Millionaire Obama reveals his earnings

Like those before him, Barack Obama (pictured) is certainly reaping the benefits of high office. According to annual tax returns released by the White House today, he and his wife Michelle earned $2.66m in 2008, a figure that dwarfs the $400,000 salary he receives as president.

Most of the money came from royalties for sales of Obama's books. His political tract, The Audacity of Hope: Thoughts on Reclaiming the American Dream, was published in 2006 and has remained on the New York Times best-seller list for 67 weeks. While his autobiography, Dreams From My Father, has been on the list for 142 weeks and is currently at number eight.

The White House said Obama and the First Lady filed their mandatory annual tax returns just in time to make the April 15 deadline. Together, they declared gross earnings of $2,656,902. As well as the $855,323 paid in federal taxes and $77,883 in state income taxes, the Obamas gave 6.5 per cent of the income to charity. The figures show the president and first lady gave $172,050 to various charities and paid $933,000 in taxes.

The largest donations were $25,000 each to the humanitarian organisation Care and the United Negro College Fund, which provides assistance to US students from ethnic minorities.

But the Obama's income is down from their 2007 tax return, where they declared $4.2m in gross earnings.