Larry Summers Net Worth

Larry Summers Net Worth and Career

Net Worth	Salary	Birthdate	Birthplace	Gender	Height	Profession	Nationality
$40 million	N/A	November 30, 1954	New Haven, Connecticut	Male	N/A	Economist	American

Highlights

Larry Summers is an American economist who has made a significant impact in academia, government, and the financial sector. With a net worth of $40 million, Summers has held prestigious positions and played instrumental roles in shaping economic policies and strategies.

Early Life

Larry Summers was born on November 30, 1954, in New Haven, Connecticut. Both his parents, Anita and Robert Summers, were economists and professors at the University of Pennsylvania. Raised in Penn Valley, a suburb of Philadelphia, Summers attended Harriton High School. At the age of 16, he enrolled at the Massachusetts Institute of Technology (MIT), where he graduated in 1975 with a degree in economics. Summers then pursued his graduate studies at Harvard University, earning his PhD in 1982.

Career Beginnings in Academia

After completing his studies, Summers joined Harvard University as a faculty member in 1983. He quickly rose through the ranks and became one of the youngest tenured professors in the institution’s history. His areas of specialization included public finance, labor economics, and macroeconomics.

Chief Economist of the World Bank

In 1991, Larry Summers left Harvard to take on the role of Chief Economist of the World Bank. During his tenure, which lasted for two years, Summers played a crucial role in developing strategies to assist developing nations. He also led the Bank’s research operations and oversaw external training programs. Summers faced minor controversy during this time when a leaked memo, which he signed facetiously discussing corporate pollution in Africa, caused some backlash.

Clinton Administration

After leaving the World Bank in 1993, Summers joined the Clinton administration as Under Secretary for International Affairs. He was later promoted to Deputy Secretary of the Treasury and eventually became Secretary of the Treasury in 1999. Summers played a pivotal role in the American response to financial crises in Mexico, Asia, and Russia. He also contributed to the privatization of post-Soviet economies and the deregulation of the US financial system.

Harvard President

Following his tenure as Secretary of the Treasury, Summers became the 27th president of Harvard University in 2001. However, his presidency was marked by controversy. Summers made derogatory comments about Cornel West, the head of the African-American Studies department, and faced accusations of sexism. Questions about financial conflicts of interest also arose due to his relationship with economist Andrei Shleifer. After a no-confidence vote by the faculty, Summers resigned in 2006, but returned to Harvard in 2008 as the Charles W. Eliot University Professor.

Financial Sector Work

In 2006, Larry Summers joined the hedge fund D. E. Shaw & Co. as a part-time managing director. He also engaged in freelance speaking engagements with financial institutions such as Goldman Sachs, Merrill Lynch, and Citigroup, earning approximately $2.7 million. Additionally, Summers became an early angel investor in Zoomcar, India’s first car rental company.

Obama Administration

In 2009, Summers was appointed as the Director of the National Economic Council by President Barack Obama. As a key financial decision-maker during the Great Recession, Summers faced scrutiny over his previous financial ties with companies he now had influence over as a public servant.

Board Appointments

After leaving the Obama administration, Summers took on board appointments with various companies. He joined the board of directors of Square, an electronic payment services company, in 2011, and served on the board of Lending Club, a financial services company, in 2012. Summers later joined the board of directors of Premise Data, a data and analytics technology company.

Personal Life

In 1984, Larry Summers married Victoria Perry. They had three children together before divorcing in 2003. Two years later, Summers married professor Elisa New, who had three daughters from a previous marriage. Summers currently resides in Brookline, Massachusetts.

Net Worth Over Time

Larry Summers’ net worth has been reported to be $40 million. While he made substantial earnings from his positions in government and academia, he has also accumulated wealth through his work in the financial sector and as an angel investor.

Components of Net Worth

The components of Larry Summers’ net worth include his earnings as a professor, his salaries as Secretary of the Treasury and Director of the National Economic Council, his income from speaking engagements, his investments in companies like Zoomcar, and his board appointments.

Overall, Larry Summers has had a diverse and influential career that has contributed to his substantial net worth of $40 million.

Your friends have asked us these questions - Check out the answers!