VP Kamala Harris Net Worth, Her Investment Portfolio and How She Manages Her Finances

In a surprising turn of events, US President Joe Biden has announced his withdrawal from the presidential race, endorsing Vice President Kamala Harris as his successor. This move shifts the spotlight onto Harris and her husband, Doug Emhoff, who have both built substantial careers in public service and amassed significant wealth through a diverse portfolio of assets and investments. According to an analysis by The Wall Street Journal, based on the couple's tax returns, property records, and their 2023 annual financial disclosure filed in May 2024, their combined assets range between $3.6 million and $7.36 million.

Significant Retirement Savings

A substantial portion of Harris and Emhoff's wealth is tied to their retirement accounts. The couple has estimated assets between $1.79 million and $4.4 million in retirement savings, excluding Harris's pension benefits from her time in California's state and local government. Emhoff's two individual retirement accounts alone hold between $1.27 million and $3.19 million, while Harris's retirement accounts could be valued at over a million dollars. This is notably higher than the average American's retirement savings, which the US Federal Reserve estimates to be over $537,000 for those aged 55 to 64.

In addition to their retirement accounts, Harris and Emhoff have significant cash reserves spread across four bank accounts, with estimates ranging from $850,000 to $1.7 million. Their investment strategy leans towards caution, favouring low-cost index funds, target-date funds, and bonds with exposure to emerging markets. This diversified approach sees nearly 50% of their wealth in stocks, about 33% in cash, and the remainder in bonds.

Multiple Income Streams

Despite their significant assets, Harris and Emhoff maintain multiple income streams. Last year, the couple earned a total of $450,299. Harris's wages as vice president amounted to $218,784, while Emhoff earned $174,994 as a visiting professor at Georgetown University Law Center. This is a significant decrease from Emhoff's previous earnings of over $1.2 million in 2020 as a partner at the corporate law firm DLA Piper.

Additionally, they earned $50,603 in taxable interest income from their investments and bank account balances. Harris also received $6,000 in royalties from her books, which she published in 2019, generating an estimated profit of $749,484 since 2020. Furthermore, Harris will be eligible for an estimated monthly pension of $3,981 from a California pension plan when she turns 60 this October. She also has another pension from the San Francisco Employees' Retirement System, valued between $250,001 and $500,000.

Real Estate Investments

Property records indicate that Harris and Emhoff own a 3,500-square-foot home in the Brentwood area of Los Angeles. Emhoff bought the house in 2012 for nearly $2.7 million, which was later transferred to the couple's family trust. Zillow currently values the property at $5 million.

The couple has also strategically taken advantage of historically low mortgage rates. In 2020, they refinanced their home with a $2 million, 2.625% seven-year adjustable-rate mortgage (ARM) from Wells Fargo. This replaced a similar ARM they had taken out in 2016. Mortgage broker Gordon Miller notes that affluent individuals often refinance ARMs at the same rate before the loan resets to extend the loan term. ARMs generally offer lower rates than 30-year fixed mortgages in the initial years.

Disciplined Investment Strategy

Harris and Emhoff's investment strategy emphasises risk management and stability. Their portfolio includes small and mid-cap funds, but they have also diversified into tangible assets and fixed-income instruments to ensure steady growth and passive income. Their financial decisions, such as refinancing their home at a low mortgage rate, leveraging tax benefits through retirement accounts, and monetising projects like book authorship, reflect a disciplined approach to achieving their financial goals. It also provides a stable foundation as Harris steps into the potential role of President of the United States.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.