Children’s Store Owner’s Son May Become Richest Fed Chair With $192 Million Fortune

Kevin Warsh discloses assets ahead of confirmation hearing

Wealth surged after marriage into the Estée Lauder family

The son of a children’s clothing store owner has amassed a $192 million fortune.

Former Federal Reserve Governor Kevin Warsh, nominated to be the next Fed chair, disclosed assets of $192 million on Aug. 14, drawing attention to his rise. Born in 1970 to a middle-class family in Albany, New York, Warsh stands to become the wealthiest Fed chair if confirmed. His father, Robert Warsh, ran a children’s clothing store, while his mother, Judith Warsh, worked as a journalist and author.

Warsh’s academic credentials were an early stepping stone. He graduated from Stanford University and Harvard Law School, then joined Morgan Stanley in 1995. He worked in mergers and acquisitions and rose to executive director within seven years.

His 2002 marriage to Jane Lauder, a granddaughter of the Estée Lauder founding family, marked a major turning point. The marriage gave him access to influential networks in Washington and New York’s financial and social circles.

In the disclosure, Jane Lauder reported her assets only as exceeding $1 million. Under the rules, spouses do not have to disclose a specific amount once assets top $1 million. Forbes estimated her net worth at about $1.9 billion as of Aug. 14.

After his marriage, Warsh served as a White House economic adviser and was tapped in 2006 as the youngest Fed governor, building his profile as a policy expert. After leaving public office in 2011, he returned to private finance through a relationship with legendary investor Stanley Druckenmiller’s investment organization. He has since expanded his wealth through advisory work and investing.

The filing shows Warsh held more than $50 million in each of two Juggernaut funds. The funds are managed by Duquesne Family Office, Druckenmiller’s personal investment firm. Candidates can disclose asset values in ranges, and “more than $50 million” is the highest reporting bracket, indicating the actual value could be higher.

Warsh also disclosed two holdings related to Coupang, Inc. stock, each valued at $1 million to $5 million. He has served on Coupang’s board since October 2019.

He also reported dozens of other investment assets without specifying their value. His Senate confirmation hearing is set to be held next week.

Park Shin-young, New York correspondent, Korea Economic Daily nyusos@hankyung.com