Scott Kenneth Homer Bessent was born on August 21, 1962, in Conway, South Carolina, the oldest of three children. Growing up, his father was a real estate agent, and Scott developed an early interest in finance and economics. He attended Yale University and graduated with a bachelor's degree in political science in 1984.

After graduating, Bessent began his career in finance, working at several investment firms. He interned with investor Jim Rogers and joined firms including Brown Brothers Harriman and Kynikos Associates. In 1991, he joined Soros Fund Management, eventually becoming head of the London office. His keen analytical skills led him to serve from 2011 to 2015 as the chief investment officer for Soros Fund Management, where he managed billions in assets and played a key role in shaping investment decisions.

In 2015, Bessent launched his own investment firm, Key Square Group, which quickly became one of the most prominent global macro hedge funds. His firm focused on capitalizing on geopolitical and economic shifts, cementing his reputation as a top-tier investor. Beyond finance, Bessent was active in public policy discussions, particularly in areas related to economic strategy and global markets.

Bessent's political affiliations have undergone a notable transformation over the years. In 2000, he hosted a fundraiser for Democratic nominee Al Gore at his East Hampton residence. He also contributed to Barack Obama's 2008 presidential campaign and supported Hillary Clinton's 2016 presidential bid. However, following his departure from Soros Fund Management in 2015, Bessent's political contributions shifted towards Republican candidates. He donated $1 million to Donald Trump's 2017 inaugural committee, and, in the 2024 election cycle, he emerged as a significant supporter of Trump's campaign, hosting fundraisers that collectively raised substantial sums.

In 2024, Trump nominated Bessent to serve as the 79th Secretary of the Treasury, in a position where he will lead the Republican economic agenda of cutting taxes, culling federal regulations, and enacting tariffs. The US Senate confirmed Bessent on January 27, 2025, with a 68–29 vote, and he was sworn in on January 28, 2025. He is the first openly gay Treasury secretary in US history.