That's not all, Putin also owns an apartment in St Petersburg, bank shares as well as two Soviet sports cars.
While Putin's salary may not be as large as other world leaders, but it's still significantly more than what the average Russian earns, $9,237.
Russian state media reported Putin was required to provide his income and assets as part of the registration process for the election, which kicks off on March 18.
However some critics remain deeply sceptical over the President's salary claim with some claiming he is far wealthier than he makes out.
Former Russian fund manager Bill Browder estimated Putin's net worth to be around $217 billion, which if correct would make him the richest person on the planet.
Last year, former mid-level Kremlin adviser Stanislav Belkovsky told the Guardian Putin's net worth was $43b, putting him in the top 10 of Forbes magazine's ranking of billionaires.
Putin reportedly has his fortune hidden in Switzerland and Liechtenstein.
Belkovsky also claimed the President owns vast holdings in three Russian oil and gas companies, which are hidden behind a "non-transparent network of offshore trusts".
Election looms
The release of Putin's wealth comes as the election campaign gets into full swing.
Just last week celebrity TV host and presidential candidate Ksenia Sobchak said she remained popular and was as well known as Putin.
Many Russians have remained apathetic to the election and the Kremlin hope the 36-year-old reality TV star can lure people back to the polls and add legitimacy to the election.
"My popularity is huge," the 36-year-old said in an interview with the Associated Press. "I'm the only person ... known to all Russian people like Putin.
"There is no one else in the country who is as well-known as me."
Her campaign slogan, "Sobchak against all," promotes her as the choice of those who are tired of the same old candidates who ran against Putin before.
"I'm the kind of person whom you like or hate, you never stay neutral," she said.
In addition to boosting turnout to make a Putin victory look more impressive, Kremlin strategists also hope that Sobchak will peel away at least some supporters of his most vocal foe, anti-corruption campaigner Alexei Navalny, to help split the opposition's ranks.
Navalny has been barred from running because of a criminal conviction that is widely seen as politically motivated for challenging Putin's rule.
Many of his supporters accuse Sobchak of serving as a Kremlin-sponsored spoiler in the race.
Asked if she would go as far as to track down Putin's alleged personal fortune, she said: "Of course, if this fortune is found, I think it should be brought back to the state."
- Additional reporting from AP
