Former president George H.W. Bush died on Friday, Nov. 30.
The former president’s net worth was as much as $25 million at the time of his death.
Bush’s wealth mostly comes from the oil industry.
George H.W. Bush, the 41st president of the United States of America, passed away the evening of Friday, Nov. 30, at age 94. This is the second member of the Bush dynasty lost this year — the other was Bush’s wife Barbara, who died in April 2018.
In addition to his presidential past, the elder Bush also leaves behind a substantial financial legacy. Keep reading to find out the former president’s net worth, and how he made his millions.
George H.W. Bush Net Worth: $25M
“And I do not mistrust the future. I do not fear what is ahead. For our problems are large, but our heart is larger. Our challenges are great, but our will is greater. And if our flaws are endless, God’s love is truly boundless.” Happy 4th of July!
A post shared by George & Barbara Bush Fdn (@bushfdn) on Jul 4, 2015 at 8:21am PDT
Former president George H.W. Bush’s net worth was around $25 million at the time of his death, according to Celebrity Net Worth. Other sources give a more conservative estimate at $23 million.
The Bushes are have been considered an “old money” family. Samuel Prescott Bush, H.W. Bush’s grandfather, controlled the Buckeye Steel Castings Company, which was considered “the largest steel foundry in the world” under his watch. H.W. Bush would receive little direct inheritance from his father Prescott Bush, but a privileged upbringing with elite connections still paved the way for the family’s fortune.
Where Are They Now: What’s Keeping Past Presidents and Vice Presidents Wealthy?
After earning an economics degree from Yale in 1948, H.W. Bush took a job with oil and energy company Dresser Industries, which was owned by a family friend. Shortly after his appointment with Dresser, H.W. Bush decided to strike out on his own in the early 1950s. He received $350,000 from his father and uncle — worth about $3 million today — to start his own oil drilling business in the 1950s. Bush continued to build his wealth in oil until 1966 when he was elected to Congress. He began selling off parts of his company for more than $1 million. His connections in the oil business were likely large sources of wealth for him and his family.
Despite his wealth, H.W. Bush was far from the wealthiest president. Current president Donald Trump commands a net worth of $3.1 billion as of September 2018, according to Forbes. Along with that, former president Bill Clinton is estimated to be worth $80 million and Barack Obama’s net worth is estimated at $40 million, according to Celebrity Net Worth.
The Bush Dynasty
“Now that my political days are over,” George Bush said the day his presidential library was opened in 1997, “I can honestly say that the three most rewarding titles bestowed upon me are the three that I’ve got left: a husband, a father and a granddad.” #remembering41 #bush41 #georgehwbush
A post shared by George & Barbara Bush Fdn (@bushfdn) on Dec 2, 2018 at 11:57am PST
The Bush family is considered a modern political dynasty, having produced two presidents and a few other political figures:
Prescott Sheldon Bush: H.W. Bush’s father, a senator from Connecticut
George H.W. Bush: 41st president of the United States, former vice president under Ronald Reagan
Barbara Bush: Former first lady of the White House, wife to George H.W. Bush
George W. Bush: 43rd president of the United States.
Laura Bush: Former first lady of the White House, wife to George W. Bush
Jeb Bush: W. Bush’s younger brother, former governor of Florida
However, H.W. Bush’s legacy is not without controversy. Accusations of racism and using propaganda to justify invading Iraq in the early ’90s were cornerstone arguments against his presidency. He was also recently accused of sexual harassment by several women.
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This article originally appeared on GOBankingRates.com: George H.W. Bush Leaves Behind a Political Dynasty and Impressive Fortune