ALBAWABA – Throughout history, many presidents of the United States held power without great wealth. Harry Truman, known to be the poorest US president, led a humble life, but he was not alone.
The poorest US presidents in history
24/7 Wall St., an independent financial news and opinion website focused on the US and global equity markets, published a study that examined real estate holdings, salaries, inheritances, and book royalties to identify the poorest presidents in US history.
1. Harry S. Truman
Harry S. Truman, the 33rd president of the US, served from 1945 to 1953, and was the poorest president in US history. Truman was a member of the Democratic Party; he served as a United States senator from Missouri from 1935 to 1945 and briefly in 1945 as the 34th vice president of the United States under Franklin D. Roosevelt.
Truman held various occupations throughout his life, including farmer, soldier, and shop owner. He faced significant financial difficulties for much of his life, starting as a farmer in Missouri, serving as a soldier in World War I, and later opened a clothing store after leaving the military.
Truman's income was approximately amounted to $1,350 per year, equivalent to about $13,800 in today’s dollars after adjusting for inflation.
2. Calvin Coolidge
Calvin Coolidge, the 30th president of the United States, served from 1923 to 1929. A Republican lawyer from Massachusetts, he previously served as the 29th vice president from 1921 to 1923 and as the 48th governor of Massachusetts from 1919 to 1921.
President Calvin Coolidge and Mother Jones. (Shutterstock)
Coolidge held various occupations as well including a lawyer, politician, author, and columnist. The 30th president of America was not wealthy although he imposed tax cuts and laissez-faire method, a type of economic system in which transactions between private groups of people are free from any form of economic interventionism.
3. James A. Garfield
James A. Garfield, the 20th president of the United States, served from 1881 until his assassination in September of that year and comes next on the US poorest presidents' list.
The third poorest US president held multiple occupations including college president, army officer, and US congressman. During his time as a congressman, he earned between $5,000 and $7,500 per year, which is equivalent to approximately $112,000 to $168,000 in today’s dollars after adjusting for inflation.
1880 Republican campaign poster with portraits of James A. Garfield, Republican candidate for president, and Chester A. Arthur for vice president. (Shutterstock)
4. Woodrow Wilson
Woodrow Wilson, an American politician and academic who served as the 28th president of the United States from 1913 to 1921, was a member of the Democratic Party. Wilson served as the president of Princeton University and as the governor of New Jersey before winning the 1912 presidential election.
In addition to being the 28th US president, Wilson served as a lawyer, professor, university president, and governor of New Jersey.
Wilson taught at Princeton University where he earned nearly $6,500 annually, or about $187,000 in today’s adjustments.
5. Chester A. Arthur
Chester A. Arthur was the 21st president of the United States. He served from 1881 to 1885 and was a Republican lawyer from New York who previously served as the 20th vice president under President James A. Garfield.
Arthur was originally a teacher, lawyer, quartermaster general, and customs official. He was not a wealthy president, he earned approximately $30,000 during his time in Congress.
Nowadays, US presidents earn $400,000 monthly salary, this amount is about ten times what a typical American worker earns.
