If you are wondering what Jerome Powell net worth is in 2023 after hearing about his salary-related debate, you have come to the right place. Jerome Powell is in the limelight not because of the fantastic things he has done for the US by being a Federal Reserve Board of Governors member but because of his recent interview at the Economic Club of Washington.
His interview has also sparked a lot of interest in his wealth, and now, everyone wants to know Jerome Powell net worth and how he managed to build his wealth.
Jerome Powell Net Worth
The American politician Jerome Powell net worth is $50 million. He is among the richest people ever to hold the title of Chairman of the Federal Reserve. Moreover, he is richer than all the Federal Reserve Board of Governors members.
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Congress is responsible for setting the salaries of all the Fed board members. Forbes revealed that the board chairman’s salary was $203,500 in October 2021. Hence, Jerome earned $203,500 annually in 2021. His salary in 2023 is $226,300.
However, his fortune does not come from his job as a Chairman. Instead, Jerome Powell net worth is the result of the wealth he accumulated while working with the Carlyle Group and his other investments,
Powell was born in February 1953 in Washington. His parents are Patricia and Jerome Powell, and he has five siblings.
He studied at Princeton University and earned a degree in politics in 1975. He then went to Georgetown University Law Center. During his career, he held the position of the Under Secretary of the Treasury for Domestic Finance when George H.W was president, from 1992 to 1993. Then, in 1997 he became a partner at the Carlyle Group, a private equity fund. He continued working here till 2005. After this, he found a private investment firm of his own and named it Severn Capital Partners.
Powell then took on the role of a managing partner at another private venture capital firm, the Global Environment Firm, in 2008.
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In 2012, joined the Federal Reserve Board of Governors. Then, under President Donald Trump, he served as the 16th Chair of the Federal Reserve in February 2018.
The famous politician also worked in investment banking. He was a visiting scholar from 2010-2012 at the Bipartisan Policy Center. Additionally, Powell served as the first Federal Reserve Chair that did not have a Ph.D. in Economics since 1987.
Moreover, along with his services on corporate boards, he has been part of several educational and charitable institutions’ boards. This includes Princeton University’s Bendheim Center and Washington’s Nature Conservancy.
Jerome Powell’s Personal Life
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Powell married Elissa Leonard in 1985. The two are happily married to date and have three children together. Elissa works as a film director and executive.
The couple’s home is situated in Chevy Chase Village, Maryland. It is located in one of the most affluent parts of the country.
Jerome Powell Net Worth- Career as a Federal Reserve Chairman
Powell was nominated for the Board of Governors of the Federal Reserve by President Obama when he was in office. President Donald Trump also nominated him in 2017 to serve as Chairman. Then, after his term ended in 2022, he was reelected by President Biden.
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New York Magazine’s Intelligencer gives Powell the title of “the world’s best bureaucrat” while praising his response to the Covid pandemic. He dropped interest rates to 0, provided liquidity for banks to lend and businesses to borrow, and bought Treasury bonds to bring down interest rates in the long run.