Kevin Warsh, President Trump's nominee to be the next chair of the Federal Reserve, has a net worth exceeding $100 million, making him far wealthier than outgoing Fed Chair Jerome Powell, according to a new financial disclosure form.

Warsh, who is set to step into the Fed chair role in May, listed hundreds of investments, including stakes in a range of startups, such as AI research company Hebbia. His biggest disclosed holding: more than $100 million invested across two positions in the Juggernaut Fund LP, a hedge fund connected to the Duquesne Family Office, the private investment firm of billionaire investor Stanley Druckenmiller.

By comparison, Powell's most recent financial disclosure form shows he is worth a minimum of $19.5 million, with his largest investments including S&P 500 index funds and a mutual fund focused on municipal bonds.

In the filing, which covers the prior 12-month period, Warsh disclosed that he earned $10.2 million in consulting fees from the Duquesne Family Office, representing his most lucrative consulting contract during that period. The filing states that Warsh will stop consulting for Duquesne if he is confirmed to the Fed role, as well as divest several holdings, including his Juggernaut Fund investment.

Warsh, a former Fed official, has worked for think tanks such as the conservative-leaning Hoover Institution and has also taught at Stanford Business School. In 2011, Druckenmiller — who made his wealth with hedge funds such as George Soros' Quantum Fund — appointed Warsh to serve as a partner at the investor's Duquesne Family Office, where Warsh told Barron's he oversees the billionaire's "small nest egg."

Warsh, a graduate of Stanford University and Harvard Law School, is married to cosmetics heiress Jane Lauder, whose net worth is estimated at $2.5 billion by Forbes.

Powell, who has led the Fed since February 2018 after being nominated for the top role by Mr. Trump during his first term as president, is set to step down in May 2026.

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