Donald Trump and Melania Trump
President Donald Trump and first lady Melania Trump attend the Commander in Chief/Salute to Armed Forces Ball in honor of his inauguration in Washington, Jan. 20, 2017. REUTERS/Jonathan Ernst

Donald Trump, whose net worth is reported to $3.7 billion, will make $400,000 as the U.S. president. He is also reported to be the richest president so far.

The Title 3 of the U.S Code has lays out compensation for the president.

“The President shall receive in full for his services during the term for which he shall have been elected compensation in the aggregate amount of $400,000 a year, to be paid monthly, and in addition an expense allowance of $50,000 to assist in defraying expenses relating to or resulting from the discharge of his official duties. … He shall be entitled also to the use of the furniture and other effects belonging to the United States and kept in the Executive Residence at the White House,” according to the U.S. code.

U.S. presidents are still on government payroll even when they leave the White House. They receive annual pension of about $200,000, healthcare, paid official travel, and an office.

The current allotted salary for the president came into effect after President Bill Clinton signed a legislation in 1999 that doubled the annual compensation. That was the first pay hike any U.S. president received in three decades.

However, Trump famously said during his New Hampshire campaign in 2015 that he will forgo the annual salary meant for the president because it is “not a big deal” for him. Trump, whose net worth dropped by $800 million last year from $4.5 billion in 2015, reiterated this last November in an interview with CBS.

“Well, I’ve never commented on this, but the answer is no,” Trump said, when asked whether he would take the president’s annual compensation. “I think I have to by law take $1, so I’ll take $1 a year. But it’s a — I don’t even know what it is.”