboard Email Print George W. Bush was worth more than $10 million when he was elected president in 2000. Getty Images News Issues The U. S. Government History & Major Milestones U.S. Constitution & Bill of Rights U.S. Legal System U.S. Political System Income Tax & The IRS Defense & Security Consumer Awareness Campaigns & Elections Business & Finance U.S. Foreign Policy U.S. Liberal Politics U.S. Conservative Politics Women's Issues Civil Liberties The Middle East Terrorism Race Relations Immigration Crime & Punishment Animal Rights Canadian Government View More By Tom Murse Tom Murse is a former political reporter and current Managing Editor of daily paper "LNP," and weekly political paper "The Caucus," both published by LNP Media in Lancaster, Pennsylvania. our editorial process Tom Murse Updated July 03, 2019 If you want to be president, you don't have to have a college degree or even be born on American soil. You've only got to be 35-years-old and a "natural-born" citizen of the United States. Oh, yeah: You also need to have money. Lots of money. Related Story: Who Was the Poorest U.S. President? No, that's not spelled out in the U.S. Constitution's requirements to be president. But it's become a fact of American political life. Almost every modern president has been a millionaire at the time he was elected to the White House. Why Money Matters Why do you have to be rich to be president? You need money to raise money, first. You need money to be able to take time off work to campaign, second. And you need money to taken seriously, third. Related Story: What is a Country Club Republican? Larry Sabato, the director of the University of Virginia's Center for Politics, told National Public Radio's the protojournalist in 2013: "Wealth has always been a major qualifying factor for the presidency. It gives you access to the other rich people who fund campaigns, the status to seek high office, the extra time necessary for an all-consuming quest, and freedom from the everyday concerns that keep most people occupied. Thus has it always been, thus ever will it be." Wealth of 5 Modern Presidents Here's a look at five modern presidents and their net worth at the time of their election. Barack Obama — The Democratic former U.S. senator was worth an estimated $3,665,505 at the time of his election in 2008, according to the Center for Responsive Politics, a nonpartisan Washington, D.C., watchdog group. Obama listed assets worth between $1,416,010 and $5,915,000 in his personal financial disclosure for that year. George W. Bush — The Republican former Texas governor, who started his own oil company and owned a major league baseball team, was worth an estimated $11 million to $29 million at the time of his election in 2000, according to The New York Times. The newspaper noted that Bush's assets made him one of the wealthiest presidents in decades.Bill Clinton — The Democratic former Arkansas governor estimated his and eventual First Lady Hillary Clinton's net worth at $700,000 when he was elected in 1992. Clinton later told NBC’s Meet the Press that: "I think I had the lowest net worth of any American president in the 20th century when I took office." George H.W. Bush — The Republican vice president and former oilman was worth $2.1 million when he was elected in 1988. As The New York Times noted: "Because of Vice President Bush's bearing, his privileged upbringing and his years in the oil business in Texas, he is often perceived as a man of great wealth." Ronald Reagan — The Republican former Hollywood actor was worth $4 million when he was elected to the White House in 1980. Wealth of 2016 Presidential Candidates It appears the trend of electing millionaire presidents will continue in the 2016 election. Each of the candidates and likely candidates for 2016 is worth at least $1 million and likely much more, according to personal financial disclosures. Related Story: A Guide to Money in Politics For example: Hillary Clinton, a former U.S. senator and secretary of State under President Barack Obama, is worth at least $5.2 million. Ted Cruz, a Republican U.S. senator from Texas who announced his candidacy in March 2015, is worth an estimated $3.2 million.Jeb Bush, a former Florida governor and next in line in the Bush political dynasty, is believed to be worth at least $1.3 million and likely much more.