While the great majority of U.S presidents have been wealthy, the coveted role in the Oval Office doesn’t necessarily translate to big dollars.
Some of the presidents with the lowest net worth came from humble beginnings: Abraham Lincoln, Andrew Johnson and James Garfield were born in wood cabins.
With the markets turning bearish and Americans feeling the impact of record-high inflation, you may be surprised that some of the country's presidents have seen their own financial struggles.
Here are some of the poorest presidents in U.S. history, all of whose assets were less than $1 million when they passed away. (All of the figures have been adjusted for inflation to 2022 U.S. dollars. Source: Wikipedia)
9. James Buchanan - 15th president, 1857-1861
Born in Pennsylvania, Buchanan did not come from a wealthy family and worked in public service for most of his professional career. He held roles as a state representative, U.S. congressman, senator, foreign minister and secretary of state before becoming president.
8. Abraham Lincoln - 16th president, 1861-1865
Much like Buchanan, Lincoln was born in a log cabin and did not come from a wealthy family. Before becoming president, Lincoln worked as a lawyer and for a short time, operated a general store in an area in Illinois known as New Salem.
7. Andrew Johnson - 17th president, 1865-1869
Raised by just his mother for most of his life, Johnson was a tailor before entering a 25-year career in public service. He was the governor of Tennesee and a U.S senator before becoming president.
6. Ulysses S. Grant - 18th president, 1869-1877
Born in Ohio, Grant was a leather-shop clerk, soldier and revered military officer before becoming president. Shortly after his presidency, he lost his money in a Ponzi scheme headed by his son's business partner.
5. James Garfield 20th president, 1881-1881
Garfield, who was assassinated in the first year of his term, spent 18 years in the House of Representatives and owned a small home and property in Mentor, Ohio.
4. Chester Arthur - 21st president, 1881-1885
Before his presidency, Arthur was known for his successful representation of Elizabeth Graham in her 1854 civil rights case against the New York City streetcar lines which resulted in the desegregation of the city's streetcars.
3. Woodrow Wilson - 28th president, 1913-1921
Wilson was the president of Princeton University and governor of New Jersey before becoming president of the U.S.
2. Calvin Coolidge - 30th president, 1923-1929
Coming from modest beginnings, Coolidge’s father was a storekeeper and community official. Coolidge was an attorney and governor of Massachusetts before becoming president.
1. Harry Truman - 33rd president, 1945-1953
Truman was a near-bankrupt clothes salesman (haberdasher) in Missouri before serving a total of 18 years in Washington D.C. Truman was the first Medicare recipient.
See Also: Who Are The 9 Richest Presidents Of All Time?
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