What is Boris Johnson's net worth?

Boris Johnson is set to become the newest prime minister of the U.K. this week.

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The 55-year-old pro-Brexiter and former mayor of London beat out Jeremy Hunt in an election Monday by the country’s Conservative Party to become the party’s leader and also the next prime minister.

Johnson will replace Theresa May — who announced her resignation in May — on Wednesday.

On Tuesday, President Trump praised the new prime minister at the Turning Point USA's Teen Student Action Summit, calling Johnson a "good man," who is "tough" and "smart."

"They call him Britain Trump -- that's a good thing," Trump said. "They like me over there, that's what they wanted, what they need."

As Johnson prepares to move into 10 Downing Street, here’s a look at how much he is worth.

Currently, Johnson is a member of Parliament (MP) for Uxbridge and South Ruislip, which grants him an annual salary of $98,822 (or £79,468), according to the website for Parliament.

When he becomes Prime Minister, his salary is expected to increase to $187,033 (or £150,402), according to FullFact.

Johnson — a journalist-turned-politician — is also a weekly columnist for the Daily Telegraph, which earns him an additional $341,977 (or £275,000), according to a report from The Guardian in 2018. Johnson will give up his columnist role starting Wednesday as he takes office.

The newest prime minister also reportedly makes plenty of money on royalties from his numerous books including his 2015 biography of Winston Churchill called “The Churchill Factor,” Express reported.

With all the money he makes, Johnson also reportedly donates about $62,177 (or £50,000) to charity, according to the outlet.

In total, the new prime minister is worth approximately $2 million (or £1.6 million), according to Celebrity Net Worth. Meanwhile, the website estimates his predecessor, May, is worth about $2.5 million (or £2 million).

May was elected as prime minister in July 2016 and announced her resignation in May of this year over failed Brexit negotiations.

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Members of the governing Conservative Party voted Monday, and Johnson was favored to win. In the British Parliament system, the leaders of the political party with the most members of Parliament vote, rather than the public. In this case, the Conservative, or Tory party will vote, which is 0.25 percent of the 66 million British people.

Britain’s next scheduled election is in 2022 and the incoming prime minister may call an early vote if he can’t get his Brexit plans approved, and seek a new mandate from the electorate.

FOX Business’ Rachel Tesler and The Associated Press contributed to this report.