Scott Bessent, a South Carolina native and Yale University graduate, spent more than three decades in global macro investing before entering government, with many years spent working for George Soros, a frequent target for antisemitic attacks from the far right and the subject of false accusations of wrongdoing pushed by Donald Trump.
Early in his career, Bessent worked at a Saudi family investment firm and worked for short-seller Jim Chanos before joining Soros Fund Management in 1991. As managing partner of the firm's London office, he helped engineer the September 1992 short position against the British pound known as "Black Wednesday," netting Soros more than $1 billion when the United Kingdom was forced out of the European Exchange Rate Mechanism. [Fortune, 11/23/24]
Bessent left Soros in 2000 but returned in 2011 as chief investment officer, a stint in which he helped generate roughly $10 billion in profits for the firm, including about $1 billion from a bearish bet against the Japanese yen in 2013. In 2015 he departed to found Key Square Capital Management, a hedge fund seeded with roughly $4.5 billion, including $2 billion from Soros. The fund peaked near $5.1 billion in assets in 2017. [Fortune, 11/23/24]
Bessent's disclosed wealth has fallen since he entered government, largely reflecting required divestments rather than investment losses. His January 2025 nomination disclosure listed assets worth at least $521 million, with several holdings marked only as exceeding $50 million, including large positions in S&P 500 index funds, Treasury bills, and Bahamas and North Carolina real estate. A newly released disclosure covering his first year as Treasury Secretary showed assets of at least $228 million and about $5.1 million in earned income for 2025. [Fortune, 1/12/25; Bloomberg, 9/22/26]
| Year | Assets | % Change |
|---|---|---|
| 20241 | $521.5 million to $785.7 million* | n/a |
*The range includes nine assets that were worth more than $50 million, so both the low and high ends of the range could not be determined.
1 Scott Bessent - OGE Financial Disclosure, 12/28/24
Middleton Place Foundation
Trustee, 2021-24 [Scott Bessent - OGE Financial Disclosure Amendment, 5/2/25]
Palmetto 2020 Trust LLC
Sole member, 2020-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Palmetto 98-100 Church LLC
Sole member, 2020-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Palmetto Management 2020 Trust
Investment manager, 2020-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Bessent Freeman Family Foundation
Vice president and director, 2019-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Key Square Group LP
CEO, founder, CIO and partner, 2016-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Maison Cinq LLC
Sole member, 2016-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Rockefeller University
Trustee, 2016-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Classical American Homes Preservation Trust
Board member, 2015-24 [Scott Bessent - OGE Financial Disclosure Amendment, 5/2/25]
Kemnay Serviced Ltd.
Advisory panel member, 2015-24 [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Maison Douze LLC
Sole member, 2013-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Nichols-Gore LLC
Sole member, 2013-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
C.P. 2012 Trust
Trustee, 2012-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Cape and Palmetto LLC
Managing member, 2012-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Palmetto Management LLC
Sole member, 2006-present [Scott Bessent - OGE Financial Disclosure, 12/28/24]
Soros Fund Management
1991-2000 [Fortune, 11/23/24]
2011-15 [Fortune, 11/23/24]