Janet Yellen Net Worth: Born Janet Louise Yellen, an American Economist who is serving as the 78th United States secretary of the treasury since 26 January 2021, and from the period 2014 to 2018, she also served as the 15th chair of the Federal Reserve.
She became the first woman to have each of those positions and also became the first person who led the White House Council of Economic Advisers, the Treasury Department, and the Federal Reserve.
In this article, we will cover the net worth of Janet Yellen Net Worth, their early and personal life, career highlights, and many more.
Janet Yellen Net Worth
According to several estimates, the Net Worth of Janet Yellen is said to be $20 million which she has earned with her years of hard work. President Joe Biden announced in November 2020 that Janet would become Treasury Secretary in his administration. Between 2018 and 2020, she reportedly made $7 million from nearly fifty speaking engagements and that contributed a lot to the net worth of Janet Yellen.
After learning about Janet Yellen Net Worth, let’s take a dig into her early and personal life as well.
Janet Yellen Early Life
We know her as a great politician but what made her so strong that Janet Yellen enjoys such a good Net Worth is what needs to be looked into. Janet was born in Brooklyn, New York City on August 13, 1946. She is the child of Anna and Julius. Her father was an elementary school teacher whereas her mother worked as a physician.
She also has an elder brother, John. She attended Fort Hamilton High School, and she was the class valedictorian there. Later, she went to Brown University’s Pembroke College and in 1967 she completed her graduation with a BA in economics.
She then continued her further studies and attended Yale University where she obtained her degree in MA and did Ph.D. in economics in 1971. Her education has contributed a lot to making Janet Yellen what she is today and helped her in earning her Net Worth.
Janet Yellen Personal Life
Janet Yellen tied the knot in 1978 with George Akerlof who is also an economist. They met each other for the first time at the Fed in the fall of 1977 and just within less than a year of knowing each other, they decided to spend the rest of their lives together and are still going strong.
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They welcomed their first child, a son named Robert Akerlof in 1981 who also earned a bachelor’s degree in economics and mathematics from Yale University in 2003; and in 2009, he obtained a Ph.D. in economics from Harvard where he was a presidential scholar. Currently, Robert is serving as an associate professor of economics at the University of Warwick.
Janet Yellen Career Highlights
Beginnings in Academia
Following her doctorate, Janet Yellen served as an assistant professor of economics at Harvard University where she taught from 1971 to 1976. After that, she was appointed to be an economist with the Federal Reserve Board of Governors. She researched international monetary reform at the Fed.
She became a member of the faculty at the Haas School of Business at the University of California, Berkeley in 1980, where she did macroeconomics research and used teach undergraduate and MBA students. By 1985, she was already a full professor and earned the Haas School’s award for outstanding teacher two times.
Federal Reserve and Council of Economic Advisers
In 1994, during her leave from Berkeley, President Clinton appointed Janet Yellen as a member of the Federal Reserve Board of Governors. To chair the Council of Economic Advisers, she took an exit from the Federal Reserve in 1997.
With the CEA, Yellen led a milestone report targeted at the discrimination in pay between men and women. The report explained that the income disparity was the consequence of discrimination in the workforce. Yellen left the CEA In 1999 to get back to teaching at Berkeley.
Federal Reserve Bank President
Janet Yellen was the first woman to be president of the Federal Reserve Bank of San Francisco in 2004 and served until 2010. After that, she left to serve as vice-chair of the Federal Reserve Board of Governors under President Obama. Later, in 2013, she was nominated to be the replacement for Ben Bernanke as chair of the Federal Reserve; a vice-chair had been elevated to that position for the first time.
Further, Yellen became the first woman who led a central bank in the US, and the first Democrat to hold the designation since Paul Volcker in 1979. During her term, the Federal Reserve escalated its key interest rate for the first time since 2006.
In 2018, right before leaving office, she made a remarkable move when she levied sanctions on Wells Fargo for systemic consumer abuses. Yellen is identified as one of the most successful chairs of the Federal Reserve. During her tenure, the unemployment rate declined from 6.7 percent to 4.1 percent which was the lowest in the past seventeen years.
Joining the Brookings Institution Research Group
The announcement was made on her last day in office at the Federal Reserve that Janet would join the Brookings Institution research group as a distinguished fellow. In the meantime, Janet Yellen has a Net Worth of over $7 million between 2018 and 2020 in speaking fees from financial companies that include Goldman Sachs and Citigroup.
Secretary of the Treasury
In November 2020, President-elect Biden revealed his plan to nominate Yellen as United States secretary of the treasury; in January 2021, the Senate Finance Committee approved her unanimously.
This Administration is committed to working with Congress to lower costs for American families without undermining our historic economic growth and strong labor market that offers opportunity to all Americans. pic.twitter.com/iRwX79uro9
— Treasury Department (@USTreasury) June 8, 2022
Yellen became the first woman to hold the position, and also the first person in US history who led the Treasury, the Federal Reserve, and the Council of Economic Advisers.
Economic Philosophy
Janet’s economic philosophy primarily focuses on unemployment problems and supports lower Federal Reserve interest rates. She has also revealed her plan to increase taxes, decrease retirement spending, and withdraw the debt threshold, which she claimed was essential to avoid government default in late 2021. Yellen also backed tougher financial regulations.
Accolades
Throughout her career, Yellen has gained a heap of honors in recognition of her work, both in academia as well as politics. She has been presented with honorary degrees from institutions like Bard College, Tel Aviv University, the University of Warwick, New York University, and the University of Pennsylvania.
She received the Wilbur Cross Medal from Yale University, the Paul H. Douglas Award for Ethics in Government from the Institute of Government and Public Affairs, and the President’s Medal from Brown University.
Janet Yellen has put a lot of effort to be in the position she holds today which has also brought her a good net worth. We will keep you updated with all the latest information until then stay tuned to our website Venturejolt.com