Kevin Warsh’s wealth eclipses that of all recent Federal Reserve chairs, newly released financial disclosure forms show.
Warsh is President Donald Trump’s nominee to succeed Federal Reserve Chair Jerome Powell. His financial filings show that Warsh has holdings of approximately $131 million to $209 million, plus hundreds of millions in additional assets held by his wife, Jane Lauder.
That would make Warsh significantly richer than Powell, who, at the time of his 2018 confirmation, was thought to be the wealthiest Fed chair in history. Powell’s most recent filing, for 2025, shows wealth between $19 million and $75 million.
Warsh also disclosed $10 million in income from his work as an advisor to investor Stanley Druckenmiller, which Warsh has jokingly called his “day job.” He earned some $3 million in additional income from work at Stanford University, where he is a fellow at the conservative Hoover Institution, and for a handful of Wall Street firms.
Warsh’s filings detail roughly 1,800 individual assets. Many individual items are identified as being subject to “pre-existing confidentiality obligations” that prevent him from specifying the underlying assets.
Warsh in the filings pledges to divest these assets if confirmed.
His filings also indicate he will resign from board seats at UPS and South Korean retail giant Coupang, as well as his other jobs.
Lauder sits on the board of Estee Lauder, the cosmetics firm founded by her grandmother. Warsh’s filings detail tens of millions of assets in her name, but many are listed as simply “over $1,000,000.” Forbes estimates her wealth at $1.9 billion.
Not all past Fed chairs have been vastly wealthy. Earlier in his career, Warsh served a term as a Fed governor under then-Chair Ben Bernanke. When Bernanke stepped down from the Fed in 2014, his filings listed assets of, at most, $2.3 million — mostly in retirement funds.
Filing his financial disclosures puts Warsh one step closer to a Senate hearing. A prior plan to hold that hearing this week had to be delayed after a holdup with the paperwork. A hearing would take place next week at the earliest.
Warsh’s path to a full Senate vote is still unclear, however. Sen. Thom Tillis, R.-N.C., has said he will block final approval of Warsh’s candidacy until a federal criminal probe into Powell is resolved. Tillis is also a member of the Senate Banking Committee.
Warsh declined to comment.
