|Net Worth:||$16 Million|
|Date of Birth:||August 13, 1946 (76 years old)|
|Nationality:||United States of America|
What is Janet Yellen’s Net Worth?
Janet Yellen is an American economist who has a net worth of $16 Million. In his presidential campaign, Joe Biden promised that Janet will serve as Treasury Secretary in his administration beginning in November 2020.
Janet and her husband, economist and Nobel Prize winner George Akerlof, are the owners of assets valued between $8 million and $20 million, according to a financial disclosure form she submitted before being named Treasury Secretary.
Janet Yellen was born on August 13, 1946, in Brooklyn, New York City to Anna. John, her older brother, is a Jewish man of Polish descent. Yellen attended Fort Hamilton High School, where she received her diploma as the class salutatorian.
She pursued her study further at Brown University’s Pembroke College, where she graduated in 1967 with a BS in economics. Yellen earned a Ph.D. in economics and an MA in the discipline in 1971 from Yale University.
Yellen started teaching economics as an assistant professor at Harvard University after receiving her degree. From 1971 until 1976, she served as a professor there before being enlisted to work as an economist for the Federal Reserve Board of Governors. Yellen conducted research on global monetary change while working for the Fed.
In 1980, she started working as a macroeconomics professor and researcher at the University of California, Berkeley’s Haas School of Management. She worked there as a professor as well. Yellen was twice awarded the Haas School’s medal for outstanding teaching in 1985, the same year she was elevated to full professor.
While on leave from Berkeley in 1994, President Clinton chose Yellen to serve on the Federal Reserve Board of Governors. To take on the position of head of the Council of Economic Advisers, she left the Federal Reserve at the beginning of 1997. Yellen oversaw the release of a significant report on the wage disparity between men and women while she was at the CEA.
According to the research, the pay gap was caused by employment discrimination. In order to continue her teaching duties at Berkeley, Yellen quit the CEA in 1999. For the first time as a woman, Yellen was selected to head the Federal Reserve Bank of San Francisco in 2004.
She remained employed there until 2010 when she left to take a position as Vice Chair of the Board of Governors of the Federal Reserve System under President Obama.
When Yellen was chosen to succeed Ben Bernanke as the head of the Federal Reserve in 2013, it was the first time a vice chair was elevated to that position.
She not only made history by being the first American woman to lead a central bank but also by holding the position as the first Democrat since Paul Volcker in 1979. Yellen served as chair for the Federal Reserve’s first rate increase since 2006 throughout her tenure.
When Yellen sanctioned Wells Fargo in response to widespread consumer abuses just before leaving office in 2018, she did so in a way that was unprecedented. Yellen is thought to be one of the Federal Reserve officials who has achieved the highest overall success. Under her leadership, the unemployment rate dropped from 6.7% to 4.1%, the lowest level in 17 years.
On the final day, she presided over the Federal Reserve, it was announced that Yellen would be named a distinguished fellow at the Brookings Institution. Her speaking fees from financial institutions including Citigroup and Goldman Sachs totaled more than $7 million between 2018 and 2020.
In November 2020, President-elect Biden announced that Yellen will be the country’s next secretary of the Treasury. Her appointment received resounding approval from the Senate Finance Committee in January 2021.
By accomplishing this, Yellen made history by becoming the first person to lead the Treasury, the Federal Reserve, and the Council of Economic Advisers all at the same time. She was also the first woman to occupy the position. The main focus of Yellen’s economic theory is unemployment, and she is an advocate for lower Federal Reserve interest rates.
Yellen has also stated that she wants to raise taxes, reduce retirement expenditures, and do away with the debt ceiling, which she claimed was necessary to prevent a government default in late 2021. She has also advocated for tougher financial rules.
Over her career, Yellen has been recognized with a number of accolades for her contributions to academia and politics. In addition to receiving honorary degrees from Bard College, New York University, the University of Warwick, Tel Aviv University, and the University of Pennsylvania, she has also received honorary degrees from a number of additional schools and universities.
Yellen also holds memberships or fellowships at organizations such as the National Bureau of Economic Research, the American Academy of Arts and Sciences, the Council on International Relations, and the National Association for Business Economics.
She has received numerous honors, including the Wilbur Cross Medal from Yale University, the President’s Medal from Brown University, and the Paul H. Douglas Prize for Ethics in Government from the Institute of Government and Public Affairs.
Yellen married fellow economist George Akerlof in 1978 after they first met in the Federal Reserve’s cafeteria. Akerlof spent two years teaching at the London School of Economics while the two of them lived in London.
He has held posts at Berkeley University and Georgetown University more recently. Robert is an associate professor of economics at the University of Warwick and is the son of Janet Yellen and George Akerlof.
Yellen and Akerlof have regularly worked together on research projects, especially those focusing on issues like unemployment and poverty. Yellen is also a philatelist, and it is said that she owns a stamp collection that is valued between $15,000 and $50,000.
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