World's most powerful man is worth only Rs 43.3 crore!

United States President Barack Obama's estimated assets for the last year are valued at $8 million (Rs 43.3 crore), his latest annual financial disclosure forms show and he has up to $1 million (Rs 5.4 crore) in the JP Morgan Chase, the bank which is under the Federal Bureau of Investigation scanner.

The FBI investigation into J P Morgan Chase started after the bank last week revealed that it lost some $2 billion (Rs 10.8 crore) in a risky hedge.

In an interview, which was telecast on Tuesday, Obama identified it as one of the best-managed banks.

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The annual financial disclosure also revealed that Obama has a 30-year housing loan of more than $500,000 (Rs 2.7 crore) on his Chicago home at an interest rate of 5.625 per cent, which is considered to be a bit high given the current rates. He can easily refinance his home mortgage to a rate as low as four per cent.

It is understood that Obama has repaid a large chunk of his housing loan.

The Chicago Tribune reported in 2009 the mortgage originally was for $1.32 million (Rs 6.84 crore), but the disclosure form reports the mortgage as between $500,000 (Rs 2.7 crore) and $1 million (Rs 5.2 crore).

According to Politico, in the last year's disclosure form, Obama had no more than $250,000 (rs 1.3 crore) in J P Morgan Chase account.

The Obamas in 2011 held total assets ranging from $2,566,000 (Rs 13.9 crore) to $8,265,000 (Rs 44.7 crore).

Obama also earns a substantial income from the sale of his books, the disclosures reveal. The forms also show that the Obamas made from $ 250,000 (Rs 1.3 crore) to $2.1 million (rs 11.34 crore) in book royalties in 2011.Dreams from My Father and the children's book Of Thee I Sing each accounted for $100,000 (Rs 54.2 lakh) to $1 million and The Audacity of Hope accounted for $50,000 (Rs 2.7 lakh) to $100,000.

In the previous year's forms, Obama had disclosed receiving several gifts such as Bo — the $1,600 (rs 86,600) Portuguese water dog given to the first family by the late Senator Ted Kennedy -- and the $1.4 million (Rs 7.6 crore) cash prize that accompanied Obama's 2009 Nobel Peace Prize. The money was donated to charity.

As compared to Obama, the US Vice-President Joe Biden appears to be relative pauper.

Biden in his financial disclosure form reported assets of at least $239,000 (Rs 1.2 crore) and at least $175,000 (Rs 94.8 lakh) in liabilities, excluding his mortgage.Biden's mortgage also exceeds $500,000 (Rs 2.7 crore), but has a lower interest rate of 4.625 per cent.

According to his financial disclosure form, Biden has from $2,000 (Rs 1.08 lakh) to $30,000 (rs 16.2 lakh) in two savings accounts and $2,000 to $32,000 (Rs 17.3 lakh) in four checking accounts. He also had income of from $15,000 (Rs 8.13 lakh) to $50,000 (Rs 27.1 lakh) from a residential rental property in Wilmington, Delaware.

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