Sen. John W. Warner (R-Va.) has assets worth at least $1.99 million, making him the wealthiest of the Virginia and Maryland senators, according to Senate financial documents released this week.

Warner's assets include his 888-acre farm near Middleburg, Va., and numerous stock and bond holdings. However, according to the report, he has sold the defense industry stocks that brought him criticism during his 1984 reelection campaign.

In addition, Warner listed considerable outside income from his farm, and from the stock dividends and interest on the bonds.

Members of Congress are required to annually disclose their assets, except for their personal residences. They must also list their liabilities and income in addition to their $72,600-a-year Senate salary.

However, because the law requires them to indicate the value of holdings and income only in broad categories, it is impossible to determine the exact financial worth.

Sen. Paul S. Trible Jr. (R-Va.) listed assets worth between $121,004 and $320,000. His property included 212 acres of timberland and open land in Northumberland County, Va., worth between $100,001 and $250,000, and 27.4 acres of timberland in Essex County, Va., valued at $5,001 to $15,000. Trible also listed rent from the Northumberland County farm between $1,001 and $2,500.

Sen. Charles McC. Mathias (R-Md.) showed at least $339,599 in assets, including a 370-acre farm in West Virginia valued between $100,001 and $250,000, and a house on three acres in West Virginia, purchased last August, which is worth between $15,001 and $50,000.

Sen. Paul S. Sarbanes (D-Md.) reported he owns no property other than his home in Baltimore. He listed no outside income, but in accordance with the rules, stated that his wife's salary as a teacher in Baltimore was in excess of $1,000.

Senators are limited to $21,780 in honorariums, which Mathias got below by donating to charity $10,620 of fees totaling $30,750. Trible received $21,656 in honorarium fees, and Sarbanes $21,450. Warner accepted no honorariums.