What is Scott Bessent's net worth?
Scott Bessent is an American hedge fund manager who has a net worth of $1 billion. Scott Bessent is a prominent American investor and hedge fund manager best known for his role as Chief Investment Officer (CIO) of Soros Fund Management and later as the founder of Key Square Group. He is the third richest person in South Carolina. In November 2024, President-elect Donald Trump announced his intention to nominate Scott to be his Secretary of Treasury.
In the hedge fund industry, Bessent is respected for his consistent track record and his ability to maintain strong relationships with key figures like George Soros. His success in transitioning from managing one of the world's most famous investment portfolios to building his own successful firm has cemented his position as a significant figure in the global investment community. Despite his significant success and wealth, Bessent has maintained a relatively low public profile compared to other hedge fund managers. He has, however, been involved in philanthropic activities, particularly in support of educational institutions and the arts.
Early Career
Scott was born in Conway, South Carolina, in 1962.
Bessent began his career in finance in the 1980s after graduating from Yale University. His early professional experience included working at Brown Brothers Harriman & Co., one of the oldest private banks in the United States. During this formative period, he developed his expertise in global macro investing, which would become his trademark approach throughout his career.
Soros Fund
One of the most significant chapters in Bessent's career was his long association with George Soros's investment empire. He first joined Soros Fund Management in 1991 and served in various roles, showcasing his talent for macro investing and strategic portfolio management. After working there for several years, he left to pursue other opportunities but maintained a strong professional relationship with Soros.
In 2011, Bessent returned to Soros Fund Management in the crucial role of Chief Investment Officer. This position put him in charge of managing the Soros family's vast fortune, estimated at around $30 billion at the time. Under his leadership, the fund consistently delivered strong returns despite challenging market conditions and the transition of Soros Fund Management from a hedge fund to a family office structure.
Key Square Group
In 2015, Bessent made headlines when he departed from Soros Fund Management to establish his own investment firm, Key Square Group. The launch was notable for securing one of the largest hedge fund startups in history, with initial capital of approximately $2 billion. A significant portion of this initial capital came from George Soros himself, demonstrating the strong trust and professional respect between the two investors.
At Key Square Group, Bessent has continued to employ his global macro investment strategy, which involves making investment decisions based on large-scale economic and political events. The firm focuses on identifying opportunities across various asset classes and geographical regions, reflecting Bessent's comprehensive approach to investment management.
Treasury Secretary
After two weeks of speculation, on November 22, 2024, Donald Trump officially selected Scott to be his presumptive Treasury Secretary. Assuming he is confirmed, Scott has the ability to sell all of his assets tax-free, something that former Goldman Sachs CEO Henry Paulson did before he served as George W. Bush's Treasury Secretary. This tax loophole saved Paulson $200 million. Though, in hindsight, in November 2024, Goldman Sachs shares hit an all-time high of $602. At that level, Hank's 3.23 million former stake would be worth $1.944 billion on paper. Even after taxes, he'd probably have close to a billion.
Hypothetically, if Scott Bessent is worth exactly $1 billion thanks to liquid assets, he could sell everything 100% tax-free. Assuming even an aggressive 50% tax rate, in this example he would save $500 million in taxes. He would then be expected to put the entire fortune in treasuries, which would earn another small fortune over several years.
Personal Life & Real Estate
Bessent is gay. He married former NYC prosecutor John Freeman in 2011. They have two children.
Over the decades since the early 1990s, Scott has bought and sold roughly $130 million worth of real estate around the United States, mostly concentrated in South Carolina, Florida and New York. Here's a rundown of some of his purchases and sales:
- In 2007, Scott paid $11.3 million for a home called "Windrush" in Bedford Hills, New York. He sold this home at a loss in 2012 for $7.1 million.
- In 2010, Scott paid $9.5 million for a mansion in Miami on La Gorce Island. He sold this property in 2014 for $14.5 million.
- In 2012, Scott paid $9.95 million for a home called "Wyndecote" in Southampton. He listed this home for sale in February 2019 for $22.5 million. He accepted $19 million in July 2019.
- In 2014, Scott paid $12.875 million for a mansion on eight acres in Greenwich, Connecticut. He sold this home in 2017 for $13.065 million.
- In 2107, Scott paid $19.25 million for an apartment at 720 Park Avenue in Manhattan. He sold this property in 2021 for $15 million.
- In June 2016, Scott paid $6.5 million for a historic mansion in Charleston, South Carolina. The 9,400-square-foot mansion is called the John Ravenel House. It was originally built in 1848, then rebuilt in 1886 after an earthquake. The mansion has views of both Charleston Harbor and Fort Sumter. Scott listed this mansion for sale in October 2024 for $22.5 million. Here is a video tour:
